By: Sir Henry Olujimi Boyo (Les Leba) first published in January 2018 Intro: Last week this column republished “Money, Money, Money, Everywhere but None to Borrow!” The article discussed CBN’s inefficient control of money supply and the miseducation of the masses through media. (See www.betternaijanow.
com for this series and more articles by the Late Sir Henry Boyo) The below republication refers to previous rates that date back as far as 2015 to emphasize the consistent devaluation of the Naira till date. The article describes how the CBN in claiming to defend the Naira, continually implements a contradictory strategy that actually fights Naira appreciation. As you read through the below article taking note of previous events or rates, keep in mind its year of publication (2018), a clear indication that Nigeria’s economic situation is yet to improve even after all this time.
“A s I speak to you, our external reserves stand above $31bn and that provides us with enough fire power to be able to defend the Naira (N305=$1)” (Godwin Emefiele CBN Governor, April 25th, 2017). However, fast forward to January 2018 with reserves above $40bn, i.e.
, over 30 percent increase since April 2017, and despite the reduction in exchange outflows caused by the ban of non-essentials imports, the naira inexplicably remains between N305- 360=$1. The question, therefore is: “Is CBN actually defending the Naira?” The above title, was first published in Punch and Vanguard N.