Daily Trust must be careful whose interest is served by its reportage, especially as the reporter did not quote any source specifically.
must be careful whose interest is served by its reportage, especially as the reporter did not quote any source specifically, and despite its doubling down on the report, we are yet to get any specific evidence of what trades were done at the much higher rate, the volume, and perhaps the reason behind that strategy. Of a fact, in what is known as the price discovery mechanism, such an outlying rate is an indication of future rates.
Back to the issue, it must be noted that intraday quotes or even glitches in the market cannot be presented as devaluation. Devaluation is a big word which speaks of deliberateness and near permanence. Some middle or upper-class people hold cash and assets in dollars and would always push such news, so as to gain more advantage over the rest of us.
Wise countries don’t just devalue anyhow. And the weaker your currency is, the weaker you are as an economy and the higher the likelihood that your people will suffer, especially if you can’t find the nerve to lock down and ensure they produce the things they need themselves. What is more? The same pushers of the devaluation mantra are the ones who are fully externalised in thinking. They are citizens of alternative Western countries. Their children attend nursery schools abroad.
There are many underworld transactions in Nigeria and everywhere else in the world that can never be taken to the official window. That is the truth. There is a black market for foreign exchange in every country in the world. Just that elsewhere, apart from Nigeria, FX black markets are hidden away from view. In Nigeria, we have forgotten that it is illegal, we practice illegality in the open. Unfortunate.
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