Naira is 607 as at last week against the British pound. I remember vividly in 1984-1987 when the exchange rate was 94p to one Naira (NGN1). I remember vividly when at that time a tin of Peak milk was 5kobo. Nigerian government must not trade sheepishly to allow the full weight of the market economy on Naira. Do not be fooled, every major currency in the world today is pegged. Be it Pounds£, Dollar$, Euro, Yen, etc are all pegged and hedged. No nation except Nigeria and indeed, African allows the full weight of the market economy on her currency. The pound, the dollar, the euro, etc., are all pegged or hedged. Remember the British Black Wednesday in 1992, when pounds crashed out of ERM? Managers of Nigerian monetary policy, what are you thinking of?. It is disgraceful what is happening in Nigeria. Honestly, Abacha’s government was the only sensible economic managers in Nigeria. The rest are just beating about the bush. It is disgraceful for Naira to trade against the fallen pounds sterling for 607 Naira to a £1. Nigeria has lost its bearing.

By: Oguchi Martins Egbujor