It is important to state that some currencies globally have fallen against the dollars in the last 2 years. Russian Roubles fell by 125%, Ghanaian New cedi fell by 66%, Brazilian Real fell by 64% and Nigerian Naira fell by 21% (Due to pegging).

You can look at the fact above and make a decision on 21% for Nigeria that is significantly dependent on foreign products and services without a manufacturing base. In comparison to Brazil and Russia who have manufacturing base. Apart from Ghana our economy is no match for Brazil and Russia who have had significant loss to their currencies. Artificial defence of Naira may only spell doom for our Naira in my opinion.

The law of supply and demand will not bow to Buharinomics because Adam Smith is the father of economics. Wishful thinking will not safe the Naira but a monetary policy that is devoid of emotion. We cannot eat our cake and have it, as long as we continue to demand for foreign products and the price of oil remain low, Naira WILL continue to fall, until an equilibrium is reached as postulated by proven economic theory of supply and demand.

Conclusively, I remember in my secondary school days, I read a book written by a renowned African professor, he said when the centre can no longer hold, THING WILL FALL APART. I hope the monetary policy of Nigeria does not lead to things falling apart for our economy, but unfortunately, HOPE alone may not be enough.