IN the last few years, it has been observed that Nigeria’s economy is dwindling, especially as a result of the exchange rate of the naira with the United States of America’s dollar.
Government is doing everything possible to make things better for the people, but the situation is still sad. For example, recently, the exchange rate was almost N500 to a dollar.Things cannot continue to be like this.
What I feel the Federal Government should do is to look into the possibility of keying into other currencies. Here in West Africa, we can do exchange with such countries as Ghana, and Sierra Leone, using other currencies.
Or we can strengthen the naira to enable it to compete favourably with currencies in other parts of the world.
I do not think it is conscionable for us to be rigidly conservative, depending on the dollar alone.
This is making things extremely difficult for the country.
Ola-Olaniyi Bamgbola,
53, Agbeni Quarters,
Ibadan, Oyo State.
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