At the onset of sanctions against Russia invasion of Ukraine, Joe Biden promised Putin: rouble will be rumble, of course Putin knew this will be worse than russian roulette, he got back to the chess board and Russia insisted on being paid in rouble for the $800m daily gas and energy export to Europe, rouble firmed up, the sanction failed.
Our naira, our pride and symbol is under perilous and curated attack from Forex speculators, naira is our legal tender, naira is boiling over, we do not deal with dollar, it’s time for president Buhari to defend it decisively.
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President Buhari should ban domiciliary accounts and convert the deposit to naira at the official exchange rate, the domiciliary accounts balance stood conservatively at over $20b or N14 trillion out N35 trillion bank deposit. A ban will create a double whammy, but the masses will rise behind the president for the counteroffensive from the elites.
Who ever then stockpile dollar at home is definitely doing so at his own peril. Naira will surely firm immediately.
