Pat Utomi berates President Buhari’s “no devaluation of Naira” policy

Shortly after The Economist published an article which suggested that President Buhari was taking Nigeria back to the past last week, Patrick Okedinachi Utomi, a management expert and Professor at the Lagos Business School, has taken center stage to voice his thoughts concerning the devaluation of the Nigerian currency, the Naira. In an interview with two days ago in Ibadan, Pat Utomi spoke about a recent speech Buhari delivered in Kenya where the president stated he will not devalue the Naira. Pat Utomi said “Keep quiet…let people who, whatever your sentiments are, let people who [are experts] talk about them (issues around the devaluation of Naira).”

President Buhari has received a lot of backlash from both local and international analysts, for refusing to devalue the Naira despite the fall in global oil prices. Analysts believe the devaluation would attract foreign investors, among many other things. However, President Buhari remains firm in his decision and this has consequently prompted a lot of concerns about him not giving enough autonomy to the Central Bank of Nigeria (CBN).

CBN’s policies, under Buhari’s administration, seem to be aimed at reinforcing the president’s stance of not devaluing the Naira. Now that former presidential candidate and government policy expert, Pat Utomi, has joined the “devalue the Naira” train, perhaps President Buhari will listen this time.

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