These are not the good times for the Nigerian Naira currency. The Nigerian economy, its Central Bank, the custodian of its monetary policy, which many of her citizens expects to engineer sound monetary policy that would have safeguard the none further devaluation of the naira is at this point helpless and worried. However, the blame should not be place at the door step of the CBN or the current managers has the problems with the naira goes beyond them and particular beyond the Nigerian state and Africa as well. It is important to approach this discussion from both a process and content perspectives, it is only by so doing that one can begun to unravel the intricacies of the entire range of issues involved and their interconnectedness. But first a general observation is required from an historical perspectives on Africa economy and it currency problems. The internationalization of Africa economy spell from the history of the “colonial economy that essentially serves as the stimulation of extensive primary produce given by deliberate capital allocation and enabling infrastructure like railways and other rural road network, linking to sea port for onward transfer to the metropolitan markets of the colonial masters. This pattern of economic activities did not create the secondary sectors of industrial process”. Thus, we can fathom from a logical conclusion that, the systemic and systematic plight of colonial Africa economy abused by its colonial master nurture in conjuncture with representatives of international monopoly capital is the root cause of the region currency woes. No doubt, the majority of Africa’s estimated 800milion people and still counting are disillusioned and desperate. The region is not just on the bottom rung of human development indicators. African has become a metaphor for disease, poverty, unemployment, corruption, bad governance, political instability and faces the greatest human displace. Moreso, it economy is worse for it with of de-industrialization, technology and skills deficit and poor productive capacity.

Read more at: https://daybreak.ng/2020/12/04/naira-abysmal-appreciation/