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Idle dollars outside the economy

For over five weeks now the Nigerian foreign exchange system has been on drama sketch. It is unbelievable that at a time of harsh economic circumstances manifesting in the form of sharp decline in foreign exchange earnings from oil revenue, soaring inflation and interest rates, a slump in gross domestic products (GDP), rising unemployment, mounting salary arrears amongst many economic woes, the banking industry is complaining of excess dollar cash up to US$5 billion (approximately N1 trillion) either stuck in some people’s hands or lying idle in bank vaults as a result of a foreign exchange directive.

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Nigeria will survive without oil, can we please think?

In the last three months, local governments, states and federal government officials have been at each others’ neck over short falls in revenue allocation from the federation account. The war of words is as a result of panic by state governments that they may not be able to meet their obligations to their workers if the federation account allocation continues to dwindle. The current panic stems from the fact that if the revenue shortfall from the federation allocation committee to states falls below some levels, it will result in many of the states not being able to pay their employees.

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Growth of Nigeria’s economy is a paradox -Prof. Nwokoma

…Says Jonathan needs inclusive growth to tackle poverty, create jobs …
Ndubisi Ifeanyi Nwokoma is Professor of Economics and Head of the Department of Economics, University of Lagos. He is a Fellow, Chartered Institute of Stockbrokers. Until recently, he worked at the United Nations Economic Commission for Africa, Addis Ababa , Ethiopia, as Chief of Financing, Industry and Investment in the Economic Development and NEPAD Division on a Leave of Absence from the University between 2010 and 2012. He also worked with Nigerian Stock Exchange, Lagos as the Special Assistant to the Director General/Chief Executive Officer.

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