The productive value of the naira, By ‘Tope Fasua

Nigeria's persistent focus on the "true value" of the naira has been a recurring theme, often dominating public discourse and media analysis. The author of this piece critiques the tendency for various commentators, including those on television, to present their personal opinions as definitive truths about the currency's worth.

This obsession with a theoretical "true value" is likened to a religious fervor, where pronouncements are made with unwavering conviction. The article implies that such discussions often lack rigorous economic grounding and instead reflect subjective viewpoints or biases. The author suggests that this fixation distracts from more practical economic considerations.

Instead of debating an elusive "true value," the piece advocates for a shift in focus towards the "productive value" of the naira. This perspective emphasizes how the currency functions in the real economy, supporting trade, investment, and overall economic activity. The argument suggests that understanding and enhancing the naira's role in productive endeavors is more beneficial than engaging in abstract valuation debates.

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In the past, I had written about our rather obsessive preoccupation with ‘the true value of the Naira’. Every talking head on our favorite TV channels waxed lyrical about this true value, with many foisting what was their sheer opinions as the pure gospel, akin to the tablets with 10 Commandments that God himself handed down.