The persistent free-fall of the naira is an indication that none of the interventions being applied by the monetary authorities has worked. Otherwise, there would have been some respite for the beleaguered currency, even minimally.
The way things are going, the naira’s predicament is like an ailment that wants to kill the victim because, sadly enough, the root of the problem is overlooked while wrong interventions are being applied. Wrong diagnosis leads to wrong treatment with possible death of the victim.
In the 80s, while in the university, we did a course – The Structure of Nigerian Economy. From independence in 1960, Nigeria’s economy had structure. After the civil war in 1970, the economy was revamped as agriculture and industrial production boomed.
The most dramatic intervention on the naira was the recent shutting out of Bureau de Change operators from accessing foreign exchange from the Central Bank of Nigeria (CBN), a practice that has been going for years and…
Source: Guardian Newspaper