We cannot be speaking of saving the naira, when everyone in government spends dollars, whether at the federal or state level.
The ultimate question we need to ask ourselves is whether we believe we are worthy enough as a people and as a nation, to have and to manage a currency, or if we feel too worthless to have one. One-track-minded philistinism leaves us all wretched, one way or another.
The questions for guys in the liberal divide, who say we should float our currency till it finds it’s ‘true value’ are: Why did the Brits leave our currency strong? Why did it take a Babangida, in 1985, to buy into the liberal policy of ‘market forces’, leading to the first devaluation of the naira? Why have we only devalued the naira since then? If we float the currency and allow it to drift on the basis of demand and supply, should we just allow the naira to drift away forever? If the naira...
As currencies go, what I learnt, taking some currencies as case study, is that the British pounds was once the strongest and most popular reserve currency in the world, until Britain received a good pounding from the Germans during the Second World War. The war crippled Olde Brittania and saw that great nation crawling to the Americans in 1945.
In other words, there are no brownie points for letting us know how the naira may crash to N1,000 to the dollar. If the British were to set the currencies based on relative productivity and sophistication as at 1960, the Nigerian pounds could exchange for probably 20,000 to £1.
The black market could be tackled but the CBN cannot be seen to pay much mind to it. It is called ‘black’ for a reason, for the fact that only transactions that cannot fit into genuine purposes will berth there. But there are a number of issues here. First, no organisation can meet up with the kind of drive-through service we get from the Mallams, who form very good relationships with their customers.
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