The interbank money market experienced huge outflows of cash last week leading to scarcity of funds which was halted by N331 billion inflows from payment of matured treasury bills. Vanguard investigations revealed that the amount of idle cash in the market fell from N633 billion on Monday to zero at the end of business on Tuesday as banks diverted the idle cash to participate in foreign exchange sales by the Central bank of Nigeria (CBN).

Whereas the Nigerian monetary authorities fixed the official exchange rate at N196 to a dollar, there is today a near 50% differential in the parallel market rate to the official rate. The fact that the exchange rate is not market determined, that the price of the dollar is not determined by the equilibrium of demand and supply means significantly that the dollar is officially priced far below its true market value.

Nigeria faces a number of challenges that can only be met if it has innovative, well-educated, and entrepreneurial citizens who, whatever their walk of life, have the spirit and inquisitiveness to think in new ways, and the courage to meet and adapt to the challenges facing them.

Governor Nyesome Wike, of River state last Wednesday got a reprive at the Supreme Court which upheld his victory in the April 11 2015 governorship election. The seven-man panel at the apex court in a unanimous decision read by Justice Kudirat Kekere-Ekun, returned the embattled Wike as the valid winner of the poll as declared […]

Lagos—Members of Lagos State Sand and Laterite Miners Association have expressed their support for the state government and disassociated themselves from recent media reports attacking top official of the state Ministry of Energy and Mineral Resources.