President Muhammadu Buhari on Friday gave reasons why he has refused to allow the naira to be devalued despite international pressure to do so.
Speaking on Friday in a meeting with members of the Council of Retired Federal Permanent Secretaries, led by Otunba Christopher Tugbobo at the presidential villa, Abuja, Buhari stated that previous devaluations never did Nigeria any good.
“When I was military Head of State, the IMF and the World Bank wanted us devalue the Naira and remove petrol subsidy but I stood my grounds for the good of Nigeria.
“The Naira remained strong against the Dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued.
“But how many factories were built and how many jobs were created by the devaluation? “That is why I’m still asking to be convinced today on the benefits of devaluation”
President Buhari also accepted the Council’s pledge of support for the successful implementation of his administration’s change agenda, especially in the priority areas of improving security, curbing corruption and revitalizing the national economy.