The last couple of months have not been particularly rosy for Nigeria and Nigerians especially with the naira depreciating to as low as 380 to a dollar and over 500 naira to a pound. This led to the cry for the devaluation of the naira by economists and people that knew close to nothing about economics even joined the cry for devaluation.
The argument In favor of devaluation underlined the fact that those crying for devaluation were either speculators or as mentioned earlier, had no knowledge about economics.
Devaluation as repeatedly stated by our economist president, only favors big economies that manufacture and want to increase their export has this makes the products cheaper to international buyers. Unfortunately, my dear Nigeria is an importing country and devaluing the currency will only lead to more hardship especially to the masses.
It was however good news to Nigerians especially those that knew what devaluation would mean to the citizenry when Nigeria suddenly began to appreciate, trading for as low as 310 and even 295 to a dollar in some places as the close of business on the 24th of February, 2016.
Speculators that have bought the dollars in recent times in anticipation of a further decline in the value of the naira can start to count their losses with the recent appreciation.
One obvious point that Nigerians have been able to appreciate is the knowledge of the President and PMB’s desire to make life easier and better for the masses.
The sudden increase in the call for made in Nigeria products also resulted from the fall in the value of naira, which can now be said to be a blessing in disguise if we decide to act what we preach and patronize made in Nigeria commodities.
With the vindication of Buharinomics and the appreciation of the naira, we hope the currency continues to appreciate and who knows, we might eventually live the dream of 1$ to 1naira.