How I Was Jailed After Opposing Devaluation In 1984 – Buhari
BEVERLY HILLS, December 31, (THEWIL) – President Muhammadu Buhari on Friday night reiterated his opposition to the devaluation of the naira and increase in fuel price, adding that his earlier opposition to both policies landed him in jail after his dethronement as Head of State.
This was as he insinuated that his resistance to devaluation and hike in fuel price during his time as military ruler between 1984 to 1985 led to the overthrow of his regime.
The President spoke in Abuja on at the 2016 regimental dinner organised by the presidential brigade of guards. The event was organised to mark the end of drilling year of the commission.
The annual ceremony is also an opportunity for officers to “mingle” with their commanders.
Addressing the soldiers and officers, Buhari said, “I have resisted the devaluation of the naira, increase of the petroleum products, among others.
“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.”
Although Buhari has consistently said he would not devalue the naira, the naira now exchanges for over N300 to $1 at the official market , and N495/$1 in the black market.
In May 2015 when the President assumed office, the national currency officially stood at N197 to a U.S dollar.