Based on wetin I dey see, the real value of the dollar should be pegged at around N3000 . Some say it could even be N5000 . The Nigerian government has been using money to suppress and delay it, but it's definitely headed there.
Now, the problem is not the rate.
The problem is that we don't produce or export stuff and our economy is in the gutter.
It's not in all cases that the currency strength is a reflection of the economy strength, but in the case of Nigeria , it is. There is serious inflation.
If Nigeria had a strong export index , in other words, if we all were active in production and exportation of goods and services, we for dey on soft individually.
Reason being that, we could easily raise the prices of our products and people buying from outside will not even notice and due to the fact that our currency is weaker, they would be "seduced" into buying more of our stuff.
But we don't produce. We don't export anything. We depend on and import everything.
Our businessmen in one region somewhere in Nigeria would rather import containers of toothpick, than set up a factory for it. Everybody is importing containers upon containers of shit and bragging about it.
Yes, our government is bad, doing business in Nigeria is tough, but at the same time we are also pretty much lazy at getting our fingers dirty through production.
Great economies witness industrial revolutions by kick-starting production madness.
We had our own after the civil war by kick-starting importation madness.
If we produced anything, $1/N5000 will not be a big deal because our GDP would be high. What it means is that all of us would be rich enough to handle it.
But we don't.
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