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Saturday, April 13, 2024

#SoundOff: Dear Buhari, As You Defend The Naira… Look, It’s NOT WORKING

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by Abd Yinka Festus

I don’t get this chapter of Buharinomics that has to do with naira value. You claim you won’t devalue that naira but your naira is devaluing itself.

You don’t want to devalue your currency and you have nothing tangible to defend it. Market forces are as real as the force of gravity.

Our CBN keeps dollar at about #200 officially while 70% of our transactions gives dollar a value above N350. Almost 100% more. The open market is obeying all the normal laws of economics, from naira valuation to inflation.

Government should please explain this Buharinomics of keeping false value for your currency officially while the black market keeps the real value. What do we stand to gain because I already know what we stand to lose. We will lose about 70% of our FDI further plunging our economy into the abyss.

I’m not an economist but our government must know that the self imposed scarcity of dollar is ruining the value of our naira at the black market so why not allow for official devaluation so as to restore confidence in the Nigerian economy.

Abd Festus Yinka is a social and political commentator. Connect with him on Facebook

The opinions expressed in this article are solely those of the author. 

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