The imaginary forces of the market can be extremely selfish, greedy, and cruel. The point we've all along been making is that the idea of completely leaving the market to the free reigns and vagaries of extreme market forces is dangerous for the economy. Even Adam Smith (1723-1790), the father of free enterprise, argued for the pursuit of free market system under condition of equity and justice towards public good.
If we had thought that, by floating the #Naira, it will not sink under huge commercial pressures of the market but it's sinking as it were, it's high time we reduced the free hands of the topsy-turvy market. If, as nature abhors vacuum, the vacated role of the #CBN has been surreptitiously hijacked by #binance, it's high time the CBN resumed its statutory role.
It is in this wise that we welcome the on-going interventions by the central bank especially in #forex market and in #cryptocurrency market which must be sustained for them to be effective.
The government seems to be listening and paying more attention to well-meaning critiques of stakeholders. The strength of great leaders is not in being infallible but, when they make mistakes, they take corrective actions.
Bolaji Oladejo.
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