You don’t know what color of policy the government will come out with for citizens and business owners in the next minute.
The immediate past has not been so glorious, neither is the present. The worst in the future. What seems to be starring at the Nigerian citizens is a future of impoverishment.
It is saddening to mention that the only people who appear safe in the unsafe economy are the politicians who fed fat from the sweats of innocent citizens. Isn’t that pathetic?
The CBN, in August 2021, filed an injunction order through Chief Kaase Aondoakaa, SAN. The CBN had prayed the court to ban 15 accounts operated by Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, and Trove Technologies Limited because, according to the CBN, they have been working without a license as asset management companies in the country.
Despite all the four companies having operating licenses from the Securities and Exchange Commission (SEC), this is still happening. The Central Bank of Nigeria further clarifies that the ban is to strengthen Nigeria against the US Dollars.
However, it is good to note that the CBN has been taking steps in recent times, even though most citizens are not convinced that the steps are in the right direction or just measures to impoverish the nation further.
In July 2021, the CBN stopped FX sales to the Bureau De Change Operators and the registration of new BDC operators. This is, however, good on paper, but Nigerians cannot testify to the smooth purchase of FX in the commercial banks, so they are still forced to buy foreign currencies from the BDCs who do not seem to feel any ban or bottleneck.
The middle class and poor Nigerians are the worst hit by these quick economic fixes. Prices of commodities seem to be on the high side without signs of any better days in view.
In the light of the terrifying economic conditions, Nigerians have had to practically sell their lives to pay ransom to bandits and kidnappers who do not seem to be noticed by the government of the day.
This means that only politicians and those related to them can live fine in Nigeria today.
On the streets, Nigerians believe if the government is truthfully interested in improving the stamina of the Naira, it should do much of exportation and empower Nigerians to do businesses that would bring dollars into the country rather than ban Twitter and killing small-scale businesses to grant tax waivers to the big names who ordinarily can afford whatever business they venture into, even if it is building a refinery anywhere in the country.
David Adekunle
