Capital flight: $4.7bn repatriated in 4 wks

Comment on an article from the Nigerian Vanguard 02/03/2009

Have you ever thought to think of what the true value of the naira is?
We do not produce any tangible forex earners apart from Crude Oil.

Capital flight is due to the mostly corrupt government taking their stolen loot out of the country.
In any other transparent economy if USDs were leaving the country it is usually to pay for goods and services and capital development projects which in the long run will stimulate the economy and reduce the reliance on Forex in the first place
If the Naira is allowed to float, it will go into free fall and the economy will collapse.

So the politicians are only trying to save themselves by staving off the imminent collapse of the economy. However they are doing this by dipping into reserves they didn't build up in the first place.

Politicians beware! When a nation collapses, the ruling classes are usually the first to be put to the sword by the hungry masses.
History does not lie, french revolution, Russian revolution, Liberia, sierra Leone etc if you don't know what i am talking about.