My first visit to Africa as IMF Managing Director was in late 2011, and the first country on my itinerary was Nigeria. At that time, Nigeria was emerging from the 2008-09 commodity price collapse and the banking crisis that followed. Since that visit, Nigeria has been acknowledged as the largest economy in Africa—with a maturing political system. We saw a peaceful general election last year in which, for the first time in Nigeria’s history, there was a democratic transition between two civilian governments. It was a strong sign of Nigeria’s commitment to democracy, to a new Nigeria.

For most Nigerians visiting a bank is no more a regular routine to look forward to. It is not because banks have become less important to our lives, but essentially with the era of smart technology and mobile banking, customers can transact business without visiting the banking hall. However in one of such moments, I recently found myself in one of Skye Bank’s branches where I had gone to do my Bank Verification Number (BVN) registration to avoid the CBN hammer. Whilst in the bank, I noticed a certain excitement in the atmosphere. There was evidence of a people working together in the interest of the customer at least going by the level of customer service I experienced on that day.

Baba Segun operates a thriving vulcaniser business located in the Kirkiri axis of Apapa. Though he has little education, he enjoys patronage from every segment of the society. This he attributes to two factors, namely his vulcanising skills and his mobile phone. “My phone is my number one equipment”, he said, adding, “It determines how many jobs I get everyday”. Though he could barely read or write, Baba Segun easily operates the mobile phone. “I have to force myself to learn how to use it”, he said.

Akpan Ekpo, a professor of Economics, is the Director General, West African Institute for Financial and Economic Management (WAIFEM). He speaks on issues in 2016 budget, the need for the Federal Government to prevent currency crisis in Nigeria, the decline in Nigeria’s foreign trade by N2.5trillion and depreciation of the naira.

Consequent upon pressures and the open admonition by Senate President Bukola Saraki, and made more intense by the Managing Director of the International Monetary Fund, IMF, Ms Christine Lagarde, the Central Bank of Nigeria, CBN, may relax its policy on forex this week.