What’s the fuss on Dangote gaining from Nigeria currency squeeze?

  By Emeka Chiakwelu An international currency trader asked my opinion on Dangote gaining from the “Nigerian currency squeeze”. My answer was short and direct: I’m cool with it. For those who are not aware, Reuters News agency wrote a piece titled, “African richest man got a fistful of dollars from Nigerian currency squeeze.” The […]

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 […]

Naira Floats: IMF prevails as pending doom looms

  Emeka Chiakwelu, AFRIPOL By Emeka Chiakwelu Here comes the big trouble, for with floating of naira comes massive devaluation, Hyperinflation and higher interest rate. Nigerian government has finally bowed to recommendation by masterly International Monetary Fund (IMF) to devalue naira by allowing the embittered currency to float. Nigerian government cannot be accused of dithering; […]

Opinion: Nigeria today! The Naira, the Dollar and the heat in our houses!

  Leke Ademo I grew up in Nigeria at a time when Nigeria was still in its early developmental stage, certain areas seem to have been on a decline. It didn’t start today, it has been declining for years, but we did little about it until it became part of us. It is not just […]

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 […]

Nigeria Slashes Oil Benchmark Over Falling Crude Price

(NAN): The Minister of Finance, Dr Ngozi Okonjo-Iweala, says the Federal Government has proposed a review of the oil benchmark from 77.5 dollars to 73 dollars for the 2015 budget. Okonjo-Iweala said this on Sunday in Abuja at a media briefing on government’s strategic response to the decline in global oil prices. She said the […]

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