Breaking News
Translate

The putrid mess also in CBN! (3)

The critical failure of the CBN is in its key role in managing price stability in the economy; price stability is defined as ”the ability of a Central Bank to moderate inflation, attain stable interest and exchange rates and create a conducive climate for long term growth and development” (Section 2 of the CBN Act 2007). Indeed, the failure of CBN in its role of banking supervision, regulation and currency management are, in fact, the symptoms of failure in the management of price stability.

Read More

CBN, stop this nonsense

The incumbent Central Bank Governor, Lamido Sanusi, has stubbornly decided to continue the destructive and suicidal monetary and foreign exchange market policies of his predecessor. In this event, this article, which was first published in 2006, with progressive supplementary comments in this column on 23/3/2009, is today 18/1/2010 reproduced for objective public evaluation!

Read More

Budget 2010: “mugu” smiles back into debt trap!

“In spite of the effusive enthusiasm of this Administration, some Nigerians refuse to celebrate the recent debt relief conditions granted by our major creditors of the Paris club. “Under the terms of the Paris club deal, Nigeria will see $18bn of its total debt of $30bn canceled on condition that it pays the remaining $12.4bn between now and March 2006.

Read More

Task Force on 2010 Tariff and Fiscal Incentives beware!

President Yar’Adua, on Tuesday 24/11/2009, by proxy, laid before the Legislature the 2010 National appropriation Bill. In view of the results and products of our national budgetS over the years, it has become patently obvious to even a blind man that in spite of abundant resources at government’s disposal, the annual budget rituals of the three tiers of government have had little or no positive impact on the welfare of majority of our people.

Read More

Abike Dabiri’s heretical Bill

Before this Bill became public knowledge, Dabiri-Erewa had been one of the federal legislators who always stood on the right side of every issue or controversy, be it the Ettehgate, the Freedom of Information Bill or the Diaspora issues. In fact, only last Monday, a young man from my hometown who is languishing in a Benin Republic prison on drug offences, called me requesting that the plight of people like him should be brought to the notice of Hon Dabiri.

Read More

‘WETIN’ CONCERN NLC/TUC WITH FOREX MARKET? (2)

Currently, the CBN is annually responsible for about 70% of all dollar revenue that enters into the domestic forex market. The balance 30% or less is supplied by oil companies and a few exporters outside the oil sector! While these private dollar suppliers are legally permitted to approach the banks directly for the exchange of their dollars to naira, the owners of public sector dollar revenue in our reserves are not so lucky!

Read More