Pray! This ‘cup’ of devaluation pass Naira by

“If you want to feel rich, just count the number of things you have that money can’t buy”-
UNFORTUNATELY, dear Brethren, human status in the contemporary world is usually determined not by things money cannot buy, but by things money can buy, by how much we have as deposits in banks, by the number of shares we have bought in multinational companies, by the number of houses we have built in choice locations all around the world. Such is the measurement of value and status in our world today; Yes! We compete among ourselves over the number of children we have. Nowadays in Nigeria, it does not matter anymore how much we have in our bank accounts particularly when they are denominated in naira. What matters today in this country is how much we have in our domiciliary accounts. Today, humanity is busy building castles that will not last; we appear forever lost in the wilderness of greed, lack of contentment and profanity.

Brethren, one evidence to show that we are headed for the wrong direction; an evidence to buttress the assertion that the pursuit of what money can buy should not be our priority, is the way our currency has become subject of politics, derision and subterfuge particularly in the corridors of power. Sometimes in 2012, I lamented the depreciation of Naira against the Saudi Riyal. Four years thereafter, the Nigerian currency has reached the possibly worst threshold one could imagine for an indices of national identity. Unlike the trends in other climes, particularly in America, where whenever the dollar appears to be weak in relation to other currencies, the American government would quickly intervene to shore up its image, naira is comatose and no help appears to be in sight.

Brethren, here a disclaimer is germane: I do not belong to the field of numismatics; I am completely ignorant of econometrics. But one thing I know is that money is useless. No matter the amount written on any bill, it is, by itself, useless in the absence of materials or services that it can command; you cannot turn wads of money in your wallet to food.

I equally know this about money: that some people – call them bankers, money regulators, governmental agencies – usually determine, using some ‘practical’ and mythical indices as guide, what value the money in my possession should command. I remember in 1993 that my first allowance as a graduate doing national service in the extremely bustling city of Onitsha was three thousand five hundred naira. I equally remember that what I usually took back to Lagos to my mother at the end of each month is worth more than thirty thousand naira today!!!

Brethren, just before our leader left this world, he was said to have asked Angel Jibril whether he would still have cause to visit the earth. Angel Jibril (upon him be peace) said yes! He said would be visiting terrestrial earth to remove a number of items; he said he would come back to the earth to remove blessings from money in recompense for the iniquitous means through which it is amassed. He said yes! That he would be coming to remove modesty from women and their men as reward for their descent into spiritual perversity.…

Thus dear brethren, unlike before when one naira is equivalent to three Saudi Riyals, today, around eighty naira would fetch you just one Saudi riyal. Brethren, unlike before when one naira is equivalent to 10 Malaysian Ringit, today, our currency is weak against that of the Asian country at approximately sixty-times. The other day a colleague needed to travel out of this country. He was surprised when he was told one American dollar is now equal to three hundred naira! I said to him: “that means one three hundred Nigerians are equal to one American!!!

Affirming my ignorance in front of the ‘learned’ colleague in economics, I sought to know what is responsible for the comatose status of the naira. He was quick to say that it is because Nigeria is a consumer country. My country goes to the marker all of the time to buy products manufactured outside the country never as a supplier of finished products. I needed no other evidence when I looked around the office and discover that almost everything in my place of work is ‘tokunbo”. The toothpick was made in China, the Photocopier was manufactured in Japan, the furniture was made in Shangai!

But just before I threw in the towel I asked him: what about the oil that we export? He looked me straight in the eyes and said: “that is not enough to increase the power of our currency”. Yet I refused to succumb. I asked: “if indeed the gross domestic product of a country determines how strong its currency is, why is it that international business transactions continue to be denominated in American dollar? Why is it that the Chinese Yen remains inferior to the dollar even though the Asian giant is responsible for almost all products in the world today? Why must we continue to devalue the naira as the first policy decision in this season of “econometricks”?

The above questions, if as such they must be described, come to the fore once again in view of the current debates over the naira should be devalued by the Federal Government. While the President continues to insist he would not succumb to the pressure by the financial hawks to devalue the currency, black market operators continue to have a field day. Yesterday, the bread sellers increased the price of a loaf of bread. Moments thereafter, the Gari seller quickly convened a meeting. “We might have to increase the price of a cup of Gari in view of these increases in dollar rate?’ they chorused. Then I began to wonder whether it was not high time the ram sellers increase the prices of their wares too because of the macabre dance in Broad Street. It felt we are in a seasons of Jackalism. To the jackals all tragedies are opportunities.

Brethren, I cannot help feeling as if we are on the road to Kinshasa. I hate to consider the possibility my dear country is on the precipice of an economic implosion. I pray each passing day that the ‘cup’ of devaluation should pass the naira by. This is because for me the devaluation of the Naira is an indirect “devaluation” of my personhood.

I close with the following speech from Umar Ibn Al-Khattab (r.a) which he addressed to the governors in charge of the Muslim provinces centuries ago: “Allah has made us His Viceroys over His creatures in order to provide food for them, to preserve their honour, and to provide jobs for them. If we accomplish such things for them, we deserve their gratitude and thankfulness. These hands have been created in order to work; but if they do not find a (decent) work of obedience, they seek (evil) works of disobedience.
Therefore, get them involved in (decent) works of obedience before they get you involved in their (evil) works of disobedience.” (08122465111 for texts only)