Nigeria is full of textbook economists who argue that the value of the Naira should be determined entirely by other world economies. Nigeria must first establish at least the basic value of the Naira before allowing economic forces to affect this value. It is alarming for the country to establish its currency and just let the rest of the world determine the value of the currency! At one time, one Naira was worth about 60 United States cents! Today, one Naira is worth about 0.00065 US cents! And our policy makers are buying and selling US dollars and bragging about the country's foreign reserves to improve the value of the Naira they don't even know! Let Nigeria learn from Zimbabwe. One US dollar was worth a wheelbarrow full of Zimbabwean dollars not too long ago! Today one US dollar is worth 25.48 Zimbabwean dollars! I guess Nigeria is too full of textbook economic experts and special interest groups to determine how much the Naira should be worth!
Nigeria is full of textbook economists who argue that the value of the Naira should be determined entirely by other world economies. Nigeria must first establish at least the basic value of the Naira before allowing economic forces to affect this value. It is alarming for the country to establish its currency and just let the rest of the world determine the value of the currency! At one time, one Naira was worth about 60 United States cents! Today, one Naira is worth about 0.00065 US cents! And our policy makers are buying and selling US dollars and bragging about the country's foreign reserves to improve the value of the Naira they don't even know! Let Nigeria learn from Zimbabwe. One US dollar was worth a wheelbarrow full of Zimbabwean dollars not too long ago! Today one US dollar is worth 25.48 Zimbabwean dollars! I guess Nigeria is too full of textbook economic experts and special interest groups to determine how much the Naira should be worth!