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Power, transportation, education, healthcare, agriculture, judiciary, none of these sectors can be fixed in six months, you need decades plan, with continuous investment how do you succeed when the present is manipulated? We need to be more circumspect when analysing Nigeria and her ills, because if ranting build structures, Nigeria would have been the most developed by now. If we allow manipulation of the currency to go on, in the name of being import dependent economy, or citing the demand-supply cliche, where do you source the funds to develop all the critical infrastructures we always talk about? You cannot keep kids away from schools just because you want to reform the education sector, if you do so, remember that new kids are birthed daily, so how do you make up for the delays? We cannot shut Nigeria down in order to fix it, because humans already inhabit the space, so you have to keep managing the pressing needs while simultaneously working out long-term solutions.

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These things donвЂ™t happen in six months, but a nation has pressing needs daily, how do you manage the pressing needs while developing the architecture for long-term solutions? This is where you see most arguments in Nigeria get shallow and thin, because we all know how to talk and rant, with no clue on how long it takes to formulate, develop, implement and execute policies.

You do not craft a national economic policy over night, you need a high dose of intellectual debates, which will also be influencing our education policy. While we wait for factories and warehouses to stabilise the naira, the CBN also needs to be working in the short-term.

CBN should work to fix that and wake up those engines of exports. With AbokiFX self-suspending, Naira may start waking from coma but until we have warehouses and factories operating well, NairaвЂ™s FX disease will remain. The situation was compounded by the economic strains emanating from covid-19 pandemic.ДЄbokiFX said it hopes the suspension of its FX rates operation, among other things, will help the naira to appreciate in parallel market. Compared to 2019вЂ™s $142 billion and 2014вЂ™s $160 billion, there are 20% and 30% drop in dollar inflow to the economy respectively. Increase in demand for is said to be forcing the CBN to deplete NigeriaвЂ™s dollar reserve, fueling the fall of the naira.Дata from the CBN shows $116 billion to be the total dollar inflow to NigeriaвЂ™s economy in 2020. However, experts believe that the continuous crash of the naira is as a result of insufficient dollar liquidity in Nigeria. The naira depreciated to N570/$1 on Friday despite the apex bankвЂ™s efforts through monetary policies to stem the tide.

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The CBN governor Godwin Emefiele on a TV interview, alleged that AbokiFX has been responsible for the free-fall of the naira by manipulating market prices.

Of course we do hope the digital platform will be decent enough not to use its market power to illegally distort market equilibrium.ДЇollowing the news that the Central Bank of Nigeria (CBN) is going after exchange rate aggregator and publisher, AbokiFX, the online platform has issued a statement announcing that itвЂ™s suspending its publishing of parallel market exchange rates until further notice. Why? Once people do not believe whatever the apex bank is posting as the FX rate, they will converge to another AbokiFX to believe whatever it has there to conduct transactions. So on that, I am not sure the suspension of AbokIFX will save Naira when Naira cannot save itself fundamentally because another aggregator will emerge.

Today, aggregators and demand controllers are catalytic because everyone has unbounded sources, and platforms remove the frictions by brining all info in one place. Yes, you cannot take Nigeria to the industrial age, pre-internet era where supply was the most dominant part of the market systems due to information asymmetry (think of buying an air ticket where you paid whatever the agent told you because you did not know what the airlines were charging). Cost is N60,000 or $140 for the 12-week program.Д«ut that will not last.

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