President Muhammadu Buhari has said that the country’s currency (naira) was as strong as the US currency (Dollar) until he was removed as head of State in 1985.
Buhari who restated his aversion for devaluation made this known in Abuja on Friday at a meeting with members of the council of retired Federal permanent secretaries.
“When I was military head of state, the IMF and the World Bank wanted us to 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.”