It is so interesting how every financial analyst, commentator, broker, institution and agency outside Nigeria, especially in Europe and north America is so fixated with Nigeria and the call for the devaluation of the Naira. Quite disheartening too is the fact that some Nigerians ( who ordinarily should be informed, based on their academic exposures) many of whom lack the grasp of what usually plays out in such game as to who stands to gain, and who stands to lose, if the Naira is devalued, have joined the financial blackmail train in pilling pressure on the Central Bank to devalue the Naira.
What are we exporting that we need to devalue the Naira to create market for that product? Is it this crude oil they have driven its value underground?
I have had issues in the past even in the present to disagree with the leadership of the Central Bank of Nigeria, and its monetary policy management, but on the calls for the devaluation of the Naira, I am with Godwin Emefiele, and his team. No to the devaluation of Naira.
Every country has to do what it has to do to protect its economic interests, and Nigeria should not be railroaded into a western designed strategy that will end up impoverishing Nigerians and enriching pocket investors….
If Nigeria succumbs to the blackmail of international financial institutions and analysts, the Naira will have a free fall and would not be worth more than the paper it’s printed. Anybody who is pushing Nigeria to devalue the Naira has evil intentions because that will not only push the Naira to N300 to $1.The import of this is dire, and should be left only to imaginations.
Anybody who is advocating for the devaluation of the currency in a society where people spend about 70% of their expendable income on food alone is devilish but lack human compassion.
Any further devaluation of the currency will exacerbate the present high inflationary pressure which will eventually erode whatever little large population of the Nigerian masses, most of whom are already wallowing in abject poverty have, which may trigger public rioting because of abominably high cost of food presently. Nigerians are presently going through their worst of times in history.
Nigeria should call the bluff of J P Morgan. If President Buhari puts together a responsible economic team who know their onions, they will be able to stabilise the system, and in less than two years, all these foreign investors who are withdrawing their equities will run back to Nigeria.
Government should stop parroting about economic diversification, we achieved that a long time ago, it should diversify its sources of income away from oil. And to do this, there will be the need to clean up the federal tax system which will help reduce corruption. This is because the federal government gets only about 60% out of what is due it from FIRS, workers at the agency share the remaining for themselves.
Economic interest is the bedrock of national interest…….
Say no to JP Morgan’s inspired international blackmail against Nigeria!