Two days ago, one of my consistent clients asked me, “I also heard CBN has floated our naira. What is the implication of that? Does it mean devaluing the naira?”
“That decision, the implications can’t be known yet until it goes active next week. It may make things worse.”
Expectedly, I’m supposed to give a better answer because economist.
That economist label on me is a joke. A fat one. Of all the labels I’ve agreed to wear, this is a no-no.
Few friends of mine are economists; many of my colleagues are.
I admire how they plot diagrams and explain theories with big big grammars; my vocabulary is proud and I believe they’ll do well in the society.
Some must’ve scoffed when they read the paragraphs above; I think if any did, s(he) should go and scoff at most of the lecturers that taught us in school.
I reached out to my friend this week. She’s an economist. I love her brain and will eat it someday.
I asked her what this new policy means, “Good news?”
She explained and told me guidelines will be laid out next week.
I smiled and hope is good.
If good, I can scale Specuit Cargo quickly. Bad, I scale slowly.
I read Fawehimi’s piece on what the new exchange rate policy is about. He made some sense.
Some netizens complained, “The article is too long, please summarize.”
Big shame to see something that would shape their lives in coming weeks and months is too long. But they can complain about tomatoes and fuel rates being high.
In 2016, I’ve read over 2,000 pages of literature on business, military/war, science/technology, innovation and fiction and I still feel dumb because I should be at 5,200 pages now.
And some folks are complaining about an article of about 3-4 pages.
Praise be! To no reading culture.
What does the floating exchange rate mean? I don’t know.
Theoretically, I do. Practically, I don’t.
There are lots of things I don’t know. Especially in Nigeria.
I don’t know if my company will crash tomorrow and I’ll start all over again – I’m not scared about that but I just don’t know. I started all over 3 months ago.
I don’t know if, staying here in this country, I’d ever achieve my dreams in an accurate timeline than if I was elsewhere with steady electricity.
There are things you just don’t get to know in Nigeria. With certainty. You can’t make certain with all variables before you.
Riddle me this:
We’ve got crude oil, how do we pay so high for fuel? You see how crude oil should make fuel cheaper in saner climes, right?
But this is Nigeria. The reverse is the case.
A country that has shamed economic policies from time immemorial to time memorial.
What’s the guarantee it won’t shame this policy that has worked in other sane climes too?
How does sane work in insane – in a country that lacks system?
Most times, I’d rather wait and see the practicality of these policies.
That’s the school of thought I adopt for Nigeria on anything concerning any arm of the government: optirealism.
I’m optimistic. Yet realistic.
Yesterday, another long-standing client told me the government is targeting N250 soon. I told him we wait till then – then being next week.
I want to believe. I truly want to but truth’s I don’t know. Do you?
He may be right or he may be wrong. I hope he doesn’t get disappointed by Nigeria again.
I hope we don’t get disappointed, too.
Photo Credit: Relatably.com