RECESSION: Obama Thanks Initially Defiant Buhari For 'Heeding To Force' To Devalue The Naira
Recalls the President of the United States, Barak Obama sometime in March 2016 vowed to force defiant President Muhammadu to ensure he devalued the Naira, having succeeded, the US President yesterday praised President Muhammadu Buhari for allowing flexibility in exchange rates, the Nation Newspaper reports this morning

He spoke during a meeting of the two leaders on the sideline of the 71 United Nations’ General Assembly in New York.

Before CBN's eventual adoption of the flexible naira exchange rate regime, President Buhari had been defiant over several calls for further devaluing the naira. Buhari then opined that the past devaluation in naira had never done the country any good.

This was revealed by U.S. Assistant Secretary of State for Africa, Linda Thomas-Greenfield, who told an audience at the U.S. Institute of Peace, on Monday, that Nigeria should ensure the value of the naira currency versus the U.S. dollar was realistic.

Despite the naira flexible rate regime, Nigeria had only succeeded in going to an unprecedented recession rather than boost the economy.

the two leaders yesterday also discussed ways of countering the Boko Haram militant group.

Details of the meeting were yet to be made available last night.

President Buhari also said yesterday that the anti-corruption campaign of his administration and the economic programme of diversification will significantly address the lack of job opportunities and deprivation that make Nigerian youths vulnerable to recruitment by human traffickers.

He spoke at a meeting on Modern Slavery, hosted by British Prime Minister Theresa May on the margins of the 71st Session of the United Nations General Assembly (UNGA71).

He commended the British Prime Minister for drawing the attention of the international community to such a serious matter to coincide with a time that the global focus is on migration and refugee crisis.

He called for practical and innovative measures to address all modern day human tragedies.


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