Soludo's deliberate act to devalue the naira

Posted by Felix Okoli on February 17, 2009 at 05:21:46:

He did not have to devalue the naira to make Nigeria's economy still attractive to foreign investors. He only ended up impoverishing Nigerians further. On funny thing in Nigeria is that in spite of the global economic depression, it is only Nigerian banks that are still increasing their interest rates instead of reducing it to attract genuine entrepreneurs. Soludo should have advised the FEDERAL GOVT TO divest the foreign reserve when we were making billions from the rising oil price last year into things like agriculture and making indutries work in Nigeria rather than just stashing it in foreign banks and waiting for the dollar to crash before crashing the naira a little further. Nigerians are already feeling the pain of the Us led recession with the slow death felt in the stock market, once one of the most profitable markets in the world now becoming one of the worst. The price of things were already high in Nigeria and devaluing the naira has only caused people to lose further which may lead to civil unrest and social ills.