Thursday, September 20, 2018

Magnus Onyibe

    Next for Buhari: Naira/Yuan swap and tax reform

Next for Buhari: Naira/Yuan swap and tax reform

Upon his return from a state visit to China a few months ago, song and dance were made of a business scoop, that goes by the name Naira/Yuan swap which the high powered Nigerian entourage, struck with their Chinese counterparts.The deal was meant to assist in easing the pressure on Nigeria's foreign exchange, fx reserve which has been declining rapidly [...]

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    Federal Republic of Inequality?

Federal Republic of Inequality?

Hitherto, even under military rule, the positions listed above were spread amongst people from the 250 ethnic nationalities earlier listed particularly amongst the three major groups, Hausa /Fulani, Yoruba and lgbo.If the recent interview, claimed to have been granted Hausa service of the BBC is to be believed, mr president is making a case that appointment of mostly close associates [...]

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    One year of Buharinomics: Reality check on floating the naira

One year of Buharinomics: Reality check on floating the naira

The very seminal book 'The Monetary History of The United States' by Milton Friedman and Anna Schartz which l read in the course of my academic pursuits, particularly when l was trying to understand the causes and solution to the Great Depression, was too tedious.In the book, Friedman, Nobel prize winning economist and Anna Schwartz identified four main policy mistakes [...]

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    Evidence that TSA has hurt instead of helping Nigerians

Evidence that TSA has hurt instead of helping Nigerians

Roughly 1,500 Nigerians in the financial services sectors have in the past couple of weeks been relieved of their jobs. This comprise of 200 from Skye Bank, 200 from Diamond Bank and 1,040 from Ecobank, just to mention a few.Without the threat to withdraw banking licenses of institutions that would further sack employees by minister of employment and productivity - [...]

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    Now that Buhari has delivered on loot recovery

Now that Buhari has delivered on loot recovery

Amidst doubt about president Muhamadu Buhari's ability to deliver on his cardinal campaign promises to rein in corruption, recover looted funds, restore security of lives and property and stabilize the economy, Nigerians were on Saturday 4th June, 2016 apprised of the amount so far recovered.According to information and culture minister Lai Mohammed, a whopping sum of money estimated to be [...]

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    Nigeria now looks like an ICU

Nigeria now looks like an ICU

Some of us are familiar with intensive care units, ICUs of hospitals where cries of pain from people in anguish rend the air.That's where people involved in road accidents, fire disasters, domestic violence and sundry tragedies , often of life threatening magnitude, are taken to for urgent attention and timely remediation.In ICUs, practically everybody you are likely to find would [...]

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    President Buhari’s leadership: Looking beyond headlines

President Buhari’s leadership: Looking beyond headlines

As President Muhammadu Buhari and the APC mark one year in office, the media have been full of screaming headlines in praise or denunciation of the leadership style and its positive or negative impact on the lives of Nigerians.To achieve a more holistic assessment of the new Aso Rock occupant and the new ruling party, we have to look beyond [...]

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    Nigeria, Boko Haram, politics and economics of tomatoes

Nigeria, Boko Haram, politics and economics of tomatoes

Nigeria became a butt of international jokes when she banned importation of 41 items, one of which is tooth pick, considered non essential to warrant allocation of hard earned foreign exchange, fx from the Central Bank Of Nigeria, CBN for its importation.Following the ban,an International media outfit, The Economist magazine published an article with the blistering headline "Nigerian Currency: Tooth [...]

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    Buhari: Leading in turbulent times

Buhari: Leading in turbulent times

President Muhammadu Buhari's face can sometimes be deadpan and inscrutable.As an ex soldier, he is supposed to be stern,so wearing a straight face that leaves no clue is not unexpected.At the inception of his administration,most things that appeared to have been unhinged during the immediate past administration, started falling into place. Electricity supply ramped up from about 3,500 mega watts [...]

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    Another opportunity to create 1m jobs

Another opportunity to create 1m jobs

These are perilous times for President Muhammadu Buhari and the 36 state governors of Nigeria.In fact some would argue that this is not a good time to be president or governor in Nigeria.Already, about twenty seven, 27 of the states are said to be so insolvent, that the governor's are unable to pay civil servants their monthly emoluments without assistance from [...]

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    The anti-corruption blow back in London

The anti-corruption blow back in London

Barely 24 hours to the celebrated Anti-Corruption Summit in London, David Cameron, British prime minister, PM and convener of the event, in a moment of indiscretion, and in the presence of the Queen of England and the Archbishop of Canterbury, verbalized his true evaluation of Nigeria, in the following damning words: "We have got some leaders of some fantastically corrupt [...]

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    Analysing the Buhari appeal

Analysing the Buhari appeal

As the old saying goes, a prophet is not recognized in his home but often times, revered outside.As President Muhammadu Buhari is increasingly being loathed at home-if social media activities are anything to go by- he is now being courted abroad.On Monday, May 9, he jetted off again to the United Kingdom for a conference on anti corruption- a subject [...]

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    Buhari, don’t kill Nigerians because of corruption

Buhari, don’t kill Nigerians because of corruption

So much has already been written about President Muhammadu Buhari's unwavering focus of energy on the war against corruption which has saved Nigeria - yet to be disclosed - huge amounts of money and won him accolades from all the right quarters, locally and internationally.Owing to his no-matter-whose-ox is gored approach to combating corruption in Nigeria -of which a new [...]

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    Donald Trump: In politics, bullsh*t works

Donald Trump: In politics, bullsh*t works

Do you remember the popular wise crack: Money Talks, Bullsh*t Works?There is no better factor to attribute Donald Trump's rise to being the presumptive presidential candidate of the Grand Old Party, GOP  in the USA,  than Bullsh*t.With a hefty $75m committed to stopping him through a barrage of scathingly negative adverts by the #NeverTrump# movement,money indeed talked.While Trump spent $9.5m [...]

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    Buhari and a harvest of Chinese loans

Buhari and a harvest of Chinese loans

Going by the number of Memoranda of Understanding, MoUs signed by Nigerian delegation, it's being reported that president Muhamadu Buhari's China trip has already yielded a plethora of harvests of projects for partnerships in Nigeria.Take the six (6) billion dollars Chinese  loan of which foreign affairs minister, Geoffrey Onyeama said Nigeria has been given a blank cheque, to draw from [...]

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    Balancing the war against corruption and economic growth

Balancing the war against corruption and economic growth

The most significant telltale of the economic melt down in Nigeria is the drop in GDP from between 5-6% annually, a couple of years ago to an all time low of 2.7%, according to the National Bureau of Statistics, NBS figures for 2015. A further downgrade to about 2.3% this year is being forecasted, particularly if there is no upswing [...]

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Exchange Rates

September 20, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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