CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.PART.9

It is unfortunate we run our economy close to what other deregulated economies are doing still does it make sense for certain parts of it to be held hostage through bureaucratic controls?The problem started with this kind of distortion,where despite all arms f Government running expenditures in billions of dollars compared to millions of naira in early 1999,with fast blooming economic activities yet we still ration foreign exchange.It does not make sense for the apex bank to still regulate the forex market and weekly allocation.If we must run a deregulated economy,should open up the foreign exchange policy.We should be armed in our economy with the political courage to say,what we can control is our local currency and not the dollars.That is the gospel.Simple. To be precise the first and the only thing to do is to float the naira our local currency and stop the peril of defending the naira,that dissipated and ruined GEJ administration.Floating is a technical word and does not necessarily indicates another bout of ineffectual deregulation,driven with controversy,that we dread to hear.The challenge of documentation is really causing dislocation and market distortion.And people are scared of giving details in terms of documentation of what they really intend to do with forex they purchase .Hence they moved into the other market black market where they have excessive freedom to buy what they like at any point in time without resistance.Why the documentation?