Buhari Sends Message To Devaluation Seekers “I Won’t Kill The Naira”

President Buhari who is visiting in Kenya last night once again reiterated his opposition to a devaluation of the Naira. This time around he not only dared supporters of a devaluation to convince why he should devalue, he went after BDC operators throwing his support behind the need to exclude them from the official CBN window for forex.

A summary of his statement was released via a series of tweets (see below) by his Senior Special Assistant on media and publicity and official spokesperson Garba Shehu. The President has repeatedly barked against calls for a devaluation believing that such calls do not favour millions of poor Nigerians whom he believes do not form part of the demand on the dollar.

His latest tirade will be viewed by many as another indication that the current CBN Governor may not be in full control of monetary policy in the country and is basically carrying out the wishes of the President. Some also feel that the CBN Governor’s hands are tied considering his alleged role in the arm scandal.

The foreign media lashed out at the monetary policy committee decision not to devalue the currency yesterday alluding to an impending economic disaster for Nigeria.

The Naira is currently trading at N307 at the black market which Buhari is apparently not interested in.

President @MBuhari rejects devaluation, says "I won't kill the Naira" https://t.co/9uEHEpHWEn

— Garba Shehu (@GarShehu) January 28, 2016

PMB said that proponents of devaluation will have to work much harder to convince him that ordinary Nigerians will gain anything from it.

— Garba Shehu (@GarShehu) January 28, 2016

PMB said that proponents of devaluation will have to work much harder to convince him that ordinary Nigerians will gain anything from it.

— Garba Shehu (@GarShehu) January 28, 2016

President @MBuhari also rejected suggestions that the CBN should resume the sale of foreign exchange to Bureaux de Change (BDCs),…

— Garba Shehu (@GarShehu) January 28, 2016

…saying that the Bureau de Change business had become a scam and a drain on the economy.

— Garba Shehu (@GarShehu) January 28, 2016

"We had just 74 of the bureaux in 2005, now they have grown to about 2,800," President @MBuhari

— Garba Shehu (@GarShehu) January 28, 2016

President Buhari alleged that some bank and government officials used surrogates to run the BDCs and prosper at public expense…

— Garba Shehu (@GarShehu) January 28, 2016

…by obtaining foreign exchange from government at official rates and selling it at much higher rates.

— Garba Shehu (@GarShehu) January 28, 2016

"We will use our foreign exchange for industry, spare parts and the development of needed infrastructure." -President @MBuhari

— Garba Shehu (@GarShehu) January 28, 2016

"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" Pres. @MBuhari

— Garba Shehu (@GarShehu) January 28, 2016