Dollars vs Nairas: The Buharist Brouhaha -By Micheal A. Adeniyi

Well, rice is the international commodity we have in surplus.

Due to the rice revolution, we believe rice is surplus. And it is an international commodity. Although the price of a bag rice in dollars was jerked up by Joe Igbokwe to be $200 in the USA and just 32,000 Naira here in Nigeria. I will like to educate you that figures and value works hand in hand, high figure and low value is bad! too bad!

Why is he not comparing $200 to 200 Nairas. I don’t want to digress, let’s face it and see if the justification for inflation by Buharist is valid! Firstly it will only take 3 days of work for 8 hours to make $200 at the average wages in Michigan, USA while it will take a Nigerian with minimum wages 32 days of 8hrs work to make 32,000. to buy a bag of rice.

Now to the Jack Obinyan who is advocating for a 500 Nairas to feed per meal, cooked rice for 200 Nairas, and miscellaneous to make 500 Naira have forgotten that average wages per day is 1,000 Nairas. It simply meant NO 3-2 square meal. For a worker without a family ooo. Let’s even forget about the agony of the unemployed. We haven’t added other bills.

So why are they praising the inflation and telling you it cost more comparing to dollars. First $200 is 80k Nairas, while 32k Nairas is less than $100. What does that mean? The dollars is of great purchasing power here not there because we have a Nairas with a week monetary value.

To say the least, come to think of it, the Dollars is not the problem of the Nairas and economic value. Yet we are still subsidizing dollars for pilgrimage and all sort. Yet, we do NNPC and crude (our major export deals in dollars.

And there comes the question, why are we exporting nothing for the dollars. I guess because the dollars ain’t shit?_So if rice is a good source of exportation for forex. Why not export the RICE for dollars? Or why is Thailand focusing on Nigeria instead of the USA. Why are we the largest importer of rice before now?

I leave you to judge.