it is more like the proverbial catch-22. For some yet, it appears easy. But the reality on ground is that nothing good comes easy and that includes building a viable economy based on a sturdy exchange rate mechanism. In a long time, the black-market exchange rate has served as a gauge to value the currency, as absurd as that may sound. But this is no longer tenable for the simple reason that the operators of that market work on the fringes of the economy.
Without doubt, a number of social issues will certainly arise therefrom. For instance, fixed income earners will see their wages go the Zimbabwean way.
It is unarguable, in our opinion, that import value will rise astronomically without a corresponding rise in exports and may result in a current account balance going into deficit and thus make the country’s balance sheet much worse.
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Northern youths knock Osinbajo for urging naira devaluationThe Coalition of Northern Youth Groups (CNYG) has completely disagreed with the position of Vice President, Prof. Yemi Osinbajo, that the Central Bank of It's already devalued. Star Boy dey for you 🤣🤣🤣🤣 Osinbajo never called for the devaluation of the Naira. the Vice President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.
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