Showing posts with label Economic Intelligence Unit (EIU). Show all posts
Showing posts with label Economic Intelligence Unit (EIU). Show all posts

Wednesday, August 30, 2023

How Much Is Nigeria’s External Reserve?

 By Marcel Okeke

The deafening silence of the Central Bank of Nigeria (CBN) since JP Morgan’s very shocking revelation a few weeks ago that Nigeria’s foreign exchange (FX) reserves stood at about US$3 billion as at end-December 2022 is really worrisome. 

According to the American financial services firm, a combination of foreign exchange forwards, securities lending, currency swaps, and outstanding contracts has weakened Nigeria’s net external reserves to an all-time low of US$3.7 billion as of the end of last year. Although data from the CBN had shown that Nigeria’s external reserves stood at US$33.88 billion as of August 10, 2023, down from US$37.08 billion at the end of last year, JP Morgan says the country’s “net forex reserves are significantly lower than previously estimated.”

Thursday, August 18, 2022

Nigeria: Pains Of Misgovernance Have No Tribal Marks!

 By Ugochukwu Ejinkeonye

Many Nigerians are stuck with zero experience of what it means to live in a decently run society. Laden with a long history of mostly inept, insensitive and less-than patriotic leaders, it seems abnormal to expect any bit of improvement in their daily existence from the government. Massive infrastructural decay and regular reports of primitive accumulations of illicit wealth by light-fingered public officers have since lost their capacities to shock.

*Peter Obi

In fact, most people have since adjusted their lives to perennially absorb the vicious impacts of these debilitating vices. They only extract some bit of cold comfort from continually reassuring themselves that they are in such a hopeless and helpless situation where these excruciating fallouts of leadership failure will remain the resilient, inseparable companions they are condemned to perpetually coexist with – which will always be there to hurt their country and diminish their joy, peace and fulfillment.  

Those who lack the resources to obtain some form of alleviations resign themselves to fate hoping that they would be able to sustain the capacity to continue enduring these searing rewards of successive wayward and rudderless leaderships – which will remain their perpetual sources of torments.

Even the Nigerians who reside in well-ordered societies, where leaders are accountable and basic amenities are meticulously provided and maintained, once they touch down on Nigerian soil automatically adjust their minds to endure the excruciating realities of life in Nigeria. They only derive some consolation from the fact that they would soon jet out again to where sanity and orderly existence are taken for granted.