Poor Naira: “The official exchange rate of the Nigerian naira against the US dollar experienced a sharp decline, ending its three-day winning streak on Tuesday, March 5, 2024. According to data published by the Financial Markets Dealers Quotations (FMDQ), quoted by Nairametrics, the naira fell by 4.26% to N1602.43 per US dollar, compared to N1534.19/$1 recorded previously.”
I took two courses in FUTO which I did not really like (boring stuff for an EEE major). One was ENG 301 – Strength of Materials, and another was ENG 207 – Engineering Thermodynamics. In thermodynamics, the Prof (then Dr Onwuka), noted that an object will float in a fluid if its density is less than the fluid’s density. If the object’s density is greater than the fluid’s density, it will sink. If the object’s density is equal to the fluid’s density, it will remain suspended in the fluid. For the strength of material, they noted that in a floating engineering design, you must consider longitudinal forces from other forces like wind, to have a robust design.
The questions for Naira today are:
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(1) Can Naira float on the fluid density which is Nigeria’s economy which remains finance-driven with no clear strategy on a production-driven playbook?
(2) Also, even if it can float on that economic density on a finance-first policy, can it surmount the longitudinal forces where it seems the young people are disconnected from any national vision?
Naira needs great engineering thermodynamics and material strength within the context of economics to advance. If you cannot, SUSPEND floating Naira.
Poor Naira: "The official exchange rate of the Nigerian naira against the US dollar experienced a sharp decline, ending its three-day winning streak on Tuesday, March 5, 2024. According to data published by the Financial Markets Dealers Quotations (FMDQ), quoted by Nairametrics,… pic.twitter.com/D7EtEboyCq
— Ndubuisi Ekekwe (@ndekekwe) March 6, 2024
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