To have stability in our exchange rate, Tinubu Government must demonstrate fiscal discipline and high sense of responsibility in the manner he manages both human and material resources. In the absence of reliable data in Nigeria,what drives the exchange rate is speculation and market perception. Unfortunately , President Tinubu has done so much to demarket Nigeria,leading to negative perception .
No matter how President Tinubu tries,the fact remains that he is incapacitated for several reasons ;
1. He believes so much in government of patronage . This frustrates institutional development and stability.
2. He is not physically and mentally strong to withstand Nigeria hydra headed issues.
3. Constitution discourages a productive system . Nigeria system is consumption driven and does not have provision for incentives that would have created economic opportunities.
4. Economic and political institutions are too weak.
Dollar will surely hit N2000 if nothing drastic is done now to alter our institutional framework that will encourage production.
As a survival strategy,I will encourage the masses to cut down their daily cost components to the barest minimum and concentrate on local food items that would keep body and soul together. This is not best time for fixed income earners and not the best time to keep idle naira fund in the bank. Try as much as possible to increase your earnings .
Really , our Government is irresponsible. Without people flooding the street to protest against bad economic and political decisions,the situation will get worse as people in Government can never be sensitive to their plight . Ndubuisi GGM
