Exchange Rate Palaver
September 29, 2015
liufadmin (615 articles)

Exchange Rate Palaver

Oghenefego Ofili

Do you remember those days when we used to operate with the trade by barter system?I was not born then but I think I miss those days oh.Mheennnnn! When you wanted yam seeds to plant, all you needed to do was look for someone who needed what you had; maybe corn seed. I cannot remember how we used to measure the quantity of corn seeds that was equivalent to a yam seedling. Can you remember? All of you who remember, I hail oh! Wetin una still dey do for this side? Lol
It must have been very peaceful. No worries, no stress. If you did not find someone to barter with you just had to be content with what you had. Little wonder they lived longer then.
These days, the global economy is so intertwined that there is no room for isolation. The fluctuation in crude oil prices is affecting the farmer, trader, driver and even tenant. There is no escaping it. This connection is majorly because we now operate with different national currencies, which have varying market values. So, the Naira has to bow to the US Dollar or Euro most times.
In those days, a cub of corn was a cub of corn, a gallon of palm oil was same anywhere. The focus was not on the quantity, but on meeting a need.
Today, even a 2-year old will choose 10 US Dollar instead of 1000 Naira. I thought she should choose the one with more zeros behind, but no, she goes for a currency with higher value.
This is the new world!


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