President Muhammadu Buhari has restated his resolve not to devalue the naira or increase the price of fuel.
He made this known in Abuja during the 2016 regimental dinner organized by the presidential brigade of guards.
Buhari also suggested that his refusal to devalue the naira and increase fuel price during his time as Military Head of State in 1984-1985, led to his overthrow.
“I have resisted the devaluation of the naira, increase of the petroleum products, among others,” he told the soldiers and officers.
“When I was military head of state, I rejected similar advice by the IMF and World Bank to devalue the naira.
“I refused and gave my reasons and the next thing I knew I was removed and detained for three and half years.
“As a civilian president, I will do my best and I’m telling you all these because you are part of the leadership of this great country and God willing we will remain great.”
When Buhari assumed office in May 2015, the exchange rate was N197/$1. It currently stands at over N350 to $1 officially and N505/$1 in the black market.
PDPZONE FACT CHECKER:
You were overthrown for introducing draconian policies, economic hardship and human rights violations.
You truncated a corrupt civilian government only to create an avenue for an even more corrupt one to come to the fore
You hounded corrupt politicians while taking care of 53 suitcases
It is therefore no wonder that contrary to your claim of 'purity' you were able to send 6 of 8 children abroad to school hence your inability to make public your asset declaration as promised by yourself.
Anytime you say publicly you will not devalue the Naira, the parallel market goes on spikes and it gets devalued on the streets where most businesses now get their dollars;
You keep enriching the few that can obtain forex from CBN at your 'Im not Devaluing artificial rate';
You keep widening incomes of those with such arbitrage privileges.
Bottom line sir devaluation of the Naira is the exclusive preserve of the Central bank based on current indicies that would warrant it to do such not you as a Head of State or President shoving down policies that impoverishes the citizens further.
( Thanks to PDP supporters online OkDNigeria and Three for setting the record straight)