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CBN’s pseudo liberalisation of forex market

There is a general saying that when a lie is repeatedly trumpeted without any refutation as a result of apathy, ignorance, fear or self-interest from any quarter, sooner than later, even the ‘lie makers’ will believe their lie and the lie will become the truth in the general consciousness. So it has become with Central Banks’ touted Liberalisation of our country’s foreign exchange market since this dubious scheme was unveiled in May this year (2006).

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RE: WHERE ARE THE COINS?

A regular reader of this column, Mr. Emmanuel Ekeh, recently sent this rejoinder to our article “WHERE ARE THE COINS?” Please read on: “My dear Les Leba, Your article “where are the coins” made interesting reading. In fact, it is like you read my mind and saw the grudge in it whenever I enter the market to make some purchases with our naira currencies which have no value.

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Economy: Nigerians to the Slaughter Slab?

The Nigerian case is in sharp contrast to the UK response; for example, there is no attempt to curtail the heavy overheads and operational expenses of government at any level. Indeed, quarterly allowances for members of the House of Reps are being considered for upward review from N27.2m per quarter to N42m (see ThisDay, 24/5/2010, pg 1 – re: Jumbo Pay) Abuja Airport Road is being ‘expanded’ with over N250bn, while the airport runway itself will be upgraded with almost N50bn after a downward review from about N60bn. Meanwhile, education and health enjoy less budget allocations than the Abuja runway and Airport Road!

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Why adequate power will remain elusive!

Inadequate power supply has chocked the development and growth of Nigeria’s economy, particularly in the last two decades. The Punch Newspapers editorial of 22/3/2010 explicitly paints this reality. That editorial specifically notes that “Poor power supply has been at the heart of the nation’s wobbly manufacturing sector whose capacity utilization has today plunged to 29 per cent.

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