Breaking News

The corrupt war against corruption (3)

Last week, we observed that N970 million was budgeted for President Muhammadu Buhari to move around within the country and abroad this year. From that money, N739, 487,784 will be for his international travels and transport alone. Of course, the escalating cost of governance at the federal level also applies across the presidency, from the Vice President, Prof. YemiOsinbajo, to the President’s chief security officer, together with the National Assembly dominated by APC members.

Read More

Are advocates of further devaluation economic terrorists?

The increasing gap between official and parallel market naira exchange rates has lately propelled a fresh call from corporate financial establishments and diverse speculators (both local and foreign) for CBN to unhinge naira from the purported present ‘flexible’ peg of N305=$1, despite the horrendous social and economic deprivations which such a humble exchange rate has already precipitated nationwide.

Read More

Widening gap between official, black market exchange rates

In December 2016, the finance minister Mrs. Kemi Adeosun responded as follows in a text message to Reuters reporters that, “The CBN is working on the elimination of arbitrage.” Furthermore, Isaac Okorafor, CBN’s spokesperson, confirmed in a press statement that the bank was working towards “ensuring there is no black market,” see Punch 21/12/16.

Read More