It’s evident that the CBN is taking some critical measures in terms of its “monetary policy” to arrest the monster of forex rise.
The gradual but noticeable crash of the dollar and others is proof that someone at the CBN is working hard to tame this economic pestilence.
Yet, from the other street of Nigeria’s economic district, nothing appears to be happening seriously in terms of the complementary “fiscal policy” that could help the monetary policy crystalise properly and begin to manifest in the life of the average Nigerian.
You would have noticed that in spite of the crash in dollars and others, the costs of things are still soaring.
This is because the confidence in the measures so far taken is still shaky, and the Ministry of Finance appears to be sleeping on duty.
From tariffs to taxes and duties, the Finance Ministry should have been taking some initiatives geared towards easing the current pains of the Nigerian people by incentivising major drivers of the economy for results.
No doubt, the work of the CBN is not yet done, but steps so far taken are worthy of mention, and the man behind this wheel, Olayemi Cardoso, deserves commendation for facing the scourge head-on.
It is, therefore, crucial that Olawale Edun of the Finance Ministy wakes up from his needlessly long nap and kicks in real quick. There’s no time to waste time.
This is but a layman’s intervention and understanding of the nation’s economy as it currently stands.
May Nigeria be great again. Amen🙏🏾🙏🏾🙏🏾
