Oct 28 (Lagos) - Naira has started falling against the major currencies once again and is now approaching the 1800 levels in the so called parallel markets. It is currently around 1755 to 1 USD according to websites that track that market.
The situation is dire as people start to realize that people or the elites who control the oil trade do not really seem to care about the rest of Country as they earn in Dollars and this does not affect them. This is something people are waking up to realize that they may not do anything since they have not taken any action to arrest this decline.
Inflation is once again on the rise according to latest data from the NBS. The interest rates moves that the CBN made has so far not worked in favor of inflation reduction probably because the petrol and diesel price was hiked by the government which has an effect to inflation especially food inflation.
So at this point, people can only hope that the authorities will do something to stop the fall in the value of the Naira. No one expected that things will get this bad for us.
Crude oil prices decline almost 5% in USA this morning as it becomes clearer who is likely to win the elections in the USA. If that crude oil price crash takes place, where will our economy and currency be? That's a billion dollar question no analyst in Nigeria wants to currently talk about.
Stock market could turn red very soon if there is further indication of that and in fact all our indicators will turn red and a new cycle of tears, pain and suffering will start something that the great Fela said was somebody's "regular trade mark".
reporting for easykobo.com on Monday, Oct 28 2024 from Lagos, Nigeria