BREAKING NEWS: "DOLLARS COULD SETTLE AT #650 TO #750 BEFORE END OF 2023"; A FALSE SENSE OF HOPE - DAVID ADENEKAN.
#Iroyinominira
November 1st,2023
Why Is The Ruling Party, All Progressives Congress (APC) Playing On The Intelligence Of Nigerians?: A Rejoinder To "Dollars Could Settle At N650 To N750 Before End Of 2023" - Chairman Of Presidential Committee On Fiscal Policy And Tax Reforms, Taiwo Oyedele, Says.
To start with, does the ruling party; the All Progressives Congress (APC) think governance is a child's play? If not, why are they making mockery of our democratic system of governance? It is indeed, very phony.
Prejudice apart and without mincing words, this "Cassava and Agbado" economic theory as propounded by President Bola Ahmed Tinubu during the electioneering campaign has to stop. If not, why are you creating a false sense of hope and relief?
Suffice it to say, Tinubu and his cabal are only, deceptively speculating the value of our local currency (Naira) and make its so called gullible supporters feel good.
It is indeed a falsely sense of hope and relief!
It was speculated few days ago that Tinubu administration will pump $10 billions into the market, if they do, about 8.5 billion dollars of the money will be spent to clear a backlog of dollars demands on our forex market and the market will be left with about 1.5 billions dollars. As the largest economy (Nigeria) in sub Sahara Africa, this will only last for a very few months and we will be back to square one.
The Naira is still going to be on a free fall mode until we can fix our refineries and stop importing oil. Also, there is the need to stop borrowing money with high interest rates and instead, make greater effort to increase our level of productivity in other sectors of the economy that will earn us foreign exchange. This is just the real solution to stop the free fall of our local currency (Naira); no cutting corners. It is simple logic!
Moreover, it is the 10 billion dollars that speculators are expecting in the market that made the Naira to appreciate from #1,350 on Wednesday (last week) to #1,100 over the weekend.
Today, the free fall trend is back. $1 is presently exchanging for #1,180 at the black market. It may again hit the #1,300 mark by the end of this week.
Again, this "Cassava And Agbado" Tinubu's economic theory must stop now. This administration needs to be pragmatic and do the needful and that is, fix our refineries and increase our level of productivity in other sectors like agriculture and solid mineral resources.
However, what they do not understand is that, fiscal and monetary policies cannot actually determine the real value of your currency in a laissez-faire economy (capitalist economy). It is the forces of demand and supply that will truly determine the value of your currency and as it is now, the demand for dollars far outweighs the supply for it and the best remedy to correct the disequilibrium is to increase our level of productivity.
It is also very pertinent to note that, the economy indicators are pointing to a depressed economy; it is called economic depression.
It should be noted that with great and sound economic policies, it may take 3 to 5 years to get out of this economic depression.
Therefore, what will be the magic to reduce the exchange rate from #1,200 to #650 within two months?
Is the ruling party, All Progressives Congress (APC) not playing on our intelligence to create some level of high false hope?
What kind of people are these?
Did the former governor of Ekiti State, Dr. Kayode Fayemi, under the platform of the APC not just reveal that their actions to fight against the removal of oil subsidy under former President Goodluck Ebele Azikiwe Jonathan was, "Playing Politics?"
It is important to say that, if Dr. Kayode Fayemi were a politician in the United States of America, that would have spelt out the end of his political career. It is only in a country like Nigeria that politicians are at liberty to mortgage the lives of the masses. Hmmm, anything goes...
Alas, they are playing politics with the lives of more than 200 million population of people and nothing has happened; impunity is of the highest order.
What a people and how did we arrive at the set of leadership in Nigeria?
Hmmm, who is fooling whom?
Only Time Will Tell.
David Adenekan Is The Editor Of Shekinah International Magazine And Media Expert. He Writes From Chicago Illinois.
Email: davidadenekan5**********.
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- 1 Nov, 2023
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