Away with sentiments, this situation, on the long run, if well managed, will have positive effects on the economy. But then the effects will not be equally felt. In fact, some persons may even be corruptly enriching themselves because of the discrepancy in the official and the parallel markets. Just like hoarding of any commodity works, some connected to 'high' places and with constant supply of dollars might be getting them at the official price of 199 and selling for as high as 350. This is fraudulent.

Back to the main issue, the first problem we should be worried about is the high volatility in the exchange rate. No one can safely predict things. It is bad for any business. Anyway, this, generally is nobody's fault, except that we have refused to diversify, and we virtually import every single item we consume. So, it seems the fate of the naira is tied to the fluctuations of crude oil price. The talk about any human, it is only God or his delegate can make it happen, making $1 =1N. That, if anybody ever promised, ought to be taken as a joke; possibly a comic relief from the heat of political campaign. It's a mere campaign puff.

I see a great opportunity in this. What we're not able to achieve by banning of some imports, is now possible with little or no effort. What we now need to do is to diversify and industrialize. This is the best time. Who wants to buy foreign stuffs at this rate? Locally manufactured goods ought to be cheaper. Then, the caveat is: how will the local industries source forex to buy machines and raw materials. This is where the CBN must intervene. They must allocate forex to these manufacturers if they are to remain in business.

My point is: if this situation is well managed, it will strengthen our economy; if not, it will further ruin it.