What Are Our Worst Fears? By Nasiru Suwaid
What is our greatest fear? It is a legitimate question to ask, is it that we are inadequate as a country, in terms of our relative inability to evolve into an inclusive nationhood or rather, an effective representative administrative conglomeration. But seemingly, the European Union confederacy, was still not representative enough to satisfy the English voter, also, the United Kingdom, was still not federal enough to please the Scottish voter, in fact, many a Scot would rather opt out of a British federation and join an European confederation, despite the number of years of a devolution and the many plebiscites, to query the citizens on their choices and preferences, regarding the right to determine where they belong and who they are; as a people, a community, a state and greater chosen nationality.
Surely an aspirational confusion and a wrong advertisement of democracy as instituted anarchy, in the context of it being a system that is settled on agreed concept of leadership, which is premised on good governance and effective administration. Rather than it being an avenue to stoke divisive passion in the unreliability of a classic human being, as unserious, unstable and usually driven by emotional outburst of the moment, the individual human being, a representative depiction of a mandate giving voter in an election or a referendum.
Generally, this is the epitome of the conceptualization of the value of an individual, over the interest of the communal whole, it is upon such basis, the basic norm of a nation-state or in almost every society having a written constitution, enshrines and exalts or rather, exhibits the primacy and superiority of the fundamental rights of individuals over objective responsibilities of citizens towards the national state.
Where such rights that are individual, assume the fundamental status of constitutional eminence, thus, enjoying the special grace in enforceability, while those rights and responsibilities, required of the citizen towards the state and obligations of the state over the citizen are non-justiciable, yet, rights cannot exist and luxuriate, as to be the norm, without justified responsibility of a citizen to be rational, logical and possessing basic minimum foresight.
It is within that concept of thought process, many a nationalistic fervor contains a tinge of xenophobia, inside most calls for independence lay the wish for isolationism, in a lot of instances for separatist agitations, mostly, does not contain any visionary master plan, regarding what was achieved with the independence project or to put it more clearly, what is the national objective for the attained and obtained republic.
It is a legitimate question to ponder, if Britain as a former great empire with a long history of imperial conquest, could exhibit a sign of governmental implosion, popular disillusionment and national confusion, immediately after leaving the European Union, what is to say of the fate of the little ethnic enclaves, seeking for independence and seeing it as the ultimate solution to every problem of development challenges, precluding the attainment of nationhood. Mind you, the English have a strong convertible currency, an established international image, as a preferred destination for the financial services industry and a standardized and stable infrastructure to support economic expansion and growth.
And this two other things:
NAIRA FLOATING REGIME AND EFFECTIVE REGULATION
As the flexible exchange rate mechanism begins to take shape, it is of utmost importance, for the principal market regulator, enforcer and player, the Central Bank of Nigeria (CBN), to use the power of regulation effectively, which is quite challenging, for an institution that as of recently, it has become attuned to retail banking, than its primary constitutional purpose and responsibility of banking industry regulation. It is has so become distracted with primary lending activity, through many interventionist bailout programs, to many sectors of the economy from aviation to agriculture.
Despite its trilogy of functions in the market, it is the first two of regulation and enforcement that would make sense to the adopted new policy, because, it is one of the basic aim of introducing the flexible exchange rate regime, it is to create the avenue for availability of much needed forex to its users. It is highly unexplainable, how the rate of the naira at the interbank market, could be so varied from the price at the debit cards of Nigerian banks, in fact, the rate of most foreign currencies to the value of the naira, have not changed, even with the introduction of the new currency regime.
The question here to ponder, is whether the Central Bank of Nigeria (CBN) is more interested in protecting the big banks, rather than their exploited customers, because, were such situation to exist the other way round, to the detriment of the moneychangers, the apex bank would have never dithered, on being proactive in protecting their interest.
Besides, the principal objective of the floatation arrangement and most especially, the intervention by a player cum regulator, was not only to lower the differential between interbank rates and black market rates or, to play into the system through liquidity injection, as to stabilize the naira and cause its higher valuation, the government official bank must also ensure bank customers benefit from it.
HEAVY BURDEN OF A LAWGIVER
As a student of constitutionalism, constitutional formulation and constitution formation, nothing fascinates me, as the concept of a lawgiver, the individual law maker and the ideal personality of a law creator, as distinctively different from a legal draftsman, not in the context of processes, methods and procedures followed to enact a legislation, a constitutional provision and grand alteration of a ground norm.
Rather, I am more interested in the placement of a lawgiver, in terms of the contradictory difference, in the dispassionate sobriety of a law maker, against the partisan impulse of a politician, the erudite grace of a lawgiver, in contrast to the jury of a peer nature of a party candidate, being the person most closest to people or most similar to their conditional characteristics, as the most eligible to defend their interest.
However, laws by their penal nature, do not require or rely on the credibility of its maker to gain efficacy, after all, ‘ignorance of the law is not a defence’, in this context, disagreement with method used in the formulation of a law or moral suasion of the law maker, could as well be substituted with ignorance, it still would not matter to the legal effect of such laws. But, outward perception and public opinion should matter to the institution that lay Nigerian sovereignty as a nation, thus, it must not be tainted procedurally, operationally and constitutionally.
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