The MarketPlace

Stella Maris

Thursday, January 28, 2016

Buhari rejects devaluation of Naira, says "I won't kill the Naira"

Press statement from the Presidency
President Muhammadu Buhari declared late Wednesday in Nairobi that he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira. Speaking at an interactive meeting with Nigerians living in Kenya, President Buhari maintained that while export-driven economies could benefit from devaluation of their currencies, devaluation will only result infurther inflation and hardship for the poor and middle classes in Nigeria's import-dependent economy.

The President added that he had no intention of bringing further hardship on the country's poor who, he said, have suffered enough already.
Likening devaluing the Naira to having it "killed", President Buhari said that proponents of devaluation will have to work much harder to convince him that ordinary Nigerians will gain anything from it.
The President also rejected suggestions that the Central Bank of Nigeria should resume the sale of foreign exchange to Bureaux de Change (BDCs), saying that the Bureau de Change business had become a scam and a drain on the economy.
"We had just 74 of the bureaux in 2005, now they have grown to about 2,800," President Buhari noted.
He alleged that some bank and government officials used surrogates to run the BDCs and prosper at public expense by obtaining foreign exchange from government at official rates and selling it at much higher rates.
"We will use our foreign exchange for industry, spare parts and the development of needed infrastructure.
"We don't have the Dollars to give to the BDCs. Let them go and get it from wherever they can, other than the Central Bank," President Buhari told the gathering.
The President reaffirmed his conviction that about a third of petroleum subsidy payments under the previous administration was bogus.
"They just stamped papers and collected our foreign exchange," he said.
The President appealed to Nigerians studying abroad to bear with his administration as it strives to address the challenges they are facing as a result of new foreign exchange measures.
He said that he was optimistic that the Nigerian economy will stabilize soon with the efficient implementation of measures and policies that have been introduced by his administration.
Garba Shehu
SSA to the President
(Media & Publicity)
January 28, 2016

54 comments:

Yemi said...

sex btw 2 ikorodu sec. Schl students on schl premises(download) click here

DON JAZZY'S DRIVER! said...

We don hear...!

Anonymous said...

sex btw 2 ikorodu sec. Schl students on schl premises(download) click here

AbokiDaWarriBoy said...

My able president, let the wailers continue wailing while you keep on doing the good work,you rise above wailers, carry on Mr president,we are so proud of you sir.

SENSATIONAL PURITY said...

Well spoken..

ed DREAMZ said...

a.k.a EDWIN CHINEDU AZUBUKO said...
.
That is my president....
.
.
***CURRENTLY IN JUPITER***

Daniel Miles said...

We hope so PMB...God bless ur age and grant u more wisdom

Milez

Deola Naom said...

Ok ooo

Juliet Iwuno said...

Sabi President, well done o'jare! Linda take note!

JAYZSBOSS said...

Good..better do as you say

Ivy Godspower said...

Hmmmmmmmm




PEPSI ADDICT

freeborn zinalima said...

Some body should wake this man up an tell him that naira is dead already.
Buhari is a joke,imagine only God knows the fate of naira under terrorist buharis tenure.
Do fast man an stop all this jamboree you are playing in the name of probe.



















#sad indeed

Donjazzycrush said...

sarap!







Don~ jazzycrush

Angel Makiz said...

True talk....angelmakiz@yahoo.com

Eric Nesty aka LIB'S FINEST said...

Ok...
We don hear

#FINEST

PROPHET BAAL.LINDA FUTURE HUSBAND said...

thunder is about to dey strike some people now. Linda make sure you update us about people that thunder kill ooo among the politicians . I have seen this several times in my vision.

I know them ooo

OMIDAN ABBY said...

I believe you to deliver Mr President!
Those bureau de change truly are thieves. They hike price of foreign notes anyhow and that's so unfair..they are contributing to more hardship for the common man.. smh!

chinelo okafor said...

Akiko Osu.

edovia jensita said...

e never die already.

DBANJ CRUSH said...

Waiting...







LINDA NOTIFY DBANJ

Anthony Dugbo said...

I agree with the president no less.

Faruk Al-amin said...

Sai Baba, i support you 100%

GABRIEL IKECHUKWU AJUWON said...

Hmmmmmm interesting linda take not #1sttimeposter

herdeeyenkah said...

pls dont sir

tollyjems said...

I pray God grants him the grace to fulfill all this things. Wish him well

Joyous babe,Linda ikeji first cousin said...

Okk.

kings computers limited said...

May God give you wisdom Mr president.

Jamila Shaibu said...

Ok we hear...

Anonymous said...

A simple question for the olodo president. Of all the things we use dollar to buy how many of them do we have less of now compared to 2005 are there fewer brandnew cars now on the road compared to 2005? Are fewer students going abroad for masters now compared to then? Are there fewer malls now compared to 2005? What of phones? Do we have less now compared to 2005? So how then does he expect the number of BDCs to be the same or even marginally higher when the demand for dollars is exponentially higher?

Anonymous said...

A simple question for the olodo president. Of all the things we use dollar to buy how many of them do we have less of now compared to 2005 are there fewer brandnew cars now on the road compared to 2005? Are fewer students going abroad for masters now compared to then? Are there fewer malls now compared to 2005? What of phones? Do we have less now compared to 2005? So how then does he expect the number of BDCs to be the same or even marginally higher when the demand for dollars is exponentially higher?

Vivian Reginalds said...

We can see how well you've done
-D great anonymous now as Vivian Reginalds

RareSpecie Z said...

Well Written.
Bt i strongly doubt if it was Shehu Sani that penned this write-up.

val said...

This man eh, we don enter we never no him plan for us. No good policy na only corruption. Abeg leave corruption face us Jare and do work

Linda NwaGod said...

We don hear
We re only watching
Linda dont take note!

damba israel said...

But wait oo is it the already dead naira he is talking abt???




My view not urs!!!!

Melody Charles said...

I don hear

Linda's pearl said...

Kkkk, seen

Andy sneh said...

Impressive

Anonymous said...

Mr. Presido you don't need to kill the Naira because it's already dead. Kapish!!!

badgalvivi badgal vivi said...

We have hear u oga presido.... the poor still getting poorer nd the rich richer.

eddy edem said...

Y r I always saying wat u will do anytime u travel to anoda country Mr President?

chommy said...

True talk. Linda observe!

Wonder Woman said...

"They walk among us" smh... I fear for this generation!

Adaobilinda her sexcellency said...

I hope so ooo

lucky boss said...

U have said it all

Eddy Ogbunambala said...

Ok sir

mr incredible samtos d cr7 said...

Wawa. Naira is dead already. Mr cattle rearer

Ann Anthony said...

U don kill am finish oga,u still gt mouth de talk

christiana christiana said...

Still waiting



S


#spritual #

Owakah I said...

OK.. Mr BUHARI

owakah (A.K.A. Innosometin) said...

OK

Rapuluchukwuifenineadigomma kingsley Wenceslaus said...

Ok nah

Rapuluchukwuifenineadigommakings@yahoo.com
Direct from Delsu

Anonymous said...

Devalue Naira? Has it got any value at N305 to a $?

udeh martha said...

Ok nah

3