Prior to ascension to power as the President of Nigeria, Bola Ahmed Tinubu has the confidence of majority of Nigerians to rescue Nigeria economy from the impeding, obvious disaster it was heading to.
The Naira currency kept on depreciating against Dollar since 43 years ago. See Figure one.
The graphs below showed unequivocally that Naira against Dollar kept rising in an exponential manner, from 1979 to 2022 (since 43 years ago, once on the upward journey, it never came down) which mathematically speaking, if the trend has been sustained, Nigeria Naira would have risen from 2,500 Naira to one dollar by now. (Perhaps that informed the reason while some people hoarded dollars, hoping to gain immensely from further depreciation of Naira against Dollar)
However, magically speaking the Government of Tinubu arrested the expected fall of Naira.
The Naira to Dollar has appreciated to 1,200 Naira to a Dollar (Figure 2) as against expected 2,500 Naira to one Dollar, if the exponential pattern of figure 1, has been sustained.
This reality showed unprecedented Economic Wizardry. If the pattern, is sustained, the Naira may appreciate to N500 against 1 Dollar before the expiration of first tenure of President Asiwaju Tinumbu in year 2027.
Although, the purchasing power of average Nigerian is still low, but hope, certainly is rising. I pray the Economic Team, surrounding the President will continue to do their best and wrestle the economy from collapsing until Nigeria reaches the El dorado.
For a Government to radically force down the gravitational fall of Naira, to upward thrust within one year is either abracadabra/magical or Economic Wizardry.
This ingenuity can be likened to that of a Lizard that fell from the top of Iroko tree, without being injured, which looked left and right, and nod it’s head three times and stated that, if nobody applauds me. I will applaud myself “
Mr. President we applaud you.
Professor Adeniyi Olowofela Federal Character Commission, Abuja.
