I had criticized the western Macroeconomic approach endorsed by stooge like Bayo Onanuga and tope fashua in prior essay but the job wasn't finished as I could not calumniate the sinking holes BDCs left behind in our economy that seemingly defies repair.If the government is sincere about arresting the perpetual plung the best approach is to withdraw the licences of these evil money changers and we critique why in the first place CBN still involved herself in retail banking or return back to it after project eagles in 2001 of a badly flawed uneventful reform still haunting her till date.She was barely sincere with the approach to managing this league of nefarious money changers.Inspite of the fact that it declares them illegal and outlawed them ever since that reforms they still have a field and prominent nigerians seem to be the owners.The truth the best way to deal with is to remove their license and it would not happen due to the fact prominent nigerians are involved in racketeering,free funding and reckless arbitraging activities.The recent success of the central bank to close the gap between the official and unofficial markets does not guarantee its sustainability and that is it must be sustained.Why should the central bank defend the naira,devalue the naira and control dollars for Gods sake?Does it belong to us? Why should we try to control dollar bcos it is not her own and we should try to control our currency.It is a question of too much Naira chasing few dollars and devaluation is not the solution but the problem.Methink that policy makers are dumb since the bad incidence of project eagle the central bank controls 80percent of forex market considering the ripple effect of the market it should have been decentralized.I disagreed with Fashua proposition that the best thing is to withdraw their licence and not wait until federal government or central bank succeeds in closing the gap between official and unofficial markets and so achieve unified exchange rate.
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