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NIGERIA'S CURRENCY CRISIS. CAN YOU SPARE A DOLLAR?

How to make a hard-currency shortage worse - The Economist.

THE mutterings of discontent are growing louder in Nigeria’s street markets.

The price of a bag of rice has surged by 12.5% in the past month.

Supplies of bread have dwindled after bakers turned off their ovens to protest about the rising cost of flour.

The rich lament that milk is missing from supermarket shelves.

The poor complain about the price of garri (cassava flour). A fish importer estimates that 70m Nigerians can no longer afford his wares.

Such are the symptoms of Nigeria’s foreign-exchange crisis. Africa’s most populous nation exports oil and imports nearly everything else.

As oil prices have collapsed, Nigeria’s foreign earnings have tumbled with them, putting huge pressure on the naira, the local currency.

Yet President Muhammadu Buhari refuses to allow the naira to devalue, fretting that this would fuel inflation.

Economists point out that a weaker currency would simply reflect that Nigeria is poorer now than it was when oil was above $100 a barrel. He ignores them.

Since Mr Buhari came to power in May, the central bank has kept the official exchange rate artificially strong and restricted the supply of dollars.

It refuses to release any for imports of a range of goods including meat, margarine and toothpicks.

The policy is not working: inflation hit 11.4% in February and growth has fallen to 2.1%.

Factories are closing down for lack of supplies and the managers of those still running spend much of their time trying to find things to sell abroad to raise dollars, such as gold jewellery or gum arabic.

Most have been pushed into the black market, where they pay about 60% above the official rate unless they are lucky enough to get some of the $200m or so released each week by the central bank.

That the bank has the power to hand out subsidised greenbacks naturally invites corruption.

An executive at a big importer says its budgets now include a 30% “premium” to be paid to central bank officials to get dollars.

Yet Mr Buhari seems unlikely to change his mind.

So senior members of his party are now pushing for some form of dual exchange rate.

This would leave the naira’s official value unchanged, satisfying the president, while legitimising a parallel market that would supposedly be used for non-essential imports.

In practice most currency flows would soon be made at this new market rate.

This solution is far from optimal—the central bank window would be a continued source of corruption and patronage—but better than the status quo.

Without some flexibility on the currency, expect food shortages to worsen.

EASTER WISHES

EASTER WISHES

Happy Easter in Advance. Remember to live correctly. Christ died to save You This week, thousands of years ago. 

Wishing You all a Happy Easter!!!!!
Prof. Yucee Landa Henry

Today's National News Headlines, According To The Punch

Smile introduces 4G innovations to customers
Firm berths Nigeria's first online energy platform
MainOne wants oil, gas firms to leverage
technology
Tecno tablet division unveils Droipad device
65 million workers now accessible through online
directory

Advise On Right Living. Written By Prof. Yucee Landa Henry Liberated

I try as much as possible to live at peace with everyone and everything that comes My way. The Bible says that peace passeth all understanding. How do I do This? I guide My tongue. I talk less and do more. I see more and apply more.

I present Myself to You the You present Your self to Me. I always give more time to discuss investment strategies than discussing people who have made success. I spend more time to discuss business opportunities than discuss certain organisational goals. I never love to discuss about an individual. It's a waste of My time to spend on discussing just a person. I spend quality time discussing the wonders of God, cus He is the Pillar holding My business Empire.

When You live at peace with all  You will leave at peace at the long run.

When You keep Your hands clean, Your works will also be clean.

When You close Your ears to hearing individual gossips about another individual, You close others ears from hearing about You against You.
When You create problems, You patronise problems.

When You create peace, You patronise peace.

When You cause joy, You won't face curses against joy.

When You trust a like mind as You , You will be trusted in turn.

Those who kill, live to leave by being killed.

Those who use swords, will be made useless by swords.

Those who love God, love Eternal life.
Don't allow Your actions to control Your mind, rather, let Your mind control Your actions.

Advise On Right Living. Written by Prof. Yucee Landa Henry Liberated

Poem by George Nsikak

ARE WE HUMANS?

Why the clubs?
Why the swords?
Why the guns?
Why the bombs
Why the gases?

We are humans
Religion has divided us
Politics; separated us
Boundaries; confused us
Wealth; classified us
Race; undermines us
We  are humans
What do you think we are?
Animals
A better word
Maybe human
From one ancestor
Through a process
Called evolution
We are humans
Differentiated by tongues
Separated by oceans
Segregated by continents
Foolished by race
Most importantly
We are humans
Will it profit you?
To kill your brother
Enslave your fellow
Undermine opposite gender
Cause war and chaos
If you do so
You are worst
Than dark ages
You've just forgotten
That we're humans
Drop your clubs
Drop your swords
Drop your spear
Bow and arrows
Destroy your guns
Bombs and gases
For
If you kill
You will die
Decide not to kill
You'll surely die
When you've drop
your weapons
Even your
Religious weapons
Then we'll be happy
Because we...
Because
We
Are
All
humans.

In Albania, Macedonia, and Bulgaria you nod your head to indicate ‘no’ and shake your head to indicate ‘yes'.

In Albania, Macedonia, and Bulgaria you nod your head to indicate ‘no’ and shake your head to indicate ‘yes'.

Dangers of being lonely. Written by Prof. Yucee Landa Henry

Never allow loneliness step into Your life, not even a second. Loneliness is different from having a quiet time. Loneliness kills the  soul and body and weighs the spirit down. Always engage Your self to something or someone to talk to.
Loneliness causes high blood pressure, it causes quick ageing and cells weakening.
Prof. Yucee Landa Henry