Nigerians generally believe that large foreign reserves are useful for defending the exchange rate of the naira. However, our total foreign reserves actually comprise of two primary income streams; the first is the Excess Crude Account (ECA), which consists of all crude oil revenue in excess of budget estimates

The Central Bank of Nigeria (CBN) has approved the liquidation of 83 micro-finance banks, Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit Insurance Corporation (NDIC), said on Tuesday in Abuja.

Whistleblowers certainly have a role to play to promote accountability in public administration; however, when a nation’s Central Bank Governor turns whistleblower on an issue of substantial revenue misappropriation, then, alarm bells must ring, as the credibility of the administration, which the same Central Bank Governor serves would be called to question.

I don’t know if anything is true or false. What I do know is that in a presidential system, various aides and pressure groups try and pull the President towards the direction that they believe is best. Is that not why they even have lobbyists in Washington DC?

The Central Bank of Nigeria under the leadership of Lamido Sanusi was accused of lack of corporate governance by the Financial Reporting Council in its report to the President on the CBN.