By Comr Fred Doc Nwaozor
The last time I checked, the Nigerian currency, the Naira suffered
a seemingly unpredicted rape though the identity of the rapist in question was
significantly unknown. This critique was informed by the compelling need for
every Nigerian to comprehend fully the overall nomenclature of the masked
rapist.
The worth of the naira per US dollar almost peaked at N400 in the
parallel market within the week as against its official exchange of N198.
Though it isn’t only Nigeria that is confronting the US dollar that is presently
ravaging her once respected currency, naira and local economy – some other
countries are obviously passing through similar fate, but it’s pertinent to acknowledge
that the ongoing misfortune of the said currency didn’t abruptly emerge;
suffice it to say that the above mentioned ‘rape’ was apparently a foreseen
circumstance.
Going down memory lane, it would be recalled that from 1972 to 1985,
the official worth of the naira per US dollar was between N0.66 and N0.89
involving a consistent slight fall and rise. From 1986 to 1992, it was worth
between N2.02 and N9.91 involving a steady fall. Subsequently, from 1993 to
1999, its worth was between N17.30 and N21.89 involving an onward apparent
constant exchange rate after an initial decrease. Similarly, from 2000 to
2009, it was between N85.98 and N145, which involved an outrageous continuous
fall. Suffice to say that this was during the President Obasanjo-led
administration.
Then, recently from 2010 to 2015, we witnessed a steady fall from
N150 to N171. And presently, barely from last year till date, it has declined
to N198 per US dollar, witnessing a free fall. The bone of contention is that ab initio, excluding the initial point
when it was ostensibly steady, there has been a continuous fall of the value
of the naira when compared to the US dollar.
Hence, having painstakingly perused the above comprehensive chart,
I have succeeded in disabusing our minds of the notion that the fall of the exchange
rate of the naira either at the official market or parallel market commenced
only recently. Needless to say that naira had suffered an untold hardship from
the genesis till this moment.
But if you take a closer glance at the above analysis, you would
observe that it is during the democratic era that the naira’s value fell
outrageously, although the origin of its downward depreciation could be
traceable to 1986 or thereabouts. In view of this assertion, one may be challenged
to ascertain the reason for such anomaly.
