Nigeria, the African giant, is a term heard from every Nigerian's lips, and I wonder whether it is truly what we represent as a nation. There was a time when Nigerians were honoured, revered, and widely known across the world when they were visited or heard in another part of West Africa's countryside, but does it still apply today? No, I don't think so.
Nigerian is still the African giant, as a result of its population and it's work force, it has the highest GDP in Africa, that makes it the giant of Africa despite the problem people are facing I'm the country as a result of poor standard of living and poor economy.
Let's start with our country's currency valuation in comparison to other neighbouring countries. As of writing this post, the official price of NGN to dollars is around N412 which, according to the CBN, has been our rate for the past 5 months, but when compared to our neighbours like Ghana, that's equivalent to 6C, 14.76 Ryan in Kenya, and 110.27 shillings in South Africa, which begs the question, are we still the Giant of Africa as we used to claim in the past.
You can not only use the rate of country's fiat to dollar to optain an accurate result, the work force or the internally generated goods and services and export is used to calculate the GDP which will be used. Although, Nigeria is not a good country because the masses are suffering while also there is lack of employment. The countries you mentioned are better than Nigeria when it comes to standard of living and good economy.
What happens when a country eliminates its sole supply of dollars, knowing that its citizens are so reliant on imports and that there is a significant lack of dollars in its foreign exchange?
Of course, they will look for alternatives, which is exactly what every citizen is doing,
I still really do not get this point, the country itself can not make the foreign reserves to decline to certain extent, that is why they manipulate the price by devaluing the naira and make its price to increase so that the foreign reserve depletion will reduce.
forcing everyone to buy dollars at a 39% premium, they have been wailing instead of working, they have stopped bureau de change and confiscated so many accounts and halts previously registered accounts, is this the way forward for this country?
I do not think so, the government is not solving the probelm which is to increase the work force in Nigeria by increasing employment and become less dependent on imports.
It's sort of weird when I was listening to the CBN accusing Aboki Fx of naira manipulation while the creator was in London benefiting from the data made public, but is it even true?
This is Nigeria, the same CBN president says cryptocurrencies transactions are illegitimate, nothing good he says about Bitcoin and other cryptocurrencies after these decentralized currencies are providing jobs for many Nigerians citizens. We all know how the present government want Nigerians to suffer, see the ban of Twitter why not considering how it is helping many Nigerians, and many like that.
Will the naira's depreciation end soon?
I do not think so, it has been like this right from when I have known Nigeria, it has even been like this since the creation of Nigeria after colonial masters left the country. EFCC chairman says Bitcoin and cryptocurrencies will have negative impact on the world economy, the opposite of what IMF researched about. Many other reasons you will know that Nigeria can not change. Also, what about the e-naira the country want to create on October 1, why not given the project to a Nigerian organization? They gave it to a foreign organization. Nigeria is so dependent on other nations. The country can not change if they do not solve the problem from the grassroot. All of their children are even citizens of US and UK, going to school on UK and US, so how would it change if they are depending.