President Muhammadu Buhari has restated his resolve not to devalue the naira or increase the price of fuel.
He made this known in Abuja on Friday night, 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 N300 to $1 officially and N495/$1 in the black market.
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