What To Know About Nigerian Naira Value Depreciation

There is no African currency that is a member of the IMF’s currency basket. This is not racism… None of the African currencies qualify to take a spot.

A little perspective about the inflation we are experiencing in Nigeria, especially due to difficulty in obtaining FX.. aka US DOLLARS.

Let me share a thought with you real quick:

McDonald’s claimed to sell more than 75 hamburgers per second, of every minute, of every hour, of every day of the year.

McDonald’s is an American company.

How many drinks does The Coca-Cola Company sell worldwide each day? Coca-Cola claims more than 1.9 billion servings of their drinks are enjoyed in more than 200 countries each day.

Coca-Cola is an American company.

Guess which products over a billion people consumed on their devices today?
-Andriod
-iOS
-Facebook
-WhatsApp
-YouTube
-Instagram
-Gmail

We take many platforms for granted now but dont realize that they are predominantly American. This is why the American Dollars aka USD remains a formidable force….

On the other hand, THERE IS NOTHING OF VALUE THAT IS GLOBALLY TRADED PRIMARILY IN NAIRA OR ANY OF THE AFRICAN CURRENCIES.

There is no African currency that is a member of the IMF’s currency basket. This is not racism… None of the African currencies qualify to take a spot.

What idea or product or service that is primarily traded in NAIRA will be consumed by ONE BILLION PEOPLE today?

This is the real source of poverty. We keep importing nice things to make our lives better, but we have nothing in equal worth to sell/export to the nations of the world.

Akara Osu, Ikokore, Dodo Ikire and co might be unique in their own way, but I am not sure any of them was served ONE BILLION TIMES today.

THERE IS NOTHING OF VALUE THAT IS GLOBALLY TRADED PRIMARILY IN NAIRA

Unless we have things of value to offer the world, we will continue to be in the red.

We cannot stop importing nice things from you-know-where, but at least, we can begin to also search for original ideas of our own that we could export on a larger scale?

We have to #SwitchToCreativity

We need to inform every young, creative Nigerian to begin to dream up ideas and concepts that could reach people; millions and billions of people across the nations of the world everyday.

We need our own McDonald’s, Coca-Cola, Google and Facebook that originates from Nigeria and are NAIRA denominated. That’s the real challenge here.

THERE IS NOTHING OF VALUE THAT IS GLOBALLY TRADED PRIMARILY IN NAIRA.

Article Written By: Ademola Morebise.

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