This post was trending on Facebook. It's been alleged that the Nigerian CBN governor wrote this
post on his Facebook page. It's a long one but makes absolute sense. Please read to the end if you can...
“It is either I do not understand economics and how exchange rates work or a vast majority of us
Nigerians still don’t get how we have wrecked our country with our own curious choices.
Just this morning, I was listening to the radio and the lady on air went on and on about how
she thought CBN governor, Godwin Emefiele was incompetent and should be sacked because
the Naira was now exchanging at 309 or so to the USD. “That view pretty much echoes
the sentiments expressed by many people I know and it amazes me that there are Nigerians
who actually think there is some magic POLICY that can make the Naira strong in the near term.
If my economics and my understanding of the way the world works are right, then that is as far
from the truth as Jesus Christ is black. “The simple fact of the matter is that apart from oil
that accounts for over 90% of our revenues, we really don’t have much of an economy. We
hardly produce anything, we import even toothpicks, so exactly what policy is going
to be implemented that will turn Nigeria into a top exporting economy in the near term?
Where are our Apples, IBMs, Disneys, GMs, General Electrics, Coca Colas, Empire State
buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, ExxonMobils, NBAs,
Super Bowls etc? Let me bring that closer home. “There was a time long ago when Nigeria had
a truly strong economy and the naira was one to the dollar – even exchanged for higher than
the USD, but that Nigeria is not this Nigeria. Sadly that Nigeria was laid by the British, and
this Nigeria (if you don’t believe in the nonsensical imperialist conspiracies like me) – fueled by
the DAMAGING Indigenization Decree, has been the creation of us Nigerians. Back then we had
a booming economy.
