CBN's Bind,The Hunter Is Laughing

Nigeria's Central Bank Governor, Godwin Emefiele has found himself in a position that by leaving his lane and moving to industrial policy manager and insisting on dollar restrictions, that is akin to a monkey that closes its eyes in the hope that the hunter in turn can't see it.
It is no longer news that the CBN's argument is to "save the economy "That a weaker Naira means high prices for imported goods.
 
Here is where that argument becomes confusing, if worrying.15% of Nigeria's non-oil exports is not priced in dollars. At the moment, those not under EU ban.
This bizarre shift in functions has angered Western behemoths that Nigeria has depended on for decade, even at the height of its financial glory. According to Forbes, the CBN may have found itself in this position because “it’s the only game in town. 4 months into what is no longer a new administration, Nigeria is yet to put together an economic team".
To worsen the problem, the EU has banned agro exports. They cite harmful pesticides and poor storage as reasons. Anybody can read the fine print though.
In a curious way though, the CBN can "halt" the fall of the Naira. It means, however, that JP Morgan would have to re-assess Nigeria's credibility after 12 months! The country has already gone to the dogs, as it were, and even Emefiele knows that Nigeria cannot survive this economic nightmare even for a couple of months longer.
Now for the more worrying part: JP Morgan only accounts for 2% bonds. According to Forbes, Nigeria's debt is nearly 15% of its emerging market benchmark. And guess who's in charge of those: Another Morgan. So if Morgan Stanley makes a similar move, as Buhari is unwisely unyielding, other bonds will be quickly sold.
What Nigeria needs is direct foreign investments, and Buhari is scaring off everybody.
Now, imagine if all the telecoms companies decide, on the orders of their investors, that Nigeria is unsafe for business.
Other African countries are negotiating. Emefiele, as you are the only visible arm of government for now, advise Nigeria to humble itself.
The river cannot rise above Its fountain.
The hunter is laughing.

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