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On The Naira Free Fall By Kunle Wizeman Ajayi

If you need a million naira, just get a friend in US to get you two thousand dollar. Gbam, you don become millionaire be that!

A dollar is now #500. And as it is, global price of the crude oil has fallen so low, increasing to $47 from $46.3 in November. The Naira may not appreciate this year against the dollar as Nigeria does not produce neither does it even have a cordinated services sector. To make matters worse, the Central Bank of Nigeria (CBN) has totally devalued the currency.   

Lessons in history has shown that the CBN has only buried the naira after Nigeria has been murdered in an economic depression that is likely to end the current crude ruling class governing the most populated black country in the world. Governor Godwin Emefiele keeps speaking from both sides of the mouth; blaming the “tainted” parallel market as well as the pandemic. But he fails to admit that it is the full devaluation of the naira that has deepen the grave of a currency that in itself has fallen since the Structural Adjustment Program (SAP) has been imposed. Late Henry Boyo once quipped that “Naira Devaluation Be Like 419,”  this must be an understatement as the policy is a conscious assassination of the Naira after it’s security exchange has been literally undermined through the state dependency on the services sector and oil, it’s only value market, has been deregulated through the conscious closure of the refineries to depend on importing while the crude oil is sold off so cheaply.

The same disaster befalling the Naira reminds us of the German Mark in 1919 after the 1st World War. Germany lost and the big countries started feasting on the Berlin Wall Street. The Mark had to exchange for a thousand times to a dollar. And this was the advent of the Hitler years of Nazist horror. 


So, Buhari and Emefiele are openly negotiating a war situation with the worst devastating mal-economic policies. This is what is being done in all sectors. Working people need to jettison the compromised inactions of Organized Labour and join fighting youths to build beyond the #EndSARS moment for a surgical advancement to #RevolutionNow. That’s the alternative that Germany had to choose from  after 1919. The German Social Democratic Party and the Rosa Luxembourg-led mass actions failed to unite at the critical period. For Germany, like Nigeria today, was torn between Revolution and war. Failure to unite all oppressed and fighting forces brought in Hitler, and therefore the Holocaust. 

With the free fall of the Naira and the unwilling ways of the Buhari/Emefiele to halt the suicidal Devaluation malpractice, we are all condemned to either unite and revolt from North to South, or we all perish together in a war. The ZabarmariMassacre and #EndSARS genocide are clearly proverbial!

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Kunle Wizeman Ajayi

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