“The ravaging inflation in all the nooks and crannies in Nigeria that keeps Nigerians in the abyss of abject poverty is traceable to the floating of the naira in the FX Market”
Naira, floating aimlessly in the foreign exchange market, suffers setback in the Investors/Exporters window! Like a wayfaring man who misses his destination in the ocean due to headwinds, tsunami, and tempestuous storm, the naira floats against the forces of demand and supply in the forex market, and being overcome by it, the dollar takes ascendency over the naira; thus, the naira fades, wanes and expires its value as its purchasing power is relegated to the background – all this happen because of NAIRACOLONIALISM!
NAIRACOLONIALISM – the bane of high inflation begets hardship, austerity and socioeconomic poverty in Nigeria. As the legal tender, Nigerians have rejected its usefulness; they devalue and deface its purchasing power as they prefer US Dollar to Naira in the forex market.
With unanimous decision, Nigerians, in their mad rush to accumulate excessive naira in the Investors/Exporters FX Window (FX Window) allow deregulation of the naira in the forex market, hence the removal of the fix price in the competitive dollar and naira exchange rate, which they willingly adorn the naira with the mockery name, ‘Naira Devaluation’!
In 2024, Nigerians sadly harvest miseries in the farming seasons of NAIRACOLONIALISM! The US Dollar has imprisoned the naira!
The forex market is bloated with excessive naira acquisition as the exchange rate gives dollar pressure and preeminence over the naira and therefore, the beneficiaries of the naira devaluation, in a bid to sustain the floating of the naira, with cavalier attitude shy away from the intractable inflation that ravages the socio-economic lives of Nigerians!
Therefore, Nigerians groan under the birth pangs of NAIRACOLONIALISM – an abysmal fiscal system to the chagrin of economic experts or professors, liberalists and neo-liberalists; and derogatorily, its bites Nigerians to their wits end!
REV. (DR). LAWRENCE S. OKORI
