No nation that consumes above its production capacity can ever have a strong, reliable and dependable economy with a corresponding strong currency.
Nigeria is an abject consumer nation in the midst of plenty, practicing a lazy consumer federalism that gravitates around a broke father Christmas presidency and where states governed by disingenuous, squander-manic and mostly intellectually barren Governors hold sway.
I love the clamor for resource control and fiscal federalism in Nigeria because it would open the doors to access to opportunities for prosperity for citizens if administered with transparency and accountability, but looking at the history of some of those who are championing it, I get agitated and deeply troubled that they are in it to advance a cause for themselves and their selfish interests against the overall good of the people with them as drivers if awarded without strict control mechanisms that would make it impossible for anybody or group of persons to abuse for personal gains.
Some of Nigeria’s economic policies are unfortunately repressive for Nigerians with creative ingenuity but favorable to new colonizing forces led by China coming into Africa to poison Africans with their fake products for massive profits and so, are in need of urgent rethink for the immediate good of this generation and the long term good of the country and her future generations unless we have agreed to be slaves in perpetuity in our land especially with the way we choose our leadership.
Every vote we sell to a leadership misfit without the passion, compassion and the patriotic zeal to serve Nigeria has an ominous implication on her future and the future of her people, no matter how much it satisfies our immediate need without looking at the big picture”.
Mr. Itohoimo Udosen
Figures made available by the Central Bank of Nigeria, CBN, have shown that the country’s foreign exchange reserve has hit a six months high at $44.14 billion as at Thursday.
The external reserves have gained over $1.8bn since February 28, when it dropped to its 2019 low of $42.296bn.
The reserves had risen slightly from $43.116bn on December 31, 2018, to $43.174bn on January 31, 2019, only to fall to $42.296bn at the end of last month.
It would be recalled that the external reserves rose to a high of $47.865bn on May 10, 2018. It however plunged to $41.523bn on November 22 from $44.305bn on September 28.
This is coming just as the United States’ President, Donald Trump’s tweet cussed another price upset in the crude oil market.
Trump had on Thursday, called for the Organisation of the Petroleum Exporting Countries to boost oil production to lower the price of the commodity.
“[it is] very important that OPEC increase the flow of oil. World markets are fragile; price of oil getting too high. Thank you!” Trump wrote in a post on Twitter.
Immediately after the tweet, the US crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel, News reported.
The nation’s bourse on Wednesday reversed the three consecutive days positive trend with the market capitalisation dropping by N20 billion.
The News Agency of Nigeria (NAN) reports that the market capitalisation shed N20 billion or 0.17 per cent to close at N11.978 trillion against N11.998 trillion posted on Tuesday.
The All-Share Index lost 51.92 points or 0. 16 per cent to close at 32,121.74 compared with 32,173.66 achieved on Tuesday.
Breakdown of the price movement table shows that Dangote Cement recorded the highest gain to lead the gainers’ table, appreciating by 50k to close at N196.50 per share.
Guaranty Trust Bank followed with a gain of 35k to close at N37.95, while Access Bank increased by 10k to close at N6.10 per share.
United Capital added 5k to close at N3.30, while FBNHoldings also gained 5k to close at N8.15 per share.
Conversely, Seplat topped the losers’ table with a loss N22.10 to close at N596.90 per share.
Cement Company of Northern Nigeria trailed with N1 to close at N19, while GlaxosmithKline dipped 40k to close at N11.50 per share.
Ecobank dropped 30k to close at N13.70, while Etranzact shed 29k to close at N2.64 per share.
Zenith Bank dominated trading activities, accounting for 45.37 million shares worth N1.11 billion.
Guaranty Trust Bank followed with an exchange of 23.08 million shares valued at N872.94 million, while Fidelity Bank Plc traded 20.17 million shares worth N46.46 million.
Access Bank sold 15.61 million shares valued at N94.18 million, while Transcorp traded 13.86 million shares worth N17.54 million.
In all, the volume of shares traded closed lower by 47.96 per cent as investors bought and sold 208.60 million shares valued at N2.78 billion in 3,246 deals.
This was in contrast with 400.87 million shares worth N3.46 billion exchanged in 3,885 deals.