Buhari’s Forex Policy Killing States, LGs – Fayose



Ekiti State Governor, Mr Ayodele Fayose, has declared that President Muhammadu Buhari’s administration’s forex policy is killing Nigerians, describing  the president’s unwillingness to embrace naira devaluation as an attempt to short-change Nigerians.

He said:  “With the gap between the official rate of N199 and open market rate of over N400 to one dollar, Naira has already been devalued. Therefore, President Buhari must stop deceiving himself and  short-changing Nigerians, especially States and local councils in the country with his forex policy.”

Going down memory lane, Fayose averred that there had been no time in the history of Nigeria when the gap between the official rate of the dollar and the open market rate was more than N200. He pointed out that it made no economic sense for the Federal Government to be calculating the country’s revenue on the basis of the
Central Bank of Nigeria’s official rate of N199 to a dollar while states and local government councils that are sharing the revenue with it run their businesses at the open market rate of over N400 to one dollar.

The governor lamented that this was causing businesses to be folding up by the day and prices of goods skyrocketing daily.

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