Nigeria is officially in recession for there are now two consecutive negative growths and GDP contractions in two quarters. The economy shrinks sequentially in first and second quarters by .36 and 2.06 percent respectively. Before the Central Bank of Nigeria (CBN) and National Bureau of Statistics (NBS) made the official recession pronouncement, Nigerians were already … [Read more...] about Nigeria: How come the most populous nation is in recession?
Another bombshell on Nigeria's current inflation rate is coming from Professor Stevie Hanke of applied economics, Johns Hopkins University and director of the Troubled Currencies Project at Cato Institute. He professed that the discrepancy on the modus of the tabulation of Nigeria's inflation rate does not reflect the true reality of the higher inflationary trends. Prof. … [Read more...] about Nigeria’s inflation rate is 58.6% not 12.77% – says Prof. Hanke
The Central Bank of Nigeria (CBN), the country’s supremely reserve bank has made a decision of hiking the interest rate from 11% to 12%. It was puzzling to many financial and monetary observers because it was less than three months that CBN reduced the interest rate from 13% to 11%. Then it appeared that the monetary policy was gearing towards enhancement of liquidity, but the … [Read more...] about CBN Interest rate at 12%: Erratic monetary policy and illiquidity
Written by AFRIPOL Naira is gradually evolving into a ‘proxy’ and ‘puppetry’ currency to both US dollar and British pound. Therefore it is devoid of logic and not prudent to further devalue naira in this circumstance as stipulated and recommended by the overbearing IMF. The economic managers and financial policy makers of yesteryear Nigeria failed woefully to safeguard and … [Read more...] about Afripol supports Buhari‘s Opposition to Naira Devaluation
“… Likened unto a foolish man, which built his house upon the sand: And the rain descended, and the floods came, and the winds blew, and beat upon that house; and it fell: and great was the fall of it.” -Matthew 7:27 By now we all know the story of naira, the value is precipitously collapsing and its malleability threaten the dwindling Nigeria’s economy. To be candid, there … [Read more...] about The Demise of Naira – Foundation built on shifting sand