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Systemic Surplus Naira As Economic Poison

In last week’s article, we discussed the adverse consequences of a flagging naira exchange rate, and observed that historical evidence suggests that further naira depreciation would simply deepen poverty nationwide. However, we also noted that available evidence, in fact, suggests that the naira exchange rate has ironically, steadily dipped inversely with vastly improved foreign reserves and extended imports demand cover”.

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Nigeria’s rise to the bottom

This week, I invite you to consider the following excerpts from Toyin Dawodu’s response to Forbes’ (a foremost international business magazine) conclusions from its interview with Dr. Ngozi Okonjo-Iweala, Nigeria’s Finance Minister and Coordinating Minister of the Economy. Dawodu is Managing Partner of Capital Investment Group in the United States, and he wrote as follows:

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Budget Don Kpafuka Again

In keeping with our regrettable tradition of late enactment of Appropriation Bills, the 2014 budget was belatedly approved by the legislature, in April; i.e. well over three months into the fiscal year. In this event, this year’s budget, just like previous ones, will only be partially implemented, despite the adverse social impact of partial implementation. However, late passage is not our only challenge with annual budgets.

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