By Tom Garba
A lot has been said about the falling of the country’s currency and the blame has been thrown the way of President Muhammadu Buhari.
I investigated this issue and discovered that the President is not to blame. .
Please let me help our minds with this simple economic postulation that the dollar has not increased since Buhari became President but only the effort by the present government to improve the economy is making others evil agencies to beat the Naira value in favour of the Dollars.
Understand that the Dollars has :
1. Dollar is not our currency so dollar should not be our business
2. Our problem is not the government but our problem is our importers and consumers
3. Naira has remained at 197 naira to 1 dollar since Buhari became president
4. Buhari has promised not to devalue the Naira and he has maintained that promise
5. Both at CBN and at interbank rates, dollar has remained 197
6. However because we are too lazy to produce what we use in Nigeria we import even toothpicks and matches
7. Buhari does not like the importation of luxury goods because luxury goods is the reason for most corruption, that is why he banned 41 products from having access to forex
8. However when Nigerian importers insisted on importing those 41 products, the Federal Government asked them to find their dollar at the BDCs parallel market, also known as black market
9. And to discourage the pressure Nigerians are mounting on the Naira just to get dollars for importation, CBN banned banks from selling dollars to BDCs
10. To survive the pressure of excess dollar demands, BDCs resorted to sourcing for dollars from neighbouring countries through illicit money laundering routes
11. Because of the risks faced by BDCs to source for dollars, and because of the increase in demand for dollars by importers because China just resumed from their business holidays, BDCs keep increasing the price at which they exchange dollars to naira and now it is 400 naira to 1 dollars
12. However that does not mean that government has changed the exchange rate because if our genuine importers go to CBN and fill Form M to import raw materials for local production, they will get the dollar at N197 naira
13. So the problem is that we love to consume luxury foreign products yet we are too lazy to manufacture them here.
14. For example you will see a dull girl using iPhone 5 without even knowing simple Physics and Computer Engineering part of how that phone was produced
15. I want Buhari to ban every foreign product from Nigeria until Nigerians learn to produce and use Made in Nigeria products
16. Let us stop complaining about dollar as if dollar has become Nigeria’s currency
17. It is even bad enough that most of those complaining about the high exchange rate of dollar do not have a single dollar in their purse.
Tom Garba, a freelance journalist wrote in from Yola, Adamawa State