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Naira battered as new forex policy fails to arrest slide

The Naira is on a free fall following the introduction of the flexible exchange rate regime on June 20, with the solutions by the Central Bank of Nigeria to arrest the slide unsuccessful so far. From inter bank rate to black market, speculators, money launderers and bank chiefs are manipulating international currencies to crash the value of the Naira to further impoverish Nigerians who have been beaten to stupor and panting, out of breath, by economic challenges.

They are making billions at the expense of Nigeria and threatening our fragile democracy as many institutions are cash strapped and millions of Nigerians angry and hungry, unemployed and frustrated.

The optimism that the surreptitiously devalued Naira would  settle at N250 to the dollar officially, from the initial N197, and close the wide gap which encouraged round tripping masterminded by bank chiefs, is far fading.

Even President Muhammadu Buhari acknowledged that he didn’t understand the arguments of those shouting and defending devaluation. And now that we are further battered economically, there is more confusion about our future.

Many gimmicks have been tried by CBN and banks, and all failed. From refusing deposits in foreign currencies to stopping withdrawal of funds abroad with Naira denominated ATM cards, personal and business travel allowance, school fees and medical charges and more.

Those who exploit the system are winning so far.

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