Why I Decided To Devalue The Naira – Buhari Finally Opens Up

By Joshua Amaugo December 31, 2016 17:21

Why I Decided To Devalue The Naira – Buhari Finally Opens Up

President Muhammadu Buhari, has finally opened up on why he allowed the nation’s local currency (Naira) to be devalued, while recalling that his refusal to do so while serving as a Military head of State in 1984-85 led to his overthrow.

Post-Nigeria gathered that the statement is coming at a time, Bloomberg LP, had on Thursday, December 29, rated the naira as one of the worst performing currencies in 2016.‎

President Buhari, ‎speaking in Abuja on Friday night at the 2016 regimental dinner, organized by the presidential brigade of guards, an ‎annual event organized to mark the end of drilling year of the commission, the President ‎suggested that his resistance to devaluation and fuel price increase during his time as military head of state in 1984-85 led to his overthrow.

‎He said, “I have resisted the devaluation of the naira, increase of the petroleum products, among others,” he told the soldiers and officers.

“When I was military head of state, I rejected similar advice by the IMF and World Bank to devalue the naira.

“I refused and gave my reasons and the next thing I knew I was removed and detained for three and half years.

“As a civilian president, I will do my best and I’m telling you all these because you are part of the leadership of this great country and God willing we will remain great,”‎ Buhari said.

The event, which gives opportunity for officers to “mingle” with their commanders, the President used the opportunity to applaud the Nigerian Military for their success in the fight against terrorism, while calling on them to keep the tempo until insurgents are finally wiped out.

It could be recalled, that ‎Buhari had initially resisted the devaluation of the naira early this year.

The nation’s currency after much pressure, now exchanges for over N300 to $1 officially, and N495/$1 in the black market.

While the ‎pump price of petrol has also increased from N86.50k per litre to N145.