CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.14e

and return back to Europe with hard currencies.The payments for such contracts,are often in dollars,a magitude too heavy for the economy with weak productive base to bear, blame the multinationals and the bureau de charge.It would be wiser to fund such projects from the nation's offshore funds to save currency further erosion.There has not been a transparent concerted effort and robust strategies to reduce the intense pressure on the naira specifically the threat of capital flight further plummeting the perpetually battered currency. There should be fiscal discipline and macroeconomic price stability to firm the value of naira and the exchange rate stability.Putting a realistic or desirable exchange rate that may vary only slightly over time require a definite and holistic measures to guide against fiscal indiscipline and macroeconomic price Instability.Due to idionsycracies on ground we quite agree the principles of free market cannot absolutely be applied hook line and sinker in our unique monetary ecosystem.This cannot be disputed particularly in this distinct socioeconomic environment,governed by a situation of restricted supply hijacked by few money bags,strangulating the weak market.The inadequacy of market forces hardly applies where everyone anticipates the persistent fall of the currency prompting speculative bidding and highly exaggerated forex demand. Governments worldwide cannot practically be divorced themselves from the issue