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The CBN began the sale of forex to 74 BDCs in 2005 to keep the foreign exchange market liquid. The deal was for BDCs to sell only $5,000 or less to customers. CBN gave them $20,000 to all the BDCs per week.
In June 2016 — exactly seven years ago — Godwin Emefiele's CBN allowed the naira float at the interbank market. The local currency depreciated from 197 to the dollar to 253 in a few hours — before ending the day at about N280 to the USD. The market was happy, just like yesterday.
Let me save you some time and answer your questions here. Will there be naira devaluation? Yes. When will this be? Soon. My guess is before a new minimum wage is announced. Will there be unification of foreign exchange markets? That is a different kettle of fish. Let me explain.
Why two prices? Which one is it going to be? But we now buy for N450/N500 per litre? Will Dangote refinery make any difference? How does any of these affect the naira?
Boye Olusanya, CEO of flour mills, said “Russia and Ukraine are number one and number five in wheat production, and if you take that volume, which is almost one-third of global production, there would be an immediate impact on prices.” This has started. Ditto for Maize.
I'd resume early, put myself to good use. Work my socks off, and respect my superior. Great attitude.
I first took interest in 5G when I read about its potential in medical care, in virtual conferences and meetings. How a Dr in India can conduct surgery in Nigeria without leaving India and without your politician leaving the country. You know what that means. #5GCoronavirus
I also went to a pharmacy in Lagos, where I found people buying five, six sachets of chloroquine at once.
@ngBritish @ngBritishArts @UKinNigeria @SussexUni @thecableng @MansurIB007 @mz_Awojulugbe @BudgITng While studying for my masters at @SussexUni, I had a google doc for my plans with @thecableng upon return to Nigeria. Whenever I had a new idea or anything close, I'd write it there & devise a plan to get it done, including things I needed to learn to get it done #FactChecking
Nigeria’s broad counterinsurgency (COIN) plan is to outkill Boko Haram. This is simplistic use of brute force. Military spendings from 2011 to 2015 shows that Nigeria spent $16.382 billion on defence, but made little progress against Boko Haram.