James Emejo
that knowledge base of our exports? We aren’t. “So, we are just setting ourselves up for a free fall if we are not very careful. But it’s good that the statement has been made that they would now float the currency and to assuage the feelings of investors. “But, mind you, we are not created to impress only investors: at the end of the day we must think about the kind of life that it would give Nigerians. “If you look at it, since 1986, all we have ever done is to devalue and devalue and it seems to be a one-way streak. “And if you look that the pre-colonial times when even the colonial people left, why were we left with a strong currency in that era when the colonialists managed the economy? And the moment we started actually getting into our own, we are forced to devalue.” Fasua said: “The only way devaluation would work is if you are sure that you can actually produce the essential goods that your people would need. “We would like to have salutary policies to that extent, otherwise, you will just drive your people up the wall and they will not be able to afford basic things of life and you don’t want to see them on the streets. If we are not careful, if we don’t manage it well, it is the Zimbabwe or Venezuela kind of situation.” Nonetheless, a credible source who pleaded anonymity because of his dealings with government, welcomed a possible floating of the currency. He said:”Since 2015, there are two problems that are being micromanaged- this problem of exchange rate management or multiple exchange rates which definitely creates room for round tripping and arbitrage and subsidy. “It is not good for the economy because the real people that will be looking for foreign exchange, it will take them months to get.