Our Exchange rate is a reflection of where the loyalty of our leaders lie

      

              Nelson Mandela

In whose interest is a weak Naira? Who benefits more when the Naira loses ground against other foreign currencies?f

It is no rocket science. It is those who control foreign exchange in the country.

Some people make a fortune from dealing in currencies. In Nigeria, our major foreign exchange earner is Oil an d the proceeds are controlled by NNPC and the Central Bank of Nigeria.

In banking, there is what is called round tripping. It is the process of buying foreign exchange from the Central Bank to sell at the black market and a kill is made.

In Economics, countries are encouraged to lower the value of their currencies in order to make their exports cheap.

What exports do we have in Nigeria? Oil, our mainstay is priced in dollars.

This explains why people rush abroad because every time Naira loses value, there is a pull abroad to earn dollars to exchange for loads of Naira.

Those who preach patriotism should lead by example. Access medical service at home not abroad.

Access educational services at home not abroad.

Consume home made food not imported food.

The more we hanker after foreign made goods the more we neglect our local currency and increase the misery of local producers and ordinary Nigerians who earn Naira.

The enabling environment has to be made possible by our leaders to enable Nigerians shine at home like they do abroad to the benefits of their host countries.

What beats my imagination is that many of leaders trained abroad but fail to see the wisdom in replicating in Nigeria, what they learned abroad.

The ordinary Nigerian does not ask for too much, make life liveable and not hellish.

This is possible if our leaders choose to follow Mandela and not Mobutu.