• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Opinions Blurb

Why Buhari’s Blunder About Devaluation Is Worrisome

Nairametrics by Nairametrics
December 31, 2015
in Blurb, Business News, Spotlight
Why Buhari’s Blunder About Devaluation Is Worrisome

Buhari in his first Presidential Media Chat

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian President was on National TV on Tuesday taking questions from journalists in his first ever presidential media chat. He was asked questions on issues ranging from his war on corruption to Boko Haram Crisis, Chibok Girls, the Biafra agitations, fuel subsidy, etc. He also touched on the devaluation of the naira dampening the expectations of those who think the currency should be devalued early next year. Here is what he had to say;

“Personally, I don’t support the devaluation of the Naira. We handed over a secured country in 1979, but by 1984, nobody knew how much Nigeria was owing. The situation now is aggravated by the downturn in the petroleum industry. It is now per barrel and we have debt service of about N1.5 trillion and we have commitment on the ground……I will not support devaluation of the Naira. I need to be convinced that there is need for the country to devalue the Naira. Is it against the dollar or pound?

“We have our priorities. To provided money to fund the projects we have already outlined, and not for those who want hard currency to import textile and toothpick.”

This statement is quite worrisome for a lot reasons. First, it confirms once again that the current CBN Governor does not have full independence and cannot be counted upon to take decisions that are considered right for the economy even if they are not populist. By saying that he needs to be convinced on whether to devalue or not, he is implying that such a decision cannot be taken without his approval.

Second, his response is in line with several comments that were made by officials of the CBN last week who also affirmed that rather than devalue the naira they will continue stifle demand. For example, he repeated that forex will only be made available to those in the productive sector of the economy and not those who need it for luxury items.

RelatedStories

FCT High Court, Benjamin Joseph, zinox

FG denies forcing eminent Nigerians to testify in reported ‘Mambilla Arbitration Case’ in Paris 

January 19, 2025
2025 budget: Obasanjo, IBB, GEJ, Buhari, other former leaders to receive N2.3 billion in entitlements 

2025 budget: Obasanjo, IBB, GEJ, Buhari, other former leaders to receive N2.3 billion in entitlements 

January 9, 2025

Finally, the president’s comments also confirm that nothing much has changed between the president in 1984 and the president in 2015. He believes most of the problems we have today are similar to what we had in 1984 and as such may require a similar solution.

The problems we have may be similar but his approach in 1984 cannot be the same approach in 2015. He has to be a lot more pragmatic, have a listening ear and shed a bit of his socialist ideas.

The President’s comments also give the impression that he is out of touch with economic realities and may not be willing to listen to superior arguments. It is unlikely that this president will allow the naira to float considering his disposition towards devaluation. Asking whether devaluation against the pound or the dollar seemed rather abrasive.

 

Tags: Muhammadu Buhari
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

FCT High Court, Benjamin Joseph, zinox
Legal & Regulations

FG denies forcing eminent Nigerians to testify in reported ‘Mambilla Arbitration Case’ in Paris 

January 19, 2025
2025 budget: Obasanjo, IBB, GEJ, Buhari, other former leaders to receive N2.3 billion in entitlements 
Budget

2025 budget: Obasanjo, IBB, GEJ, Buhari, other former leaders to receive N2.3 billion in entitlements 

January 9, 2025
NNPCL,
Energy

NNPC denies report of N3.3 trillion inflated subsidy claims 

June 10, 2024
food importation, President Bola Tinubu
Health

President Tinubu approves N150,000 grant for MSME clinic participants in Nigeria  

June 7, 2024
Governor Nyesom Wike
Business News

SERAP to Governors, Wike, account for N40 trillion LGA funds in 7 days

January 28, 2024
How Nigeria's mining sector soars high under Buhari -KPMG
Business News

FG says Buhari’s administration increased school fees for Unity schools not Tinubu

July 23, 2023
Next Post
Here Is Why The All Share Index Gained BIG On Tuesday

Here Is Why The All Share Index Gained BIG On Tuesday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • AGF approves prosecution of Andy Uba, Benjamin Etu over alleged N400 million fraud 
  • EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 
  • FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 

Follow us on social media:

Recent News

Federal High Court, REA

AGF approves prosecution of Andy Uba, Benjamin Etu over alleged N400 million fraud 

July 7, 2025
EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 

EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 

July 7, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics