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Naira, CBN

Kobo coins and failed monetary strategy

IN an apparent admission  of public rejection of lower Naira denominations for daily transactions, the CBN has embarked on a project designed to reportedly mop up, over-circulated and mutilated bank notes from the market. CBN Deputy Governor, Operations, Folashodun Ade Shonubi, announced, in April 2019, that the apex bank was putting in place strategies to enable “direct disbursement of lower bank notes to various market Associations and Merchants through their respective Deposit Money Banks (DMBs), in order to eliminate unfit and counterfeit currency from the system, to sustain public confidence and preserve the integrity of the National Currency, as enshrined in Section 2 of the 2007 CBN Act.”

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Inflation, NBS, Nigeria

INFLATION: The invisible super terrorist

NIGERIANS know too well, that sinking feeling when all items on the household shopping list cannot be covered by the usual monthly budget. The options invariably become whether to cut down or do without some basic items, or alternatively make do with less preferred but cheaper substitutes. The depressive impact of a continuous price spiral on the average family’s welfare is, therefore, a very familiar theme. 

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Remove subsidy and die or keep subsidy and die ― Henry Boyo

The IMF Managing Director, Christine Lagarde, recommended, at the latest IMF/World Bank, Annual Spring meeting in Washington, that the removal of subsidy from petrol price would restrain Nigeria’s rapid debt accretion, so that erstwhile trillions of Naira, subsidy allocations could be deployed, annually, to improve the quality of health, education and infrastructure.

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Oppressive bank charges: Mr. President please stop this daylight robbery

By Henry Boyo ‘REGRETTABLY, banks seem to perceive customer deposits as a burden which must be taxed, rather than the actual base on which their total lending and ultimate profitability is primarily predicated. For example, with the present mandatory Cash Reserve Ratio of 22.5%, a customer deposit of N1000 will create at least additional N4000
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Parable of the fool and his money…

The other day, a friend narrated a story, which I found stranger than fiction; the story related to the travails of a family who lost a successful and illustrious breadwinner, who unfortunately, also died without a Will.  Consequently, the family elders were formally entrusted with the responsibility to efficiently manage the estate of the deceased for the benefit of his children and dependants.

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The masses as victims of government

POWER, they say, belongs to the people. This may actually be true where there is respect for the rule of law, and where equity and justice subsists in the free association of people and communities. These are inalienable characteristics, which positively impact human capacity development and improved social welfare, in enduring democracies. Indeed, in such a progressive ambience, political power becomes a motivation for public service rather than the pursuit of self or partisan interest, despite the obvious collateral of social deprivation and oppression.

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