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Why higher crude oil prices won’t save Nigeria’s economy

Nigeria’s income from crude oil export has lately been boosted, fortuitously, by the unexpected rise in crude oil prices, beyond the 2017 budget benchmark of $44.5/barrel. This favourable outcome which is evidently buoyed by OPEC’s strategic supply management, should ordinarily be a blessing to our economy. Indeed, such optimism on oil price may also be sustained by the International Energy Agency’s January 2018 Oil Market Report, which projects oil price to remain between $60-$70/barrel this year.

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Naira

So, who is afraid of a stronger Naira?

IN last week’s article, the advantages of a stronger naira exchange rate were identified; these benefits include much lower inflation and interest rates, increasing industrial expansion, with rapidly rising employment opportunities.    This writer also explained why a stronger naira will eliminate fuel subsidy and also reduce the size and cost of our national debt.    (See “Advantages of a Stronger Naira” at  www.lesleba.com).

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Naira

Advantages of a stronger Naira

IN an earlier article, (May 2014), this writer explained why further naira devaluation would constrain demand and economic growth, and also deepen poverty.  Furthermore, an unyielding, suffocating, self-inflicted, unusual burden of surplus Naira was also identified as the primary cause of weaker Naira exchange rates, despite, relatively, bountiful dollar reserves, since 1999.”

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Naira

Naira: Redesign, redenomination or revaluation? – By Henry Boyo

The evident danger to public health from handling dirty, grimy and bacteria laden Naira notes in millions of transactions every day, should spur government to reconsider revamping the present repulsive profile of the Naira. The above title examines the need for a stable, sustainable and cleaner Naira profile (earlier published August 2008 in Punch and Vanguard newspapers). Please read on: 

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Is CBN the evil genius behind higher fuel prices?

THE acute scarcity of petrol nationwide may have receded significantly, but issues relating to steady supply, appropriate pricing and fuel subsidy, obviously still remain very contentious. Government and NNPC have invariably blamed private marketers for the fuel shortage, while marketers have conversely, demanded the immediate payment of over N720bn that NNPC owes them.

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