Opinion by topefasua: The controversy over Daily Trust’s reportage on naira value via thecableng
more cautious in their reportage of the controversy around whether the Central Bank of Nigeria had devalued the naira. The truth is that during the course of trading in any liquid market, prices can swing wildly. Nigeria’s foreign exchange market, more than any other market in this realm, is highly liquid as Nigerians need FX for a sundry number of purposes – from foreign travel to foreign education to the importation of raw materials and machinery for manufacturing.
The truth is that indeed the CBN had sold to a willing buyer on that day. And we hear that this has been the case for a while, but the CBN always ensures that the market closes at rates that it is comfortable presenting. Later on, we saw a tweet that claimed that the CBN has not delivered on forward FX contracts to its counterparties since 2022. Now, forward contracts are justiciable contracts between two parties to deliver on a certain agreement at a future date.
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.
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