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Mr. President is "concerned" on Naira
#1 · August 15, 2023, 7:40 AM
“Mr. President is very concerned about some of the goings on in the foreign exchange market. One of the things we discussed is what could be done to stabilize and what could be done to improve the liquidity in the market and also the goings on in the various other markets, including the parallel market" - Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi (source)
As I wrote last night, expect a big call. If that is not done, a historic drop in the manufacturing index will happen. No one wants that in the nation.
You may ask why worry: the respect I have in America will always be correlated (at least partially) with how Nigeria is doing. If my peers see Nigeria as promising, the respect will go up. If they see otherwise, I lose respect. So, irrespective of where we are, until Nigeria does really well, we cannot maximize our capabilities. That is why everyone wants the nation to rise and advance.