Column
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| By Dan Agbese |
Email: ochima495@gmail.com
SMS: 08055001924
Remember the glory days of our national currency, the Naira?
Remember when it was so strong it made the almighty US dollar serve it as a lesser currency?
Remember when the naira exchanged at one to US $2.5?
Remember when a $500 basic travelling allowance made the Nigerian so rich he was the most beloved shopper and spender in New York City and London?
Remember when Davis of London worked hard to please the sartorial interests and demands of fashion-conscious, well-heeled Nigerian men?
Remember when the Naira was hawked in New York and some European capitals?
Remember when the IMF and the World Bank crept into our country to begin the process of putting the naira in its place?
Remember when the Bretton Woods institutions put up the persuasive argument that the naira was too strong for its own good and the good of economy?
Remember when our leaders put the fate of the naira squarely in the hands of market forces?
Remember when the market forces began the systemic process of crushing the naira?
Remember when the naira exchanged places with the US dollar, exchanging at N3.5 to one green back?
Remember that from that day forward, nothing has been the same for the naira?
Take note that Nigerians are no longer known for their shopping sprees in London and New York.
Take note that Nigerians can no longer afford to show off the latest safari suits from Davis of London.
Take note that the naira is now a weak currency?
Take note that you need a lorry load of Naira to get one US dollar.
Take note that at 278 to the dollar, the naira cannot even play catch up with other currencies.
Take note that the economic management prescriptions of the IMF and the World Bank cannot take the entire blame for what has been to our national currency.
Take note that the glory days of the naira will never come back. Those days have become the stuff of nostalgia.
This, then is the song of the naira.
— Jun 27, 2016 @ 14:40 GMT
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