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DEVALUATION OF NAIRA

On this matter of devaluing the naira, I have been listening to a lot of well intentioned but misinformed Nigerians. First things first we are where we are because there is a global slump in oil prices. Buhari is not the cause of the global slump.Other oil producing economies are in the same situation.
Devaluing the naira is not a magic solution to curb inflation if for anything it could bring about a further surge in inflation.
We are well aware that Nigerians are sometimes the cause of their own problems.The CBN governor mentioned recently that we have about  $ 20billion sitting idle in domicilliary accounts so who is causing the scarcity?
Many Nigerians especially pro biafra  supporters want to see this government fail.They rejoice at anything negative that points to the myth that the government is not doing anything. I on the other hand want to see this government succeed. I want the common man to have access to things like basic infrastructure such as good roads, electricity and education. This can only happen when we eliminate corruption from our system. I support the Buhari anti -corruption crusade.For those who wish to see this govt fail; the overall wellbeing of all Nigerians and our national interest should be your utmost concern.

Mind you the naira is already devalued. From N155 to N199 to the dollar.And it didnt change anything. Inflation rose.The CBN is fighting to keep inflation at 9%.Yet some Nigerians even those who brand themselves economists are calling for a further devaluation.

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