The Afonomics Solution: A comprehensive approach to Nigeria’s forex crisis

by admin
The Afonomics Solution: A comprehensive approach to Nigeria’s forex crisis

In recent headlines, the Coordinating Minister of the Economy, Mr. Wale Edun, highlighted a significant point: vast amounts of Nigerian money, held in domiciliary accounts across various banks, remain untapped. The minister and his team are strategizing on how best to utilise these funds to rejuvenate Nigeria’s economy. The resonances between his remarks and the principles outlined in my ‘Afonomics’ proposal are unmistakable.

I may not be a trained economist, but a fundamental truth stands out: allowing the USD to overshadow the Naira in Nigeria’s economic landscape poses a significant threat. No nation aiming for global competitiveness and economic sovereignty would permit a foreign currency to dominate its internal financial system. By not addressing this critical issue with the urgency and aggressiveness posited in the Afonomics article, we risk undermining our economic stability. Alarmingly, there are reports of banks enticing customers with alluring returns on USD fixed deposits. At the time of penning this, the exchange rate stands at 927 Naira to the USD, and without intervention, this could touch a staggering 1,000.

You may also like

Leave a Comment

multipurpose site for ROV ,drone services,mineral ores,ingots,agro commodities-oils,pulses,fatty acid distillate,rice,tomato concentrate,animal waste -gallstones,maggot feed ,general purpose niche -consumer goods,consumer electronics and all .Compedium of news around the world,businesses,ecommerce ,mineral,machines promotion and affiliation and just name it ...
multipurpose site for ROV ,drone services,mineral ores,ingots,agro commodities-oils,pulses,fatty acid distillate,rice,tomato concentrate,animal waste -gallstones,maggot feed ,general purpose niche -consumer goods,consumer electronics and all .Compedium of news around the world,businesses,ecommerce ,mineral,machines promotion and affiliation and just name it ...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy