WE MUST CORRECT OURSELVES IMMEDIATELY

All is not lost,

A serious ailment demands serious treatment. There are some basic steps that the CBN and the Federal Government need to take immediately, if the country is serious about stabilizing and improving the value of the naira. Prominent among these steps are: - 

1. Ban the black market (and make it illegal for anyone to buy or sell forex except through the banks)

2. Cancel all Dom Accounts and convert them to Naira accounts. Do Americans have Naira accounts in America? So why do we encourage dollar accounts in Nigeria

We need to create value for our naira. Our currency is not the dollar but The Naira. Dollar is a mere instrument for exchange. It is not goods or services, therefore, Nigeria should not concentrate itself in the business of buying and selling dollars as is happening today. 

People are now buying dollars as a 'STORE OF VALUE'. This is the worst that can ever happen to the Nigerian Naira and the economy. Rather than team with others to destroy the naira, we must jointly create value for the naira. We must resist every temptation to sabotage the naira. Because this is not normal. It is not about a fall in crude oil price. It is a collective sabotage and inefficient monetary policy management that has lingered through all these years.

Who created the black market and of whose benefit is the black market. The government should ban this market and make a law with death sentence as a penalty for any individually who deals in forex. Let’s kill them before they kill the naira AND THE ECONOMY.

Transactions are not visible in the black market. Since the black market is not minting dollars, it ought not to have been richer and bigger than the banks. The CBN and the banks should take up the sole role of managing forex in Nigeria. If someone sends you money, you go to the bank to change it, and if you want to buy something abroad, your bank pays forex equivalent for you. As individual citizens, we do not need the dollars in our hands or in our Dom Accounts.

We must correct ourselves immediately.