Nigeria hiking of interest rate is like playing with Russian Roulette

By Emeka Chiakwelu “Ceaseless jacking up of interest rate will further soften naira, impeding industrial growth and accelerating inflationary trends.” – Emeka Chiakwelu Nigeria is in dire economic straits and the de-pegging of the naira is not making things better in foreseeable future. As unrestricted naira continues to float, its value nosedives, weakens and deteriorates. […]

Floating Naira projected to lose up ‘70 percent’ of its value

By Emeka Chiakwelu The floated Nigeria’s naira that has been pegged at 197-199 to a dollar lost over 40 percent of its value on the first day of trading. Unofficial reordered statistics on first day of naira outing revealed that naira was traded as low as 265 to a dollar and at one point nosedived […]

Economic Crunch: What Okonjo-Iweala Would Have Done?

Nigeria is struggling in the face of a 40 percent slump in crude prices since the second half of last year, which has forced authorities to scale back budgeted spending and devalue the naira as foreign-currency reserves fell. It is no longer news that the government relies on oil for about 70 percent of its […]

Alchemy of Naira’s devaluation and higher interest rate as Oil price plummets

By Emeka Chiakwelu As crude oil price continues to nosedive and with limited war chest to shield naira, the Central Bank of Nigeria (CBN) has officially devalued naira by 8 percent and raised interest rates by 100 basis points. Godwin Emefiele, the CBN governor and the delegated chair of Nigeria’s Reserve apex bank announced the […]

New PDP Condemns Rape on Nigeria’s Economy

… Counsels President Jonathan to Consider the NGF Report on Nation’s Economy Chairman of the New Peoples Democratic Party (PDP), Alhaji Abubakar Kawu Baraje, has unequivocally condemned the rape of the country’s economy by the Goodluck Ebele Jonathan Administration. Baraje led-New PDP stated this in a news release signed and issued in Abuja on the […]

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