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I don’t Know How To Thank Igbos For Their Support, Jonathan Confesses

jonathan2President Goodluck Jonathan seemed lost for words to thank Igbo people for the support they have been giving to him from the day he indicated his interest in the Presidency of Nigeria. He said that he has been overwhelmed by the kind of support he has been getting from Igbos since the inception of his administration.
The President, who hosted a group of Igbo market and town union leaders at the State House, Marina Lagos, under the auspices of Transformation Ambassadors of Nigeria (TAN), today said: “I don’t know how to thank Igbos. I don’t know how to thank my brothers and sisters from the southeast. After serving this country, I will have to go and read literature and study all classical literary works by Chinua Achebe and others to be able to learn how to describe and thank my brothers from Igbo. The kind of support, love and prayers you have showered on me are unbelievable. I have gotten the kind of support I never expected from you all. “It is not about what I can do or what I have done; it is just God’s love.”
The President thanked the Igbo leaders across Lagos state for their promise to deliver all Igbo votes to him in the 2015 Presidential election added: “I can never pay you back for all what you do. I only pray I am able to give you a token of appreciation with my performance, not necessarily pay you back.
On the insecurity in the country caused by insurgents, President Jonathan said that the ‘intimidation’ tactics employed by terrorists will not last.
He said that  government would continue to update the necessary security infrastructure and architecture to be able to bring insurgency to an end.
He advised Nigerians to see the present security situation as a passing phase which the country would overcome, just like many other countries which also faced terrorism at one time or the other defeated it.
“Talking about the unfortunate bomb incident in Kano yesterday (Friday), I just want to tell Nigerians that this phase will surely pass. “This intimidation will not last. We will continue to improve on the technology needed to combat terrorism. “This intimidation will soon end, I can assure you. Other countries which faced terrorism later defeated it, we shall overcome also.”
Speaking earlier, Arthur Eze urged Igbos to keep mobilizing votes for Jonathan because he had the fear of God and sincerity to work for the nation.
Ifeanyi Ubah called on them to show their numerical strength in Lagos by mobilizing many votes for Jonathan.
TAN Secretary, Christian Okechukwu said that the organization planned to use mobile phone freebies and door to door mobilization to deliver the votes necessary to ensure a Jonathan victory in 2015.
The organization also displayed 50 vehicles which will be deployed for mobilization in all the local government areas in Lagos.
Several market and town union leaders who spoke one after the other also vowed to mobilize massively for the President to ensure  he doesn’t lose any Igbo votes.
Present at  the meeting were the national chairman of People’s Democratic Party (PDP), Adamu Muazu, chairman of Chukason Group Dr. Chika Okafor, chairman of Chisco Group, Dr. Chidi Sylvester,  Obinna Uzor, Dr.  Stella Okorie of Emzor Pharmaceuticals, the Anyiam Osigwe  brothers among others.

[myad]

Kano Bomb Blasts Make My Heart Bleed – Atiku

AtikuFormer Vice President Atiku Abubakar has condemned the latest bomb blasts at the Kano Central Mosque today, even as he also condemned previous bomb blasts in Kontagora (Niger) and Maiduguri, capital of Borno.
In a statement in Abuja by his media office, the former Vice President said he was devastated personally by the frequency and brutality of terrorist attacks on innocent people, adding that this ceaseless violence has achieved nothing.
According to him, the attacks on mosques, churches, schools, bus stations, markets, shopping plazas and other heavy human targets, have defied the teachings of all known religions of the world.
The former Vice President said that his heart always bleeds at this senseless violence, adding that it was high time the Boko Haram terrorists abandoned violence and embraced peace once and for all.
While calling on Nigerians to be more vigilant and share human intelligence, he called on the country’s security forces to be ahead of the terrorists with better strategies.
He acknowledged however that terrorism is a relatively new security challenge, but that more efforts are needed to improve detection of terrorists before they reach their targets.
He called for rigorous public education to help ordinary Nigerians identify suicide bombers before they reach their intended targets.
He regretted that many ordinary Nigerians behave indifferently in the presence of terrorists because they lack trained eyes to detect terrorists.
The former Vice President commended the sacrifices of the nation’s security forces, but called for faster and more rigorous response to terrorist threats.
According to him, the ease with which terrorists break through security checkpoints is frightening and must not be allowed to continue.
He expressed his condolences to the people and government of Kano State, Emir Sanusi Lamido Sanusi and the Kano Emirate as well as the families of all those who may have been killed in the heinous attacks in Kano, Kontagora and Maiduguri.

Meanwhile, the Northern State Governors Forum (NSGF), through their Chairman and Governor of Niger state, Mu’azu Aliyu, has condemned the terror attack in Kano.

In a statement by his Chief Press Secretary, Israel Ebije, Governor Aliyu expressed sadness at how security in the Northern States has taken a turn for the worse in recent times saying no one is spared.

He said the attack on the mosque where Emir Sanusi ll worships is another sombre reminder of how much disregard those behind terror attacks in the North have on the traditional institution and on the sanctity of human lives.

He said that the position of Sanusi II on the need to protect communities against those perpetuating violence must remain sacrosanct adding that nobody should be intimidated by evil perpetrators, saying good will surely triumph over evil.

Governor Aliyu however maintained that the war against terrorism is not an exclusive preserve of security operatives alone but everybody’s business.

He said that it is time to place everybody under high security alert adding that strange faces and objects must be promptly reported and investigated.

Also, the Arewa Consultative Forum (ACF), has expressed shock and disbelief over the three bomb explosions.

ACF described the bomb blast aimed at Muslim worshipers in the mosque as wicked, callous and barbaric.

A statement by ACF National Publicity Secretary, Muhammad Ibrahim, noted that the recent bomb explosions in Yola, Maiduguri, Azare, Kontagora and many other towns in the North coupled with the daily killing of innocent people by insurgents is very disturbing and worrisome.

“This insecurity situation that have engulfed the North is a clear manifestation of Federal Government’s inability to protect the people as intelligence and equipment required to contain the situation appears lacking.

“ACF urges the people of Kano in particular to exercise some restrain, remain calm and avoid taking the law into their hands or blamed innocent people that have lived with them peacefully.

“We equally call upon the people to unite and protect themselves through intelligence sharing with security agencies and community leaders.” [myad]

Students Of Obafemi Awolowo University Stone President Jonathan, Shout ‘Ole’

Ife University students stone jonathanThere was pandemonium today on the campus of Obafemi Awolowo University, Osun State, when students of the institution hauled stones and sticks at President Goodluck Jonathan during his visit to the campus.

President Jonathan, notable traditional rulers in the southwest and politicians had attended the Yoruba Unity Summit, organised by the Committee on Yoruba Progress, southwest geo-political zone of the country where the president was endorsed for his re-election in the 2015 general election.

But the placard-wielding students of the institution, who had converged at the Oduduwa Hall, venue of the conference to protest what they termed “rot in the educational sector” booed and stoned President Jonathan as he was entering the presidential chopper few minutes after the summit.

The irate protesters were shouting “ole” “ole” (“thief”, “thief”) at the president and other notable politicians who attended the event.

They displayed placards with inscriptions like: “We Condemn Jos Killing of Students, Students Are Not Chicken”, Don’t Sell Education As You Sold Electricity.”, We Demand Total Reversal of 2014 Hiked School Fees, We are Not Responsible For Jonathan’s Ineptitude.” among other inscriptions.

The students who were in their hundreds barricaded the road leading to the school’s sports centre where the chopper wearing the seal of the Federal Government and marked Nigerian Air Force, NAF-280, requesting that President Jonathan should address them before departing the campus.

In the ensuing unrest, the convoy of President Jonathan was delayed for few minutes as the students refused the President and his entourage passage to board the chopper despite pleadings by some security operatives.

Also, the Governor of Ekiti state, Ayodele Fayose who attempted to pacify the angry students was booed as students chorused ‘thief’ on him.

The vehicle conveying the Ooni of Ife, Oba Okunade Sijuade was not spared as students sat at the front of his vehicle for minutes before he was eventually allowed passage.

While the President was boarding the chopper, some students continued to aim pebbles at the chopper before they were dispersed by security operatives, although none of the thrown missiles touched the president.

Some students who had examinations also expressed their displeasure at the condition they were subjected to owing to President Jonathan’s visit to the campus.

Most of the students had to walk long distance to their examinations’ venues as there was no vehicular movement on campus and its environs.

Meanwhile, a segment of the Yoruba people at the conference endorsed President Jonathan for a second term of office even as they urged him to help recover their political and social values. [myad]

2015 Polls: Independent National Electoral Commission In Peoples Court

JegaWith the general elections in Nigeria a few months away, many citizens are still apprehensive about the success of the election, especially with the security challenges still staring the country in the face.
Greenbarge Reporters went to town across the country to hear what Nigerians have to say about the elections. Callistus Emmanuel, a civil servant in Enugu said that he has no quarrel with INEC preparations for the 2015 elections, especially with the openness being displayed by its chairman, Professor Attahiru Jega.
According to him, INEC has so far been following the electoral programme it drew up “and wherever there are changes, the chairman would always come out to explain to Nigerians.”
Dr. Abdulrahman Adeiza, President of Ebira Peoples Association in Kogi Central Senatorial District, said that the hope he has about the possible success of 2015 polls is that INEC has continually been correcting mistakes in the electoral processes as the nation approaches the general elections in 2015. He advised the electoral body to open its ears to listen to genuine complaints from all quarters and addressing such complaints.
Mrs. Hajara N. Y, a Matron in one the hospitals in the nation’s Federal Capital Territory, said that
One of the INEC’s challenges has been the issuance of Permanent Voter’s Card (PVC). She said that a lot of Nigerians who moved from one state to the other after the registration a couple of years ago are now being asked to go and collect their PVC from the original states where they registered. She sees this as a recipe for disenfranchising those Nigerian because, according to her, even if they can go and collect their PVCs, would they be expected to also travel again to those states to cast their votes in 2015? She advised that since the registration information was supposed to have been fed into centralized system, INEC should find ways of capturing such voters anywhere in the country with a view to issuing them the PVC.
“This is the only observation I have and it is very serious. I don’t actually know the level of INEC preparations on a ageneral note.”
Stephen Adebayo of the Africa Independent Television (AIT) commended the preparations for the 2015 elections so far, but noted that the biggest challenge now is that less than 50 percent Nigerian voters have not been able to get their Permanent Voters Cards.
According to him, if INEC bungle this part of the important aspect of the electoral process, many politicians who will contest election will feel cheated because most of their supporters, in one way or the other don’t have PVC.
“I am calling on INEC to address this issue properly and if possible, extend the date for people to sort out themselves, so that at least, no fewer than 65 percent Nigerians who are qualified to vote would obtain their voter’s cards.”
Moses Tom, in Benue state said that the complaints that had trailed the recent concluded issuance of the Permanent Voters Card (PVC) should not be taken lightly. According to him, voters’ names have been reported missing, and many eligible voters’ not successfully captured in the continuous voters’ registration across the country, making him to doubt if trully INEC is ready for the poll.
Saheed Biodun in Lagos said: ” From the look of things, I am not convinced that INEC is prepared for the 2015 general elections. How can they say they are prepared when many voters’ can’t have their PVC’s, and others that are eligible cannot also register to vote? Then, what are we saying? ”
In her own response, Adeseun Bunmi in Ibadan queried: ” What preparation are you talking about? When it was reported that many voters’ can’t get their PVCs including myself. You cannot build something on nothing.”
Other respondents shared the opinion that with eleven weeks to the poll, intensive voter’s education ought to have commence on a large scale by the umpire body, aimed at equipping the electorates of detailed knowledge on the election.
They noted that, for a successful election which INEC had always assured Nigerians of, the electorates needed to be adequately sensitized and informed on roles expected of them, and on what are against the law they shouldn’t engage themselves during the election period.
Danladi Usman in Kaduna said: “the preparation of the electoral body for the upcoming poll is not encouraging at all. If election is already here as we currently have it, is it not enough for them to have started the election education or what do they call it. Or, will they be starting when campaigns have already occupied the media? ”
Ariyo Ola in Ekiti state posited that INEC has not done enough to prove to the electorate that it is prepared to conduct the 2015 elections, otherwise, it would have commenced massive sensitization of the voters.
“Now is when it is needed most. If INEC fails to do its job of sensitizing the electorate against violence, as some politicians are threatening, then, I fear the 2015 elections may fail.” [myad]

Jonathan Orders Full Scale Investigation Into Kano Mosque Bombing

Kano mosque bombing
President Goodluck Jonathan has directed the security agencies to launch a full-scale investigation into the bomb attack on the Central Mosque in Kano, earlier today, leaving over 150 people dead.
The President ordered that no stone should be left unturned until all agents of terror undermining the right of every citizen to life and dignity, are tracked down and brought to justice.
In a statement by his special adviser on media and publicity, Dr. Reuben Abati, reacting to the attack which left several people dead and other injured, Jonathan said
that his government is determined to continue to take every step to put an end to the reprehensible acts of all groups and persons involved in acts of terrorism.
The President who described terrorism in all its forms and manifestation as a despicable and unjustifiable threat to Nigeria, asked Nigerians not to despair in this moment of great trial in the nation’s history but to remain united to confront the common enemy.
He expressed confidence that no terrorist act against fellow citizens will destroy the Nigerian spirit to remain positive, resolute and united in the quest for lasting peace and security in the country even as he appealed to all Nigerians to remain vigilant and cooperate actively with the security agencies to win the on-going war against terror.
The President sent his heartfelt condolences to the people and Government of Kano State and commiserated with all the families who lost their loved ones.
He called on relief agencies and medical personnel to deploy every possible effort to assist the injured, and the general public to heed the call for the donation of blood by the hospitals where the injured are being treated. [myad]

OPEC Elects Nigeria’s Diezani Alison-Madueke Alternate President

Nigeria's Minister of Petroleum Diezani Allison-Madueke speaks at a media briefing on a new gas price regime in the capital of Abuja

Nigeria’s Minister of Petroleum Resources Diezani Alison-Madueke has emerged as alternate President of the Organization of the Petroleum Exporting Countries (OPEC). She was elected along with her counterpart from Libya, Dr. Abdel Bari Ali Al-Arousi. The election was held at the just concluded 164th Meeting of the Conference of held in Vienna, Austria.

The election, conducted under the former President, Mustafa Jassim Mohammad Al-Shamali, Deputy Prime Minister and Minister of Oil of the State of Kuwait reviewed the Secretary General’s report, the report of the Economic Commission Board (ECB) and a number of administrative matters.

The Organization of Petroleum Exporting Countries, which pumps out about one third of the world’s oil, failed again to decide on a new secretary-general amid group tensions, instead keeping Libya’s Abdullah El-Badri as its administrative head for 2014.

And Libya, where output of crude oil has fallen sharply on unrest in the country, will assume the cartel’s rotating presidency for next year, OPEC added in a communique.

The decision to maintain the oil ceiling had been widely expected by markets.

The cartel, which could see higher production from its members Iran, Iraq and Libya in coming months, nevertheless faces competition from non-OPEC producers of shale oil.

The International Energy Agency has said repeatedly that the shale energy boom is changing the landscape of global energy markets.

“We don’t say we are not concerned” by shale, El-Badri told a press conference on Wednesday — but insisted that OPEC could accommodate US shale output, currently at 2.7 million barrels per day and set to rise further.

OPEC said in its statement that “global economic uncertainty, with the fragility of the eurozone remaining a concern” was the biggest challenge facing world oil markets in 2014.

It said that “although world oil demand is forecast to increase during 2014, this will be more than offset by the projected increase in non-OPEC supply” amid a boom in oil and gas being extracted from North American shale rock.

OPEC added: “Nevertheless, in the interest of maintaining market equilibrium, the conference decided to maintain the current production level of 30 million barrels a day.”

Ahead of the meeting, member nations led by the world’s biggest oil producer Saudi Arabia insisted that there was no need to change the ceiling.

“We know demand is good, economic growth is good, supply is good,” Saudi Oil Minister Ali al-Naimi told reporters at OPEC headquarters in the Austrian capital.

The group, with a dozen member nations from the Middle East, Africa and Latin America, is producing slightly below its output target.

But production could increase in the coming months as Iraq and Iran look to export more crude after sizeable falls in recent years. Libyan supplies may also recover.

Saudi Arabia and other OPEC members argue that benchmark crude oil prices, currently averaging $100 per barrel, provide acceptable income for producers without weighing too heavily on consumers.

“The price of oil is acceptable and there will be some additional oil coming to the market from OPEC and outside OPEC,” Qatar’s Energy Minister Mohammed al-Sada said on Wednesday.

“What is more important is that this additional oil will be needed for the signs of economic recovery.”

Sada added: “The current (output) situation seems to be comfortable… 30 million barrels seems to do justice to the current economic situation.”

Iran’s Oil Minister Bijan Zanganeh this week said that the country would be able to “immediately” export 4.0 million barrels per day (bpd) once sanctions are lifted in the wake of the international deal to roll back its nuclear programme.

Iranian crude oil exports have been slashed to about 1.2 million bpd from 2.5 million bpd in 2011, according to Zanganeh.

At the same time, Iraq’s Oil Minister Abdelkarim al-Luaybi said his country hoped to export 3.4 million bpd of crude oil next year, including 400,000 bpd from Iraqi Kurdistan, as it looks to recover from years of bloodshed.

This compares with exports of 2.38 million bpd in November. The market though doubts how quickly new production can come on board.

Libya’s output has plunged to about 250,000 bpd amid deadly fighting between radical Islamist fighters and the army, but oil minister Abdelbari al-Arusi said he hoped production would be back to its normal level of 1.5 million bpd within two weeks. [myad]

Allegation Of Stealing, Extortion: Senate Hits Back At Obasanjo, Says He Lied

Senator AbaribeNigeria Senate has hit back at former President Olusegun Obasanjo over his allegation that members of the Senate and House of Representatives have been stealing constituency funds, and extorting government officials they supervise through blackmail and intimidation. The senate said that Obasanjo lied.
in a statement by Senator Enyinnaya Abaribe today, the Senate that Obasanjo’s claim about constituency project funds was an outright lie aimed at misinforming Nigerians.

​“The allegation, spurious as it were, is very distant from the truth and is nowhere near reality. President Obasanjo for the avoidance of doubt, was the initiator of the constituency project in the year 2000 as a means of ensuring that projects were fairly spread across the country using the Senatorial zones as the spring board.

“To ensure execution of the projects, President Obasanjo again factored the constituency projects into the annual budgets to be implemented by the executive depending on availability of funds. That is to say that no lawmaker ever comes close to the funds or even determine the contractor for the said projects or when the said contract would be awarded.”

He said that it was curious that Obasanjo would turn around after over 10 years of initiating such a project to accuse the National Assembly of misusing such money.

“Such allegation stands logic on its head, as it amounts to an indictment of the Presidency for wilfully contravening the budget laws by ceding its power to execute to the National Assembly, if it was the case.

“It will also help to clear the allegation once and for all, if any presidency official not only from the time past but currently, could come forward and explain the true position of the so called constituency projects. Doing so would at least set the records straight.” [myad]

More Trouble Looms As Oil Prices Slump Again

OPEC BOSS

The price of oil slumped after the oil producers’ under the Organisation of Petroleum Exporting Countries (OPEC) decided not to cut output at its meeting in Vienna.

OPEC’s Secretary-General, Abdallah Salem el-Badri, said they would not try to shore up prices by reducing production.

“There’s a price decline. That does not mean that we should really rush and do something.”

Following the announcement, Brent crude fell below $72 a barrel, hitting lows previously seen in August 2010.

The 12 OPEC members decided to maintain production at 30 million barrels per day as first agreed in December 2011.

“We don’t want to panic. I mean it,” said Mr. el-Badri. “We want to see the market, how the market behaves, because the decline of the price does not reflect a fundamental change.”

Crude oil prices have fallen 30 per cent since June on sluggish global demand and rising production from the United States.

The fall in the oil price has been causing concern for several members of the oil cartel, as most require a price above $80 a barrel to balance their government budgets and many need prices to be above $100 a barrel.

“Saudi Arabia and the Gulf states can resist for a while,” Simon Wardell, energy expert at Global Insight was quoted as saying.

He added: “They have significant financial assets which mean that they can sustain a lower oil price. They can secure their budgets without a higher oil price.”

Saudi Arabia is the largest producer within the OPEC oil producing cartel.

Analysts suggest the strategy of maintaining output may be aimed at retaining dominance of the market in the face of increasing shale oil production in the United States.

The shale boom has been one of the drivers behind the decline in the oil price. But as the oil price dips, shale becomes less economical to produce.

If oil prices are allowed to remain low for some time that could cap shale production over the longer term. So keeping oil prices low may in fact make sense for OPEC, according to analysts. [myad]

No One Can Blackmail Me Into Abandoning Pensioners, Governor Uduaghan Says: Announces payment Of N1.2 Billion Monthly

Uduaghan@60

Delta State Governor, Dr. Emmanuel Uduaghan has announced that the State Government has been paying the sum of N1.2 billion monthly as pension to retired civil servants in the state even as he vowed that nobody or association can  blackmail his administration to abandon the interests of pensioners.

According to the governor, the state government has contributed over N18 billion since 2007 when it started implementing the contributory pension scheme.

Governor Uduaghan who made these known today at a meeting with retirees and other stakeholders in Asaba, cautioned against bringing politics into pension matters.

Reiterating the commitment of his administration to the welfare of retirees, Dr. Uduaghan said that the State Government, apart from paying its workers’ salaries regularly, also pays the pensioners.

“Every month N1.2 billion is given for pension alone, I am not talking of workers salary. I am talking of what we put in for pension. That is the monthly wage bill of many states in this country.”

According to him, the state government has since the inception of the contributory pension scheme, made a counterpart contribution of over N18 billion, with workers contributing over N13 billion to the fund.

“The state government has contributed over N18 billion to the contributory pension scheme with workers contributing N13.7 billion, the money is with the PFAs (Pension Fund Administrators).”

Governor Uduaghan took a swipe at some group of persons who protested under the aegis of Contributory Retirees of Delta State which accused his administration of insensitivity to their plight, describing their action as mischievous and “very unfair.

“It is very very unfair to insinuate that I have over N16 billion contributory pension money with me. We have to decide whether to continue with the contributory pension scheme or go back to the old pension scheme because of the challenges which we are all aware of.

“It is regrettable that somebody is using them to misinform the public, they are politicizing pension issues and it is unfortunate.”

The Governor urged operators of PFAs to ensure that they meet with expectations of workers and pensioners with regard to the contributions assuring that, his administration will never toy with the interest of pensioners and workers in the state.

“If the Federal Government wants states to implement the resolutions on wages, it should involve the states in the negotiations otherwise, their circulars would not be binding on the state. Rather, it will provide windows for the states to negotiate with their own workers.”

Chairman, Delta State Chapter of Nigeria Union of Pensioners, Ogbueshi Robert Chukwuyem thanked Governor Uduaghan for ensuring prompt payment of pensions and also implementing circulars from the Federal Government on increase in pensions.

He apologized for the actions of the Contributory Retirees Association, attributing their action to misinformation and disclosed that plans were on to integrate members of the association into the NUP as an umbrella body of all pensioners in Nigeria. [myad]

CBN’s Weird, Murderous Economic Theory, By Yusuf Ozi-Usman

Yusuf Ozi-Usman
Yusuf Ozi-Usman

Faced with economic crisis, the Central Bank of Nigeria (CBN) appears to be leading Nigeria down the economic precipice, with it’s strange devaluation of Nigeria’s currency, the Naira, against the US Dollar.
CBN Governor, Godwin Emefiele, who spoke to newsmen after a meeting of the Monetary Policy Committee on Tuesday, announced that Naira has been devalued by N13.
He said that the Naira devaluation is part of efforts to strengthen the nation’s economy, adding that under the new arrangement, the Naira would now exchange for N168 instead of the old official rate of N155 to one US dollar.
While the end users of the economy like me were thrown off balance and the financial experts are putting their thoughts together on how to handle the situation, the deputy governor of the same CBN, Dr. Joseph Nnanna countered that CBN did not devalued naira but merely announced a new exchange rate in compliance with market forces.
“The CBN,” Nnanna said “did not devalue the naira so to speak; it only followed the three principal markets in Nigeria – the official, the retail and the parallel.”
According to him, the policy will elapse with the current positive transformation in the agricultural sector which would make it possible for products to be exported to bring more foreign exchange to the country.
“We better do it now than later when we will have import control, which would bring about commodity, crisis…Nigerians are always in a hurry. Let us give CBN time to pursue a policy that will be a blessing to all of us. I commend the CBN for being proactive with the policy.”
No matter the amount of high level technical grammar the CBN managers would use to bamboozle the rest of us, the simple fact is that they have knowingly reduced Naira to waste paper, the cumulative effect of which is the untoward inflation looming menacingly in the background.
Common sense would show that CBN has simply given official stamp to the free fall of Naira, which began in the first week of November. As a matter of fact, the CBN action has a semblance of conspiracy with probably internal and external forces to shoot down Naira.
Placing Dollar over and above Naira, whatever name the CBN would like to give it, is an act bereft of patriotism, and for the CBN governor to say that it would strengthen the economy is tantamount to standing logic on its head. Lowering the value of Naira against the Dollar will only weaken the Naira and not strengthen it.
Indeed, it has never been heard anywhere in the world that the official monitory regulator would knowingly make local currency to be subservient to any foreign one, no matter the circumstance prevailing at any given time.
It actually wreaks of economic illiteracy or sabotage or both, from the point of view of simple economic analysis, for the CBN, as espoused by Dr. Nnanna, to subject the nation’s economy to future “possibilities.” For Dr. Nnanna to hang the decision of the apex bank on the expected growth in agricultural sector is carrying the joke too far.
When the CBN decided to increase the Monetary Policy Rate by 100, it sought to throw the essential service banks, such as Bank of Industry, Cooperative Bank, the Agricultural Bank, etc. into confusion.
A trend in the Nigeria’s economy that has continued to play out whenever these kind of “shock” measures are enunciated is the high cost of production and, consequently, astronomical rise in essential commodities and goods that are patronized mainly by the people at the lower rung of the ladder.
As the Presidential Aspirant on the platform of All Progressives Congress (APC), Atiku Abubakar said, the continued volatility of the Naira can only spell disaster for the economy.
With the Naira trading outside the new band, all Nigerians will suffer the consequences, even as Small and medium businesses which have been starved of funds will now have even more difficulties accessing funds which will lead to less revenues for businesses. Less revenue means less potential for job creation. Businesses may now have to cut jobs to balance their books.
The CBN that is obviously leading Nigeria into the economic darkness should return to the drawing back, reverse these suicidal policies and think of something positive before it is too late.
One of such positive alternatives to the proposed obnoxious measures is the increase in the lending to essential service banks, and reducing the interest rates. The CBN can really do better than the frightening and hopeless steps it has taken.

[su_heading size=”14″] Read More Articles From This Author:  Yusuf Ozi-Usman [/su_heading]

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