Ejike Okpa writes via African Executive:

The planned revaluation (to put the naira at about N1.25 to the dollar) meant to position it as the currency of choice for the proposed West Africa’s common currency by 2009 is more of voodoo econometrics similar to rent control and price fixing…Instead of embarking on Naira price fixing or pegging the naira at a given rate, what the policy should strive to do is increase and enhance local manufacturing and productivity volumes to a level that the average Nigerian can depend on local manufactured and produced goods. In addition, attempts should be made to stabilize the (overpriced and over-valued) price of government contracts and peg the interest rate charged by banks on loans going to certain key sectors in single digits.

Read more: African Executive – The Naira’s Glory Must Be Restored

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