Josh Sigurdson talks with author and economic analyst John Sneisen about the continued devaluation of the Nigerian Naira as the central bank prints more currency.
The Nigerian central bank (CBN), complete with a pyramid on its roof is printing vast amounts of the Naira to fund its government. According to Quartz,
“Between December 2013 and April 2017 for instance, the CBN’s “claims on the federal government” went from 678 billion naira to 6.5 trillion naira ($1.8 billion to $17.3 billion)—an almost 10-fold rise. These “claims” are made up of overdrafts, treasury bills, converted bonds and other such lending. For the most part, the issue has remained an obscure one that receives hardly any attention from local media.
But then, a couple of weeks ago, the CBN finally published the personal statements of the Monetary Policy Committee (MPC) members from the July meeting [PDF] and suddenly the alarm bells started ringing. The personal statement of Dr. Doyin Salami, a well-regarded member of the MPC noted for his straight talking, said the CBN was providing a “piggy-bank” service to the federal government.”
The inflation rate currently sits at 16.01% which is massive. The country like many countries is largely oil dependent which is something we’re seeing in Algeria, Venezuela and in the past Zimbabwe.
At the moment, one Naira equals $0.0028 USD.
We are watching nearly every country in the world print their currencies into oblivion. All fiat currencies eventually revert to their intrinsic values of zero. They always have and they always will.
The constant quantitative easing is incredibly volatile and dangerous. A populace in debt is a populace in servitude. That’s exactly where the state and central banking system wants people.
We will continue to cover this issue.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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