There Is Total Collapse Of Confidence In Economy.

Prices of commodities rise steeply.
Naira appreciates to #371 per one dollar on parallel market.


Ding Dong and finally, the chicken have come home to roast. Get on the boxes and start singing praises and making pedestrian excuses. Here is what some of us have been telling you for years. Nigeria has gone to hell. You claim to love Nigeria but don't know how to protect it. Line up behind your choice cult leaders and praise away. Educated to be dumb. All of us will pay the price, ultimately.


According to the Director General of the Chambers, Muda Yusuf, "If there is no confidence in your economy and your currency, then there will be capital flight.


"If there is no liquidity of the forex market, the volume of forex inflow will be low. If portfolio investors and foreign direct investors do not have confidence that they can seamlessly repatriate the forex they brought in without losing value, then they will hold back their investments."


Commenting further on the current economic crisis facing the country especially the forex crunch, Yusuf said the crisis whatever made locally or imported.


Investigations revealed that the Nigerian economic crisis was spiralling out of control, with the ordinary man on the street now feeling the pinch more than ever before.


The prices of basic food items and other consumables are now shooting beyond their reach.


The LCCI Director General noted that the more of importation components a contains the more it will be affected by foreign exchange crisis.


"There is a connection. Once there is a wave of price increases, it affects all other products and commodities. The woman who sells garri will have to raise the price of her locally produced garri to be able to buy other things and she needs, which may be imported, so the prices of other things will certainly go up, Yusuf said.


He pointed out that the crisis was the crisis was the result of a total collapse of confidence in the nation's economy and its currency.