WHAT IS HAPPENING TO OUR NAIRA?

    So before I returned to Nigeria, I heard that the price of dollar had increased to #180 a dollar. I couldn't help but wonder, what is happening to our Naira? What is going on with our economy? We already have enough political/religious/security issues that we are dealing with, what with the addition of a downsizing economy. I wrote a piece before on I Weep for My Country. I know we are better than most African nations, but truth be told, so many nations are doing much better than us in leadership and economically. And why is that? Who is truly responsible for the situation of things in Nigeria?

     Recently I saw someone on Facebook put up a post about how some people believed that Nigeria was not ready for her independence as at the time she got it. I for one agree with them. I mean, look at her. From 1960 till now. Nigeria has been continuously faced with wars, both tribal and religious. We are not the only country that are multi-cultural! Anyway, I think I’m digressing. Let me get back on point. So, as I was saying, what is happening to our Naira? Can someone tell me? Explain to me and the rest of the Nigerian citizens that are on the loop on this matter. I asked an acquaintance of mine recently, “Why is the value of Naira so dependent on that of dollars?” He explained how that Nigeria depends so much on America for a lot of things, of which to gain those fringe benefits, Nigeria must keep doing business with the American Dollar because that is the way America benefits from our country. I’m not quoting him verbatim, but it’s a summary of what I understood from everything he explained. Hmmm…I breathe. So let me get this straight, it’s a situation of friends for benefits kind of thing, yeah?

   Ok, let’s say I understand that and I totally agree we should keep doing what we do with the dollar, but must we do it at the expense of our own economy and citizens who are barely managing to keep up with the inflation in the system? I mean, every Christmas season alone, the prices of flight tickets, especially into the country and locally are hiked excessively among many other things. What effect does this have on the masses? Everyone is sent on a rat race, trying to meet up with travel expenses, gifts, food, clothing and so on. This finally results in a high rate of criminal/immoral activities towards every end of year. Ghana cedis used to be very much less compared to the Naira, but right now, that story isn’t the same. I don’t know about Togo, Cote D’voire and the surrounding nations.

    I’ll give a recent illustration on the value of Naira both locally and internationally.  As I sat down in the reception room for the Friendship Hotel, located inside the Ethiopian International Airport, this young man walks up to me, “You want to make a call?” I looked up to him and smiled. “Well, yes. I don’t mind.” “Ok. Let me check how much airtime I have.” He scrolled through his phone for a few seconds, then he turned back to me. “You will buy recharge card?” “How much is that?” I asked. “It depends on you, uuuuhm, you can give me 5 dollars?” he replied. I thought about it for a second and replied, “Well, I don’t have cash.” He said, “You don’t have dollar?” I nodded. “What about dhiram?” (That is the UAE currency) “No I don’t” I answered. “But I have Naira.” And then he goes, “aaaaaaawww. Naira don’t work here” I’m like. “Really?!” he nodded and walked away as I shook my head disapprovingly.

    Like seriously, it may not matter to you, but it does to me and many others. Our money has no value beyond our borders. This is the same reason our people would rather cross over to other countries on foot to go and slave and get paid in dollars because its value is worth more than Naira. I don’t just want to keep complain. So let me also state my suggestion on this whole matter.

I think Nigeria should keep doing business with dollars, but not at a very high rate. I am not an economist, neither am I good at statistics, but I’m aware that our government has the power to make some remarkable changes that can improve our economy. I look up to a time when Nigerians will actually have leaders that have the interest of the nation at heart. Leaders who truly seek the well-being of our beloved nation.

Cheers!