Its seems some people are still a little confused as to what devaluing the naira means, so will be using a practical example with Fuel as the dollar.

In a period of fuel (Dollar) scarcity, those in the black market (BDC) will sell at a different price e.g 150 naira per litre from NNPC (CBN). Asking the CBN to just devalue to bridge the gap is like asking NNPC to match the price of the black market rate of fuel at 150 naira per litre...afterall, fuel has found its true price by market forces.

Just as in the case of fuel, NNPC matching the price of the Black marketers, without fixing the root cause of the scarcity in the first place will not do anyone any good. Rather, refineries should be fixed and expanded (thankfully this process has already started), this will not only reduce what we are importing but we can also export which will also be another way to generate revenue. Miscreant should also stop blowing up pipelines and sabotaging us because we are all affected .

In the same vein a lot of steps have to be in place to address the scarcity of dollars beyond just matching the black market rate.

alt3r3g0:
Its seems some people are still a little confused as to what devaluing the naira means, so will be using a practical example with Fuel as the dollar.

In a period of fuel (Dollar) scarcity, those in the black market (BDC) will sell at a different price e.g 150 naira per litre from NNPC (CBN). Asking the CBN to just devalue to bridge the gap is like asking NNPC to match the price of the black market rate of fuel at 150 naira per litre...afterall, fuel has found its true price by market forces.

Just as in the case of fuel, NNPC matching the price of the Black marketers, without fixing the root cause of the scarcity in the first place will not do anyone any good. Rather, refineries should be fixed and expanded (thankfully this process has already started), this will not only reduce what we are importing but we can also export which will also be another way to generate revenue. Miscreant should also stop blowing up pipelines and sabotaging us because we are all affected .

In the same vein a lot of steps have to be in place to address the scarcity of dollars beyond just matching the black market rate.

good. taking detour route will never solve the problem. #saynotonairadevaluation#