Social media influencer and author, Reno Omokri, in response to a nitizen’s post, has advanced reasons the Francophone West Africa currency, CFA, now has more value than the Naira.
He wrote:
“Thank you for your feedback. Niger Republic uses the West African CFA franc. It is a currency whose value is controlled and set by France. These countries are only independent on paper. In reality, they are not dependent. Niger is now a puppet client state of Russia politically, and under economic bondage to France. They have no Central Bank, and France completely controls their monetary policy.
The West African CFA Franc is pegged to the Euro at €1 to F.CFA 655.957. Anything above that peg is billed to these countries directly by France. For example, France controls the international trade of these countries and charges them a premium for maintaining their currency. That is how they pay for the peg. You as a Nigerian, can go to the CBN to get letters of credit. If you were a Nigerien, you would have to go to France. Is that what you want, Jacob?
You do not want to use the CFA as an example at all. The Nigerian situation is a hundred times better. Please, can we stop using our legendary ‘sense’ to look for loopholes and defend our thirst for foreign products? The present economic challenges are not something we can use our Southern Nigerian shadiness to resolve. The only solution to this situation is to #GrowNairaBuyNaija by consuming made-in-Nigeria goods and services”.
