US based Professor of applied economics at the Johns Hopkins University in Baltimore, Steve Hanke, has chided the Nigerian government over its futile attempts to revamp the country’s failing economy. ayokinews.com reports
Hanke, who took to his official Twitter handle to air his views, stated that the introduction of the e-Naira by the Central Bank of Nigeria (CBN) wasn’t the right procedure to solve the currency crisis.
According to the renowned economist, the only tested and trusted solution to what he described as “madness” is the inauguration of a “Currency Board”. He cited how the solution worked like magic in 1913-1959.
Speaking via his Twitter handle, Professor Steve Hanke, wrote: “In futile attempt to solve its currency crisis, Nigeria’s Central Bank has launched its own digital currency. Incompetence at its best. The only solution to this madness is a #CurrencyBoard, like the one Nigeria had in 1913-1959. It worked like a charm.”
What Is A Currency Board?
According to investopedia.com , “a currency board is an extreme form of a pegged exchange rate. Often, it has directions to back all units of domestic currency with foreign currency.”