President Muhammadu Buhari has said the current flexibility policy recently introduced by the Central Bank of Nigeria (CBN) is of no benefit to the economy.
According to President Buhari, the new policy was yet to benefit the country.
Buhari revealed this while speaking after breaking his Ramadan fast with members of the Nigerian business community at the Presidential Villa, Abuja, last night.
The President said: “I don’t like the returns I get from the CBN concerning the devaluation of the Naira.
“How much benefit have we derived from naira devaluation in the past? In August 1985, the Naira was N1.3 to a dollar but now you need N300 or N350 to a dollar. What do we derive from that? 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 the economic explanation is.
“What has happened to us now is that we have maneuvered ourselves into mono-economy which led to the collapse we are seeing now.”
Buhari also disclosed that as part of plans to diversify the economy, 13 states have been identified that can produce rice that will feed the nation in 18 months.