Tuesday, April 9, 2019

Magnus Onyibe

    The good, the bad and the APC?

The good, the bad and the APC?

Some of us would remember the popular movie that featured the iconic Hollywood star  Clint Eastwood titled, THE GOOD, THE BAD, THE UGLY?For the purpose of appraising the state of the nation today, l would like to characterize Nigerians as the GOOD; the former ruling party, People's Democratic Party ,PDP as the BAD; and the new ruling party, All Progressive [...]

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    Abenomics: Matching resources in Japan with opportunities in Nigeria

Abenomics: Matching resources in Japan with opportunities in Nigeria

If the Central Bank of Nigeria, CBN, were to conduct a stress test on Nigerian banks today, most of them would likely fail because they are the life wire of business and a mirror of the state of the economy which is now belly up.As a fall out of the slump in crude oil price; vandalism of oil assets leading [...]

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    Devaluation: Did Buhari get it wrong 31 years ago?

Devaluation: Did Buhari get it wrong 31 years ago?

Last week my security gate keeper suddenly packed his luggage with the intention of quitting his job.The reason he decided to withdraw his services and return to his country is the weakening exchange rate between the CFA franc-currency of the Francophone countries and the Naira.If you have not guessed already, my security man,Honoree is from the republic of Benin and [...]

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    Killing corruption with people, power and technology in Nigeria

Killing corruption with people, power and technology in Nigeria

A farmer who was extorted by govt officials over land matters in northern India was so aggrieved and wanted to take his pound of flesh, so he dumped a bag of 40 snakes into the offices of the dept of land as a reprisal action.The farmers response (in the above narrative) to those who corruptly fleeced him of his hard [...]

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    War against corruption: Role of judiciary, state and society

War against corruption: Role of judiciary, state and society

I would like to commence this intervention with the very cryptic statement by president muhamadu Buhari at the opening ceremony of the 55th Annual General Conference of the Nigerian Bar Association, NBA on August 21,2015 where mr president urged the judiciary to support his war against corruption while noting that , "Ability to manipulate and frustrate the legal system is [...]

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    Which is hurting more: Corruption or collateral damage from fighting it?

Which is hurting more: Corruption or collateral damage from fighting it?

Some of us have literally been at president Muhammadu Buhari's 'throat' over what we deem to be economically, socially and politically rough and nasty methods and procedures that mr president has been adopting in combating corruption in Nigerian polity and the catastrophic effects on the nation.Apart from the evidently obtrusive anti corruption war, another clog on the wheel of progress [...]

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    Political or economic malpractice: Which is worse?

Political or economic malpractice: Which is worse?

It is common knowledge that the focus of govt in the past one year of the administration of president Muhamadu Buhari has been to drastically reduce, if not eliminate economic malpractices popularly known as corruption, which has been wrecking havoc on Nigerian economy.Apart from the global economic meltdown arising from the plummeting price of commodities, particularly crude oil, which is [...]

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    Banking on alert

Banking on alert

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    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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Exchange Rates

April 8, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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