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Why govt and banks are afraid of dollar certificates

In the light of government’s reticence to our persistent recommendation for the adoption of dollar certificates for the payment of distributable dollar-derived revenue, a regular reader of this column has suggested reasons why certain stakeholders would oppose the proposition to fundamentally alter the payment system and thereby lift the irrepressible perennial burden of surplus cash and its attendant adverse collaterals such as inflation, high cost of funds, rising national debt, weaker exchange rate, rising unemployment, N2000bn annual fuel subsidy and deepening poverty nationwide!

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Unemployment, fuel prices and purchasing power of incomes the real challenges before labour

President Goodluck Jonathan, State Governors and members of the Legislature last week celebrated May Day with organized Labour, with the usual spectacle of march-pasts and copious speeches! Labour, on one hand, demanded for positive results in the areas of employment, security and corruption, so that the Nigerian economy can thrive and soar from the impact of such good Governance.

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CAN THE BANKS BE TRUSTED?

The Bankers Committee,which comprises the Central Bank of Nigeria and Chief Executive Officers of the Money Deposit banks resolved at the end of their meeting last week, to remove ATM charges, and investigate alleged excessive charges imposed on customers and also agreed to increase lending, and reduce interest rates to Micro, Small and Medium Scale Enterprises (MSMEs).

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AMCON TACKLES IMF

The International Monetary Fund (IMF) recently concluded its 2012 ‘Article IV Consultation’ on Nigeria. The IMF, as part of its recommendations, suggested the winding down of the operation of the Assets Management Corporation of Nigeria (AMCON). This recommendation was apparently predicated on the need to curb what it described as ‘moral hazards and fiscal risks’.

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CBN’s unrelenting stranglehold on the economy!

Lately, the Central Bank of Nigeria in a two-page Press Release, laboured to corroborate the Finance Ministry’s earlier clarifications on “the meaning, structure and management of the nation’s foreign reserves”. CBN defines external reserves, appropriately, as external assets held in foreign currencies by a country’s Central Bank for the “primary purpose of safeguarding the international value of the legal tender currency (i.e. the naira)”.

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