To accomplish this, the federal government needs to reverse the inimical “dollarization” of the national economy in two ways. First and most importantly, it must abandon the out-dated peg of fiscal policy and expenditures to the dollar intake. The one actually has no correspondent nexus to the other. Any commanding connection we give it is an artifice not an economic necessity. Related to this, we must reverse a trend that has gained momentum under this government. Among government-aligned elite, the fad has been to conduct domestic business transactions in dollars. Policy must “nairasize” the economy by requiring all domestic transactions occur in our legal tender. As this is done, the government’s infinite ability to issue naira will come to outweigh the limitations inherent in the overuse of the finite supply of another nation’s currency for transactions wholly internal to our domestic economy.
Posted on: Fri, 14 Nov 2014 22:11:40 +0000
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