President Muhammadu Buhari appears to have questioned the value of allowing the currency, the naira, to float. Until just over a week ago the official rate was pegged at just under 200 naira to the US dollar, but it was worth much less on the black market and the central bank (CBN) decided to allow the market to determine the rate.
But speaking to business leaders in the capital, Abuja, President Buhari said he did not like the information he is getting from the CBN, Reuters reports.
“How much benefit can we derive from this ruthless devaluation of the naira? I’m not an economist neither a businessman – I fail to appreciate what is the economic explanation.”
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