Nigerians are living on the edge, and things are very bad.
The whole country is tottering and on the brink of explosion.
At the root of this frustration and struggle is the instability of the foreign exchange market.
As of this evening, the dollar is heading to 1,700 to $1, and would likely to touch 2,000 before Wednesday if nothing is done urgently this week to arrest this ugly situation.
Nigeria needs a $10 billion temporary lifeline in the short term, and then watch the foreign exchange stabilise overnight.
The sad news is that we don’t have $10 billion anywhere in the bank.
What is the way forward?
We need to approach the IMF/World Bank for a temporary bailout of $10 billion with plenty of abeg now.
E don cast for now.
E don red
Abeg! Help us.
And this bailout should be released as soon as possible for the CBN to use this ammunition to calm and stabilise the volatile foreign exchange markets.
If we can get an inflow of $10 billion on Monday, the naira will fall below 1000 overnight; in fact, the value will hover between 850 and 900, which is the true value before Friday next week.
We need to approach the IMF and World Bank as soon as possible.
We have an emergency at hand, and the more we delay, the more we risk having a national unrest in our hands.
Last week,Kenya raised $5 billion in Eurobond, the local currency. Shillings strengthened immediately against the dollar.
Speculators and Kenyans hoarding dollars were forced to offload their dollars.
The same could happen in Nigeria.
If the IMF/World Bank is not forthcoming and delaying, we could hit the road to raising $5–10 billion from Eurobond as Kenya did. We need this emergency funding to address the collapse of the naira, or, I’m afraid, things will go out of hand in the next month.
Nigeria is in dire straits.
Things are bad, and the outlook is not looking good.
Even many of us who are privileged and insulated are feeling the heat.
Billionaire business men are bleeding in private.
Nobody is exempted.
My worry is that Tinubu and his people are lethargic and incompetent as they don’t understand the urgency of the situation; they don’t understand how bad things are outside Aso Rock.
It may be because they don’t have quality thinkers in this government, but we can’t continue this way.
They have to do something in the next 2 weeks, which is go and look for where to get this emergency. $10 billion to stabilise the naira, or am I afraid
We are going to go the way of Venezuela, with civil unrest all over the country.
Did I hear?
God forbid.
