There has been a progressive depreciation in the value of the Naira since 1999 while the nation’s external reserves have followed a somewhat positive trajectory within the past 20 years. An interesting observation is the decline of reserves between 2008 and 2014 at a time when the Naira was trading around N150. While it may seem like there is no correlation between the Naira exchange rate and foreign exchange reserves, the missing piece of the equation is Oil prices.

The optimal FX policy in Nigeria will likely be the subject of debate for some time. Over the years, many of the country’s resources have been utilised in order to achieve currency stability. While there would have been an obvious cost to higher inflation, it is not at all clear that the policy adopted by Nigeria has helped to bring about meaningfully lower inflation.

The news of the killing of 34 persons in fresh attacks by armed bandits on three villages in three local government areas of Katsina State has plunged the state into a new round of mourning.

There was a near-complete lockdown of the entire South-East geo-political zone yesterday, following the sit-at-home order at the instance of the Indigenous People of Biafra, IPOB, which has described the success as a sign that it was in total control of the zone.

Alhaji Jamiu Abiola is the son of the June 12, 1993 presidential election winner, late Chief Moshood Kashimawo Olawale and Kudirat Abiola. Jamiu is the Author of four books: ‘Realistic Hopes, The Prisoner of Conscience, The President who never Ruled and The Stolen Presidency. In this interview, the multi-lingual Shettima Rasheed of Borno bared his mind on Nigeria’s 20 years of democracy and the recognition of June 12 as the nation’s democracy day among other issues.