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Rational Perspectives

‘NEEDS’ and monetary policy circular No. 37 (part 2)

THE projections of the National Economic Empowerment and Development Strategy (NEEDS) for the critical macro-economic catalysts of inflation, interest rates and liquidity for 2004, were evaluated against projections in Central Bank of Nigeria’s Monetary Policy Circular No.37, of February 2005 and the prevailing reality on ground.

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Are advocates of further devaluation economic terrorists?

The increasing gap between official and parallel market naira exchange rates has lately propelled a fresh call from corporate financial establishments and diverse speculators (both local and foreign) for CBN to unhinge naira from the purported present ‘flexible’ peg of N305=$1, despite the horrendous social and economic deprivations which such a humble exchange rate has already precipitated nationwide.

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Widening gap between official, black market exchange rates

In December 2016, the finance minister Mrs. Kemi Adeosun responded as follows in a text message to Reuters reporters that, “The CBN is working on the elimination of arbitrage.” Furthermore, Isaac Okorafor, CBN’s spokesperson, confirmed in a press statement that the bank was working towards “ensuring there is no black market,” see Punch 21/12/16.

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Why Nigerians will become poorer with rising oil prices

BY HENRY BOYO The market price of crude oil steadily increased beyond $50/barrel after OPEC agreed to cut output by about 1.2million barrels/day recently. Nigeria’s export revenue prospects will consequently be boosted if the price trend is sustained, particularly if restiveness is minimized in the Niger Delta. However, much against popular expectation, the more bountiful
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Ghost workers: Who is deceiving who?

The Nigerian Public service is reportedly heavily burdened with a ghost population, who not only unexpectedly write job applications and present themselves for interviews, but who also open bank accounts and collect salaries, despite their human shortcomings! Curiously, the CBN’s “know your customers” directive to banks was obviously no deterrent to the establishment of bank accounts for such ghosts!

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