Obiasogu David
Since she thinks and understands like a 5-year old, will help her with an example meant for a “light-brain.”
The total amount of dollar available in Nigeria is $100. Out of that $100 CBN has $40, Aboki and others who sell and buy dollars have the remaining $60.
Nigerians who need dollars to travel abroad or export their goods outside Nigeria need like $500. This means that the total amount of dollar Nigerians need is far higher than the amount of dollar available in Nigeria. Now, there’s a problem.
Aboki people seeing that many people are asking for dollar and if they sell the dollar with them, there’ll be no dollar to buy, they’ll increase the amount they sell the dollar for.
She can pause here and read the example again.
For those asking “why don’t we have more dollars?”
Well, you can get more dollars…
When Nigeria’s production sector is equipped and functional. For example, Aba people are producing clothes that can be exported. Then, Nigerians will export those goods to other countries, get paid in dollars, and bring the dollars into Nigeria.
Or when Ibadan, Osun, Ekiti etc can produce using their rich minerals like granite, sand stone, lignite, kaoline, clay, coal etc. or when the gold illegally mined in Zamafara are produced. Buyers from other countries will come with dollars to purchase those finished goods and export to their countries.
Or when the Nigerian economy is favourable for investors to come in. They come with dollars and exchange with Naira to be able to do business in Nigeria.
Or when our educational systems are working, standard, and competitive so that students from other countries can come to study in Nigeria. They bring dollars for their school fees, other fees and “pocket money.”
In summary, you can earn more dollars when you turn Nigeria upside-down. So, instead of exporting, you’re importing. Instead of “japaing” to other countries, other countries are “japaing” to Nigeria.
Peoplesmind
