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CBN, FOREIGN RESERVES AND THE ECONOMY

In last week’s article, “Dollar Reserves: Who Owns What?” we endeavoured to lift the shroud over the amorphous concept of Nigeria’s foreign reserves. Incidentally, the Senate has lately in consonance with our position, also frowned at the illegality of the component of the reserves defined as excess crude account! (See Daily Independent headline of 23/10/2009, “Sharing of $2bn Excess Crude Fund Illegal – Senate”).

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Shareholder Interests and Market Regulation: The Case for a Systemic Risk Council in Nigeria

Investors, market regulators, and market participants have learnt many lessons since 2007 about the relationships and interconnected nature of financial markets across the world. The near collapse of the global financial markets and the ripple effects that are still reverberating across our markets is one of the burdens that investors are still attempting to come to grips with.

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Dollar Reserves: Who Owns What?

At the peak of the crude oil price boom in 2007, this commodity sold for as high as $150/barrel on the international market and Nigeria fortuitously garnered her highest ever external reserves of over $60bn. This figure would have exceeded $72bn, but for the ‘illegal’ withdrawal of about $13bn to exit the controversial Paris and London Club debts just over three years ago!

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Banks fault debtors list

The five troubled banks have faulted the list of debtors published by the Central bank of Nigeria (CBN) last week. The banks said that the debtors list was compiled by the CBN and they did not see the final copy before it was published. Officials of the banks who spoke to Vanguard under condition of anonymity said that the debtors’ list was full of errors and most of the accounts not non-performing contrary to what was published by the apex bank.

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