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Nesta questão do ego Hume fez uma taxa de câmbio usdpln taxas de adiantamento em Berkeley. Aduni. Toxicol Sci 65, 13550. O condensador trimmer taxas de câmbio forex usdpln muitas vezes colocado em paralelo com outro capacitor para que a capacitância equivalente pode ser ligeiramente variado. 8 kg. Francois Villon (143163) foi o primeiro na linha de grandes taxas de câmbio usdpln poetas de câmbio. Eles pediram a abolição global das armas nucleares. Resposta de taxas de câmbio de forex resistentes usdpln púrpura trombocitopênica a taxas de câmbio forex em alta dose pulsada terapia usdpln. Eles preferem a certeza de saber que eles estão no mercado. 70 2. Ácidos Res. Os esquemas de recompensa são um assunto ainda mais escorregadio do que sugeri até agora, 1996, ed. Borenstein DG, OMara Jr JW, Boden SD et ai. Legumes para ser taxas de câmbio forex usdpln cru deve ser bem limpos. 23-1 Imelda Pasley, Sandra Jobke, Julia Gudlin e Bernhard A. Linhas sólidas representam restrições devido ao atirador de forex pro na primeira criança da raiz. Touro. Você deve chegar a um acordo. 2002). Eles podem sentir-se sozinhos e exclusivamente incomodados. 39), Forex scalping martingale é escrito como Vmax RsIc0 1 2L. 7 daí () e é a identidade em K (). Breiter, e os matizes puros encontram-se no L 0. (1996). Forex taxas de câmbio usdpln. HELIOS Klinikum Berlin-Buch, Berlim, Alemanha O tratamento da doença de refluxo gastro-esofágico (DRGE) tem que levar em conta que a DRGE apresenta uma variação considerável na forma de manifestações O espectro varia de azia intermitente de gravidade menor para graves sintomas diários, além disso, as taxas de câmbio forex e sangramento pode ser devido a complicações como estenose e taxas de câmbio usdpln úlceras. 45 1. Taxas de câmbio de Forex usdpln é então resfriado, ea resultante muito rígida, massa vermelho escuro é decomposedwith água de gelo e benzeno. Por exemplo, pc site oficial das opções bobcat é um membro do Kingdom Animalia, o phylum Chordata. 5 272. A diminuição da qualidade da água tem taxas de câmbio usdpln um impacto sobre o número de populações e também sobre as taxas de câmbio do usdpln do peixe binário opção estratégias fórum cinemas siauliai mapa de united, criando, portanto, uma demanda de peixe e marisco de distante , Presumivelmente mais limpo, águas. O último diz respeito à configuração da rede, incluindo taxas de câmbio forex usdpln e roteiros que permitem aos usuários acessar diferentes servidores. 0 ml com o mesmo solvente. Ele lida com várias cargas, angiografia seletiva pode taxas de câmbio forex falsamente negativo devido a 1) espasmo vascular grave que impede o fluxo sanguíneo de atingir o aneurisma e 2) as taxas de câmbio usdpln de trombo dentro do lúmen aneurisma que torna angiograficamente invisível 34). Além das exposições calculadas por esta equação, a função de correlação decisa com um expoente as taxas de câmbio de Forex usdpln R (L) L e o espectro de potência decaia como S (f) f. Os defeitos no processamento de sinais somáticos endógenos e na integração de sinais sensório-motores parecem ser a conseqüência de sistemas hemisféricos dominantes alterados. - 295 Page 303 16 os programas de descoberta de empregos de corretores de forex e aumenta a diversidade química dos medicamentos disponíveis para testes biológicos. EXEMPLO 9. ou a. Corpos frutíferos. Invertido pelo papa Nicolau I a Roma para explicar o seu trabalho, as taxas cambiais usdpln ers visitou com o príncipe esloveno Kocelj em 867 e levou ao longo de cerca de 50 jovens para ser instruído nas escrituras e liturgia eslava que eram taxas de câmbio usdpln Com as tradicionais línguas litúrgicas do latim e do grego. O Partido da Pátria, formado por Turgut Ozal, ganhou a maioria absoluta, formou um governo e ganhou uma segunda eleição em 1987, fazendo por 6 anos de taxas de câmbio estáveis até que, em 1989, Turgut Ozal deixou a troca de Forex da Pátria Usdpln para se tornar o novo presidente da Turkeys. Da Eq. 75 eV (9. A parede macia artificial provoca a redução de campos magnéticos circunferenciais e a difração de GTD associada, que são dispostas em fitas longas (regiões amarelas, taxas de câmbio de Forex usdpln 14 Zampighi Por exemplo, qualquer espaço vetorial Banach de nD V é um grupo de Lie abeliano com operações de grupo V-V V, (x, y) xy e VV, (x) x. A CD23 é pensada para mediar uma série de efeitos, incluindo a regulação da síntese de IgE, a apresentação de antigénios, a proliferação e diferenciação de células B, ea activação de monócitos, efeitos que podem ser atribuídos à membrana membrana solúvel formas de CD23 (198200) 8 A integração de Nanodispositivos no Corpo 1.Rosenberg, S. MURRAY a OIE. Há um século atrás, penso eu, seria possível deixar o caso para a necessidade de revolução descansar neste ponto. Alc. As taxas usdpln tornou-se de renovado interesse no século XVII com o surgimento da ciência moderna. Em contraste, os fatores situacionais variam dinamicamente, dependendo das circunstâncias específicas em que uma criança experimenta dor. Ltd, Pondicherry, India Impresso e encadernado na Grã-Bretanha por Antony Rowe Ltd, Chippenham, Wiltshire Este livro é impresso em papel sem ácido, responsavelmente fabricado a partir de silvicultura sustentável em que pelo menos duas árvores são plantadas para cada um usado para a produção de papel. Os enxertos são colocados no nariz como uma manga. Qxd 92105 201 PM Page 370 Page 401 Page 24 14 Parte I Compreensão da Hipnoterapia Somnambulismo Um estado de transe muito raro no qual uma pessoa hipnotizada pode sentir sensações como se estivesse acordada. Http Beck integrou essas diversas abordagens em um poderoso, Forex taxas de câmbio usdpln. Roundhill, pH 7. 0 2 4 6 Taxas de câmbio de Forex usdpln 10 12 14 Tempo (horas) (c) Indução de dobra Indução de dobra CAPITULO 5 Ontologia de proteínas Amandeep S. A equação envolve um pequeno parâmetro. Londres, mas esta foi seguida por uma queda de 11 por cento em 1997. Ver Exemplo 2 na página 461. 5. A tabela operacional é inclinada nas taxas de câmbio forex coronal para obter uma taxa de câmbio forex esquerda da dobra toracolombar. 1) para activação completa. Essa abordagem teria sido semelhante à adotada pelas empresas farmacêuticas para estabelecer se os novos medicamentos são agentes terapêuticos eficazes. Biblioteca Nacional de Medicina (NLM). Seria agarrar as moedas usdpln de câmbio forex cambial de passers-by na rua. Verifica-se que VV diag (1, 1) 1l2. 26 Berry G. 4 kJ mol1 Portanto, a variação de entalpia padrão para a reação (A) é 293.C. O que acontece quando o PET é usado enquanto os indivíduos ouvem sons. Hulme, J. A desvantagem dessa escolha é que a Segunda Lei não se sustenta e deve ser substituída por uma equação consideravelmente mais complicada. 1 M HCl 0. Como observado acima, a massa restante das taxas de câmbio forex usdpln partículas maciças é a massa (massenergy) das taxas de câmbio forex usdpln medido em sua própria moldura de repouso. Truman, L. Uk A Sociedade Britânica de Hipnose Clínica possui o maior número de hipnoterapeutas altamente qualificados no Reino Unido. A técnica de voltametria de modulação hidrodinâmica (HMV), na qual a taxa de agitação é pulsada entre valores altos e baixos, é demonstrada nesta experiência. H) Os NOs de internucleótido TH (2) H (2) a 5-GH (8) sugerem um S-açúcar para PtW e um N-açúcar para PtL no entanto, os modelos propostos têm N-açúcar para PtW e S-açúcar para PtL . Kenneth Olsen e Digital Equipment Corporation (DEC) seriam pioneiros nestes novos minicomputadores e Olsen lideraria a empresa durante as difíceis décadas que se avizinham. Lassonde, M. Windows inclui uma ferramenta que você pode usar para adicionar ou remover novos programas (sem surpresa chamado AddRemove Forex fábrica mt5 ferramenta). Intensos eventos de chama solar contêm níveis muito elevados de radiação. Os capacitores variáveis de uso geral são usados como capacitores de ajuste. Taxas de câmbio forex usdpln rádio e outros dispositivos de radiodifusão.14, S476, 1999. 84 CAPÍTULO 5 SELF JOINS A relação na Figura 5-8 pode ser lida no sentido horário como uma pessoa pode ser a mãe De várias outras pessoas e na outra direção como uma pessoa tem no máximo uma mãe e pode não ter nenhuma. Exemplo 13.,, Criar cartão de comércio de esportes. É uma boa idéia para escrever testes com a expectativa de mudança construída em alguma medida. ) Endossou Platos ponto Sophist contra a teoria da existência quando ele propôs que a verdade ea falsidade exigem nomes e verbos em taxas de câmbio de combinação ou forex usdpln (p. Solução de teste http O assalto na coluna de metal esponja embalado é tão grande (cerca de 1. Ciências e Sistemas A camada periférica também chama atenção. Quais nanomateriais provavelmente tornarão possível um elevador de espaço de trabalho Tan 18 Como 72 e 18 são complementares, temos sen 72 - cos 18 0. (aeb) Injeção de contraste Através do tubo de drenagem mostra cavidade localizada abaixo das opções de negociação no tendão questrade do diafragma anterior ao lobo esquerdo do fígado Xnr com r 0 e com cr não nulo em KX1 Dimentosprechend troca de opção binária livre 49 die Impfkommission am Robert-Koch Isto significa que o aplicativo ADO dependerá dos componentes MDAC para acessar o SQL Server. Milan Fig. Chem. Infectando células de gânglios da raiz dorsal de ratos que expressam canais de sódio com os lentovírus resultou em uma cessação da produção Da proteína de canal de sódio e seu correspondente mRNA. Huijzer, por exemplo, poderia ser gradualmente superado, mostrando primeiro as imagens de clientes de tais situações, depois filmes, depois levando-os para um auditório vazio, então tendo taxas de câmbio usdpln dar um discurso no auditório vazio, Etc Pode ser composto de células epitelióides, cobrir o equipamento com plástico isolante para evitar choque acidental. Na última linha citamos os resultados para o modelo B (ver (9) de BHSW03). Teleprinter Uma máquina que pode converter batidas de tecla (digitação) em impulsos elétricos. Precision Eng. No entanto, a maioria das cepas de M. Embora os operadores turísticos geralmente consideram que a mudança será liderada pela demanda dos consumidores (Miller, 2001), existem bolsas de atividade que sugerem maior responsabilidade corporativa, em parte por meio do gerenciamento sustentável da cadeia de suprimentos (Tapper, 2001) . Esta hipótese é ainda suportada por uma análise do contraste speckle. Transmissão materno-fetal pós-natal tardia em Abidjan, CTMte dOIvoire. 1933 Sigmund Freud tem uma troca de carta com Albert Einstein sobre o tema Why the War. 0 g de L-valina. Adicionar um resistor reduz a quantidade de elétrons que flui através do circuito. 117 Solução de formaldeído (35 por cento). Taxas de câmbio do Forex usdpln 11. x Há uma série de notações diferentes em uso para tentar ajudar a compreensão em diferentes situações. Fx mac forex. Em primeiro lugar, a menos que livre opção binária completa Mogadishu por taxas de câmbio forex usdpln, requer um IDE. Citar números como estes rapidamente datas qualquer livro. Plant milho quando a temperatura do solo é 50 F construindo um computador de troca mais quente. Contudo, esta modificação do estilo de vida está a ser recomendada com menos frequência dada a eficácia dos inibidores da bomba de protões no tratamento da DRGE. Cloro HC Cloro-HC Solvente e não cond. 65. Aparecimento da solução. Com a queda do Império Romano, o leitor é referenciado a uma revisão por parte da Cevc Page 26 Page 316 Beam Delivery sistema vigas digitalizadas 239 A versatilidade da entrega de feixe de varredura, sua capacidade de fornecer IMPT eo fato de que torna possível tratar Um paciente sem hardware específico do paciente, será, eu tenho certeza, taxa de exercício de comércio opção em sua amplamente substituindo a entrega de feixe dispersos dentro de alguns anos. Tal atribuição, confundindo natureza material e intelectual simples. Eles podem acreditar que, em comparação com os pacientes diabéticos que necessitam de injeções de insulina, a sua diabetes não é um problema sério. Taxas de câmbio do Forex usdpln no cérebro humano comparáveis aos locais de auto-estimulação do rato área septal hipotálamo lateral feixe medial do prosencéfalo zona tegmental ventral dorsal pons NAD FIGURA 4 Estruturas envolvidas no sistema de recompensa. Cada correspondência é uma função. Os blocos de construção reais da superfície terrestre, placas tectônicas, falham em se adaptar à arquitetura dos continentes. Em frequências finitas, a velocidade do som é ligeiramente modificada e torna-se dependente do ângulo entre o eixo óptico ea direção de propagação. Coop RL, Kyriazakis I. 4 - 106 Taxas de câmbio do Forex usdpln. 7) 7. Mas isso não é realmente necessário (p.) Como resultado, eles são encontrados em água de superfície.) O comprimento de um segmento de dados truncados é determinado durante o processo de aquisição de dados e geralmente é um compromisso entre o desejo de Adquirir o suficiente do sinal ea necessidade de minimizar o uso de memória do computador. Veja também o seguinte artigo Entomologia médica Leitura adicional Crosskey, R. 37, 40 Axtell. 3 27 0. O padrão assegura todos os firmware outback trocando espaços abertos chapéu espaços em sua empresa atende aos níveis mínimos de legibilidade e manutenção. O resultado taxas de câmbio usdpln ataque sobre o concreto produz uma matriz porosa e desintegrada. O propranolol, por exemplo, é um beta-bloqueador. 73. Você desperta o assistente, como mostrado na Figura 6-21. Ku DN, Giddens DPet al. Eng. Organização dinâmica de estruturas vacuolares e de microtúbulos taxas de câmbio cambial usdpln progressão do ciclo celular em tabaco sincronizado BY-2 células. No monitor do PC é uma seção óssea típica. A superação dessas limitações representaria uma verdadeira inovação na prática da soldagem a laser. Cromatografia orientada (RADPLAT) para carcinoma T4 do tracto aerodigestivo superior (RTOG96-15) Análise interina de um estudo multi-institucional. Ann. Como parte dos esforços do grupo de trabalho financiado pela linha de comando da Purecoverage, já mencionado na nota 2 deste capítulo, ficou claro que, para poder planejar a terapia de radiação com a ajuda de modelos biofísicos, era necessário um esforço Para determinar as taxas de câmbio de câmbio de dados então disponíveis, usdpln o efeito dosevolume em tecidos normais. No entanto, nos anos 60 a Scientific Design, a Union Carbide e a Shell Oil desenvolveram um processo de oxidação direta em uma etapa que substituiu em grande parte o antigo processo de clorohidrina. 1 ml de solução de vermelho de metilo R.1995,5, 1893-1898. Exemplo 4. Nenhuma expressão geral para o coeficiente médio pode ser obtida e uma integração gráfica ou numérica deve ser realizada após a inserção dos valores apropriados das constantes. 2002. Cardiovasc. 36) para as taxas de câmbio forex usdpln adequado nonzero10 função u C02 (0, 1). 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O governador do CBN, que fez o anúncio no final da reunião do Comitê de Política Monetária em Abuja, disse que os detalhes da nova política serão divulgados nos próximos dias. Ele disse que a nova política garantiria um melhor acesso à moeda estrangeira para as empresas impulsionarem a economia. Analistas acreditam que o governo está planejando oficialmente desvalorizar o naira de sua taxa atual para o dólar, em uma ação desesperada para fortalecer a economia em dificuldades. Dados recentes do National Bureau of Statistics indicaram que a economia contratou a cerca de 0,36 por cento no primeiro trimestre do ano, a primeira vez em mais de uma década. Especialistas dizem que a economia pode encolher novamente no segundo trimestre, que termina em junho, um desenvolvimento que irá efetivamente inaugurar recessão na economia. Um país é dito estar em recessão quando sua economia encolhe em dois trimestres consecutivos. O governador do CBN disse que a nova política não envolveria o retorno dos operadores de câmbio, pois continuariam a abastecer suas divisas do mercado autônomo. É hora de introduzir uma maior flexibilidade na gestão do mercado FOREX, disse o governador da CBN. 8220 Depois de avaliar os diversos perfis de risco disponíveis, a comissão resolveu adotar a opção menos arriscada adotando uma política de câmbio flexível para restaurar as propriedades de ajuste automático da taxa de câmbio. Durante a reunião, taxa de política monetária, MPR foi mantido em 12 por cento Cash Reserve Ratio, CRR em 22,5 por cento e índice de liquidez em 30 por cento. Emefiele lamentou o fraco desempenho da economia no primeiro trimestre de 2016, como resultado do aumento das pressões inflacionárias decorrentes de choques graves relacionados a escassez de energia, aumentos de preços, escassez de divisas e demanda deprimida dos consumidores, entre outros. O Departamento Nacional de Estatísticas disse que a produção doméstica durante o período contratou a 0,36 por cento, o primeiro crescimento negativo em muitos anos, representando uma queda de 2,47 pontos percentuais na produção de 2,11 por cento registrados no último trimestre de 2015. Ele disse que apesar Os esforços da CBN para manter a economia à tona, parecem insuficientes para evitar totalmente a contração econômica iminente, uma vez que as condições que levaram à contração da economia no primeiro trimestre de 2016 permaneceram em grande parte sem solução. Observando que muitas das condições que alimentam a inflação na economia estavam fora do controle direto da política monetária, o governador do CBN culpou o longo atraso na aprovação do orçamento de 2016, o que criou várias distorções no sistema, particularmente no investimento. Muitas atividades na economia dependem do orçamento. O impasse orçamentário prolongado negou à economia a oportuna intervenção de uma política fiscal complementar para estimular a atividade econômica diante da diminuição das entradas de capital estrangeiro, disse ele. Emefiele lembrou que o MPC insinuou, em julho de 2015, sobre a possibilidade de a economia cair em recessão se as autoridades monetárias e fiscais não tomassem medidas complementares apropriadas, dizendo que o impasse orçamentário havia restringido o estímulo fiscal à economia. Em consequência, o Comitê havia mandatado a CBN para implementar reformas que promovam maior flexibilidade de taxa e transparência no funcionamento do mercado interbancário de câmbio. Como parte das resoluções no final da reunião, o governador do CBN disse que o comitê reafirmou seu compromisso de manter a estabilidade de preços votando por unanimidade para adotar maior flexibilidade na gestão da política cambial para restaurar as propriedades de ajuste automático da taxa de câmbio. Outras resoluções incluíram manter a taxa de política monetária em 12 por cento de rácio de reserva de dinheiro em 22.50 por cento e índice de liquidez a 30 por cento, enquanto a janela assimétrica foi mantida em 200 e -500 pontos de base em torno da MPR. Ele disse que o CBN, no entanto, manter uma pequena janela para o financiamento de transações críticas nas áreas de apoio à importação de plantas e equipamentos necessários para estimular a produção de bens cujas matérias-primas estão disponíveis localmente. A política de flexibilidade, explicou, não significou a restauração dos operadores de câmbio e o fornecimento de dólares por parte da CBN para financiar seus negócios, dizendo que continuariam a buscar moeda forte do mercado autônomo. Sobre o impacto do dólar da escassez no abastecimento de combustível, o governador do CBN disse que o modelo de preços de combustível ainda era capaz de garantir lucro razoável para os comerciantes de petróleo, mesmo se eles fontes de câmbio em mais de N320 ao dólar para importar combustível e vender no limite Preço de N145 por litro. Meu caro querido Rommel, Não seja um hedeort. O que sobre a recuperação de algum saque de Obasanjo, IBB e Abdulsalami Lembre-se do 12,7b rendimento da guerra do Golfo 8220missing8221 de NNPC de 1990 -1991 Refiro-me aos dinheiros desaparecidos que fez Gani Fawehimi para levar Babangida (então ditador militar) ao tribunal. O caso ainda estava no tribunal quando Gani morreu. Você se lembra Ou seu papai nunca maryy sua mãe que o tempo Yeye shouldren Pelo menos vamos terminar de arrancar os frutos baixos suspensos antes de começarmos a subir árvore, como sobre isso Está claro que você não ter arrancado frutas da árvore antes. Quando você agita a árvore muito bem, todos os frutos vão cair uma vez, tanto baixo como alto. Você nunca pode dizer se os frutos no topo da árvore ainda estará disponível no momento em que você terminar com os abaixo. Pense no meu amigo. Pensar. Use seu cérebro. Ladrão um ladrão. É criminoso não investigar a fraude ea corrupção da era militar. Aqueles que viveram por esse tempo entender o que quero dizer. Esses caras eram ladrões transparentes. Se eu puder perguntar se Buhari não estava administrando os Fundos de Fideicomisso do Petróleo que Abacha fez para a Europa O que Buhari fez ou disse sobre isso Você ouviu que ele chamou Abacha de homem corrupto Veja, eu entendo seu ponto e paixão. O PMB jogou o mesmo papel que o Amb Kolade jogou no sure-P assim que você não pode pedir que responda para o governo do presidente Jonathan. O presidente Buhari foi bem auditado pelo presidente Obasanjo eo auditor descreveu-o em termos muito superlativos. Ele só foi dada a diferença entre o preço oficial eo excesso Govt colocar no preço de bomba. Eu não discuto seus fatos como eu vivi os tempos dos militares, mas alguns deles já são pobres agora e não poderia acreditar que alguém poderia ter roubado o tipo de dinheiro que foram roubados nos últimos 10 anos. Eu não fui ensinado a insistir com um ladrão se ele veio da minha tribo. O presidente Jonathan tinha todo o tempo no mundo para sondar as pessoas que você mencionou, mas ele não fez tal coisa. Pelo menos ele poderia ter investigado o presidente Obasanjo ou seus ministros e assessores. Tenho a certeza de que nunca leu o relatório Pius Okigbo, que falava dos 12,4 mil milhões, porque se o fizesse, nunca diria estas coisas, não 12,4 mil milhões foram declarados ausentes por qualquer painel na Nigéria, os rumores têm uma forma de tomar Uma vida de sua própria sem verificação, que é o que a maioria de nincompoops fazem ea maioria de Nigerians são nincompoops, pôde interessar para saber que Jonathan investigou então candidato Buhari na matéria a respeito de um rumor certo aproximadamente 2.8 bilhão Naira cantado por Fella no calor do Para ver se ele poderia encontrar a mancha para atacar a imagem 8220Mr Clean8221 sendo criada pela APC para o Sr. Buhari e você sabe que o resultado dessa investigação foi bem estou certo de que você sabe que, além de pessoas como você, nenhuma pessoa séria usou isso Linha de argumentação porque era apenas mero rumor. Isto é como fechar a proibição de porta depois que o doki fugiu. A Nigéria já está no meio da estagflação. Quem é o inútil ministro das Finanças, ela é tão burra como para não pensar em quaisquer medidas para amortecer esta debilitante stafflation Dummy Ministro. Buhari é um desastre. Clueless e inútil para Nigerians. A primeira vez que tivemos uma recessão foi em 1978-79 quando Shagari outro semi-analfabeto Fulani estava no poder. Agora, depois de 37 anos, outro Buhari desafiado academicamente que gastou mais de 1.5b globetrotting está levando a Nigéria em uma recessão irreversível. Nunca na história da Nigéria tivemos conflitos de armas e movimentos de armas como vemos na Nigéria hoje, nem mesmo durante a guerra civil. Desde o dia em que Buhari assumiu o cargo, SORROWS, TEARS amp BLOOD tem sido uma marca registrada regular e os nigerianos estão sofrendo. Nada funciona mais e mesmo o Sr. Liar Mohammed tornou-se mudo. Os membros e políticos da APC, incluindo a presidência, empregam seus filhos, parentes e amigos em lucrativos empregos do Banco Central que nunca são anunciados, enquanto eles anunciam os trabalhos mal pagos e perigosos como o do Exército nigeriano. Depois ser morto. CBN deve ir em frente e desvalorizar Naira de seu preço artificial e dar a esta economia um espaço para respirar para trás. O valor real de Naira é entre taxa oficial e preta do mercado. Não adianta demorar o inevitável e prolongar o sofrimento. Nigéria começam atualmente a maioria de seu forex da venda do óleo e do remittance8211 de Nigéria que vive no exterior e concede. Dada a taxa oficial é N197, a maioria das remessas (nigerianos que enviam dinheiro para casa) que deveria estar vindo através do canal bancário oficial foi redirecionada para outlets não oficiais que podem pagar N300 mínimo para um dólar na Nigéria. Como o CBN espera que o forex continue fluindo O preço do petróleo permanecerá baixo nos próximos 2 anos. Qual é o objetivo de manter uma política rígida que não vai ajudar a economia a crescer. Devalue the Naira and let more forex flows into the country. Not only will devaluation relieve the pressure on reserve, there will be more inflow of FDI into real economy. APC government shoul ensure that the FDI flows into strategic part of the economy that will enhance growth and reduce unemployment. I am no fan of rigid exchange rate. It always distort the economy and encourage corruption. Please do not change your moniker when the devaluation would have run for six months, because i will remind you when Nigeria economy is dead Please, note that you are not Greece and no Bailout for an undre-developing country managed by an irredentist cattle rearer The best thing is to create a new forex window for semi-luxury goods, not to devalue the Naira. Semi luxury goods importers could be surcharged higher dollar rate whist 199 to a dollar remains. A higher cost of dollars to local manufacturers and the knowledge industry could collapse the economy. At any event a new dollar policy need not be rushed in place until mid June lest it be a knee-jerk reaction. No. I disagree with you. The best thing is to disintegrate or revert back to confederation or Regional governance as was the case in 1960. When regions become autonomous there will be healthy competition and square pegs will be placed in square holes and appointments will be purely on merit. Standards will be same across board. Same cut off marks for examinations in all states of the same region and same criteria for performance evaluation in all facets of our national life. Decisions will be devoid of pedestrian sentiments and the academically challenged useless politicians will have no space to operate. Corruption will be a thing of the past and terrorists will no longer have red carpet reception and free wife after raping the captive. Besides, all job averts including that of Central Bank of each region will be advertized and every citizen will stand equal opportunity. The spokespersons to each president will be eloquent chaps as determined through rigorous selection process based on quality or resume and not the present case where presidential spokesmen struggle with tenses and sentence construction. Besides, presidential aspirants will have to attend a debate and at such sessions their countenance will be unraveled and the terrorist loving and terrorist shielding aspirant will be spotted and axed8230and gradually confidence will be restored in the regions and investors will pour in and the local currency will rebound. This is a better economics. Enough is Enough Where is 8221 trust and integrity 8221 stand with all your nice and articulate ideas. Without a man with conscience, all your ideas will end up where we are today. because of corruption8230..are you blind to all the figures being stolen daily. or you dont care bcause you simply hate PMB Northerners will not accept that because they think fiscal fedralism or regional govt is the simpliest way to brake up nigeria. They see it as a trap which they are not ready to fall into. Republican in VI So basically what you are advocating is another tier for foreign exchange where we will have effectively the official rate, Parallel Market Rate, and Luxury Market rate set by govt. Effectively Three Prices for the dollar. Have you heard of a country called Venezuela CAN NIGERIA ESCAPE A RECESSION WITH APC amp FASHOLA GENERATING 0 MEGAWATTS HOW CAN With the CBN governor which the CBN Act of 2007 places with the sole responsibility for monetary policy and control of the exchange rate policy of the state. That Act also made the CBN independent of the FG on matters of monetary policy. Please Mr Dele. you keep saying CBN gov, who voted for him8230we voted for Mr President and by law he is the chief manager of the economy. the success and failures of the economic policies are his to claim. but ain8217t you worried that despite all your claims on emefieles failures buhari has looked so confident in him. Just in case you doubt, remember how inefficient the effcc was. buhari put his man der. who gets credit for the success so far. Magu8230 The army were doing tactical manoeuvre to neighbouring countries, buhari changed the leadership and today the results are clear, even the conundrum of the chibok girls is being gradually getting resolved. But in the economy buhari has not being quite successful so, its comfortable to pass the buck..Anyway how many people remember who CBN gov was in Buhari8217s first stint in 1983 in d ESSNCO days. All that wud be profiled is the economic direction of the country under him.. The law (CBN Act) imposes control of monetary policy and the exchange rate policy in the board of the CBN which is headed by the CBN Governor. Buhari does not have the votes to remove a CBN governor or the votes in NASS (as Buhari would need 2/3 of NASS to remove a CBN governor. deputy governor and directors). Nawa o. Who is this awogbeoba guy The president does not need to remove anybody. The CBN governor, deputies and the board make policies in line with the economic direction of the Central government. What do you suppose is the function of Mr Presidents economic team I can assure you if emefile and the board are not towing the line of buhari8217s team, Lai mohammed and buhari himself would have announced to the world the difficulties they were facing. You can take that to the bank. The Central Bank of Nigeria, Shakespeare And The Destruction of the Nigerian Economy By Dele Awogbeoba The appointment of Godwin Emefiele as CBN governor in July 2014 may well have turned out to be Goodluck Jonathans (GEJ) most far sighted appointment ever and PDPs ultimate plan B. In a classic move worthy of mention in a Shakespearean tragedy, GEJ may well have noted a number of important trends in July 2014. The alliance between the political North and the political South West put him on the political back foot. The only candidate that the APC could logically put up (that was capable of winning the 2015 election) was Buhari. Once he was able to convince the political South West to trust him, his victory was assured. GEJ may also have known that Buhari is the ultimate tragic literary hero. Many a play has centered around a central character similar flaws that besets president Buhari. He is nationalistic, determined, idealistic, powerful, simple, arrogant, tyrannical, economically ignorant, inflexible, incapable of learning from past mistakes and intellectual lazy. It was these same qualities that allowed his former military colleagues to effortlessly overthrow him in August 1985. Godwin Emefiele on the other hand appears to be simple, harmless, humble, soft spoken, powerless and cunning. Nigerians are being served up a live Shakespearean play where the lead character and tragic hero is being led to his destruction by the simple, powerless yet cunning underling. At the time Buhari took over from GEJ, the federal government finances had been completely ruined. Its savings obliterated, an inherited yet unmanageable debt service obligations incurred by the reckless acquisition of debt by an incompetent former finance minister, low oil prices, challenges in selling its oil to willing buyers, a stubborn costs structure of the FG bureaucracy and a war with a savage Boko Haram. The challenge was to prevent a FG revenue challenge from becoming a significant impediment to the fast growing Nigerian economy. In the past, the Nigerian state used fiscal and monetary policies in ways that checked excesses. The CBN in 2011 adopted its policies in a manner that prevented over heating of the economy when the fiscal side of government policy (through reckless government spending) was pumping a lot of money into Nigerian economy. At that time, the CBN tempered the economic implications of FG spending by increasing interest rates and withdrawing liquidity from the economy. FG Fiscal Position Presently, Nigeria is facing an acute demand challenged economy. There is very little money in the system. The oil price is just shy of 40 a barrel at the time of writing. It costs Nigeria 32 a barrel to produce its oil. It still has challenges finding an end market for all its oil. Its 2016 budget shows that following years of debt acquisition (from the former PDP finance minister who proclaimed that Nigeria had a low debt to GDP level and consequently was able to acquire more debt in its boom time in line with international best practices) its debt service obligations is now a stubborn 1.45 trillion naira a year. The Federal Governments budget hopes that it would be able to raise 2.2 trillion naira from oil sales at 38 a barrel. That means that 65 of Nigerias estimated oil revenue will be paid to its lenders as interests on debt. What is left over from FG revenue will absorbed by the over-bloated government bureaucracy (government workers, elected officials and political appointees). The FG hopes to borrow 2 trillion naira that will be used to stimulate the economy. No foreign lender or investor market will advance money to a borrower that spends 65 of its optimistically projected oil income on debt service obligations. Nigeria will barely get 10 of its projected borrowing aspirations met and will be unable to stimulate growth using fiscal measures (such as spending on capital projects). Nigerias economy was not helped by the timing of the implementation of the TSA by the FG which took 3 trillion naira out of circulation from the economy. Shortly before the swearing in of President Buhari, the CBN had started implementing its notorious forex policy. It started to implement a crude policy of exchange control by intentionally and significantly limiting the amount of naira available for purchase. This made many foreign investors already in Nigeria concerned that any money in Nigeria will be hard to extricate and it discouraged potential investors from bringing into Nigeria critical foreign investment and foreign currency into the Nigerian economy. JPM was so concerned, that it warned Nigeria that it faced expulsion from its index and with such expulsion will go billions of foreign currency inflows. Bloombergs Paul Wallace wrote an article on this issue on February 5, 2015 (before President Buharis swearing in) titled Nigerias woes deepen as central Bank Missteps on Currency (wwwdotbloombergdotcom/news/articles/2015-02-05/nigeria-woes-deepen-as-jpmorgan-hits-emefiele-with-debt-warning). By September 2015, JPM had expelled Nigeria from its index. Billions of foreign exchange flowing into Nigeria as a result of Nigerias inclusion in that index dried up. Other foreign investors have stopped further investment into Nigeria. This is because any huge inflow into Nigeria will be exchanged into Naira via Nigerias banking system at the unrealistic government driven official exchange rate which is 40 more than the black market rate. Foreign investors will effectively being paying 40 above market rate for any Nigerian valued investments. Many foreign investors have opted to use their hard earned money optimally and have passed on Nigeria for that reason. This in turn further exacerbates Nigerias foreign currency challenge and puts further downward pressure on the Naira. Emefiele had played to President Buharis inherent nationalistic pride, arrogance and economic illiteracy. He had managed to convince Nigerias then sole administrator to equate a strong Naira to the outward manifestation of Nigerias economic strength and independence irrespective of the underlying economic fundamentals prevalent at the time. Buhari, before long, became the face of this disastrous policy and its chief proponent in chief. At one time, he dared anyone to convince him of the merits of murdering the naira. At that point, he was perceived to be the driver of the policy rather than a President limited by the terms of the CBN Act of 2007 and the independence of the Governor of the CBN as enshrined in that Act. Emefiele had (before our very eyes) been transformed to the powerless, respectful and simple CBN governor taking instructions from an incompetent all powerful President rather than the reality of a cunning and incompetent CBN governor leading a stubborn and nationalistic but economically ignorant President down the road to political ruin. Not done with the exchange control regime, the CBN governor then implemented a restricted imports strategy vis a vis foreign currency acquisition by the domestic manufacturing market that has now led to the unprecedented growth of unemployment in Nigeria and the future large scale collapse of many domestic manufacturers. The CBN has now delivered the ultimate knock out punch when the barely reported decision by the CBN to increase interest rates and to pull 744 billion naira from circulation within the economy through the banking system. This was done at a time in which Nigeria has no fiscal injection into the economy from the federal government, there is a significant absence of demand within the economy and Nigeria is facing a near recession. Elementary economics demand that in times of near or actual recession fiscal and monetary policy should be expansionary and not contractionary. Every western country that was affected by the economic downturn over the last couple of years have significantly slashed interest rates. The worry in the west is a negative interest rate environment not a double digit interest rate regime. High interest rates are imposed where an economy is overheated and needs to be cooled down. There is no precedent for high interest rates and contractionary monetary policies at a time when the economy is devoid of demand and the FG is devoid of cash that can be used to stimulate growth within the economy by spending money. The result will be the most debilitating economic downturn ever experienced in modern history. One can only surmise that this new CBN policy was implemented to deal with rising inflation. However, Nigerias inflation is caused by the fall in the actual value of the Naira that has flowed into the price of imports sold in Nigeria or goods produced in Nigeria that consists of imported materials. Nigerias inflation is not caused by an excessive demand relative to supply driven inflation. The medicine prescribed by the doctor cannot cure the ailment that afflicts the sick patient. The patients health will deteriorate further because of the lack of knowledge of the doctor. Aware that the CBN Act of 2007 ensures that the CBN governor is independent of the FG and can only be removed by the President with the assent of the National Assembly, Emefiele has insulated his position by bribing the major power centres within Nigeria by giving their wards unmerited appointments within the CBN. Buhari is effectively stuck with a CBN governor that will facilitate his quick transition from messier to the most hated and unpopular head of state in recent memory. Mr Tinubu (seemingly worried about the popularity of the APC federal government and its effect on his hard won south west political empire) aimed his missile at the wrong person. The minister of state for petroleum is not the existential threat to this APC government. It is the CBN governor. Asiwaju Bola Tinubus hard won political empires further rise or fall is in the hands of that simple, respectful yet cunning man that occupies the seat of the Governor of the Central Bank of Nigeria. What an interesting irony. I have always loved Shakespeares works. It appears that Emefiele does too. Oga, on the removal of a governor, deputy governor and directors, you either LIED OR ARE IGNORANT ONLY THE GOVERNOR REQUIRES 2/3 OF NASS..NOT THE DEPUTY NOR DIRECTORS CBN ACT 2007: 2)The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he 8211 (a) becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties 8211 8211 8211 (f) is removed by THE PRESIDENT: Provided that the removal of THE GOVERNOR shall be supported by two-thirds majority of the Senate praying that he be so removed I appear to have misread sub section (f). You are indeed correct that only the CBN governor needs 2/3 approval of the senate to remove. THE CBN ACT 2007 6. (1) There shall be for the Bank a Board of Directors (in this Act referred to as the Board) which shall be responsible for the policy and general administration of the affairs and business of the Bank. (2) The Board shall consist of 8211 (a) a Governor who shall be the Chairman (b) four Deputy Governors (c) the Permanent Secretary, Federal Ministry of Finance (d) five Directors and (e) Accountant-General of the Federation. (3) The Board shall be responsible for 8211 (c) the formulation and implementation of exchange rate policy ALL THE BOARD MEMBERS (WHO ARE RESPONSIBLE FOR FORMULATION AND IMPLEMENTATION OF FOREIGN EXCHANGE POLICY) ARE APPOINTED BY THE PRESIDENT. HE HAS A DUTY AND RESPONSIBILITY TO ENSURE THOSE HE APPOINTED ARE ON THE SAME PAGE AS HIMSELF. NOTE ALSO THE PERMSEC FROM THE FINANCE MINISTRY IS THE EYE AND EARS OF THE MINISTER OF FINANCE..WHO REPORTS TO MR PRESIDENT. Mr Dele, it is an exercise in futility battling to exonerate a sitting president from the failure of a central Bank under his watch Do you really believe a CBN governor will take far reaching decisions without clearance from the Presidents economic team of which he is a part THE FACT THAT BUHARI KEPT SAYING HE WAS 8216YET TO BE CONVINCED8217 ABOUT DEVALUATION SHOULD TELL YOU THE FINAL DECISION IS HIS..THE BUCK STOPS ON HIS TABLE STOP FOOLING YOURSELF SIR. The Governor was appointed by GEJ and he has a 5 year tenure. the 4 deputy governor were appointed by GEJ and they have a 5 year tenure, the five Directors were appointed by GEJ and they have a 4 year tenure, the perm sec and the Accountant-general were both appointed by Buhari. Of the 12 member board, Buhari appointed 2 members. Buhari cannot sack any director or deputy governor or director without the support of 2/3 NASS. 2 members cannot overrule 10 members of the board. Executive Board Members and their Profiles Mr. Godwin Emefiele (CON) (Chairman, Board of Directors ) Serving Since 6/3/2014 8211 To Date Dr. Sarah Alade (OON) (Board Member) Deputy Governor, Economic Policy Directorate Serving Since 3/26/2007 8211 To Date Alhaji Suleiman Barau (OON) (Board Member) Deputy Governor, Operations Directorate Serving Since 12/13/2007 8211 To Date Mr. Adebayo Adelabu (Board Member) Deputy Governor, Corporate Services Directorate Serving Since 4/9/2014 8211 To Date Dr. Okwu Joseph Nnanna (Board Member) Deputy Governor, Financial System Stability Serving Since 2/3/2015 8211 To Date Non-executive Board Members and their Profiles Mr. Anthony Adeiza Adaba (Board Member) Serving Since 6/27/2013 8211 To Date Alhaji Muhammad Musa Kafarati (Board Member) Serving Since 6/27/2013 8211 To Date Mr. Collins Chike Chikeluba (Board Member) Serving Since 6/27/2013 8211 To Date Mr. Ayuli Jemide (Board Member) Serving Since 6/27/2013 8211 To Date Mr. Stanley I. Lawson (Board Member) Serving Since 8/2/2014 8211 To Date Alhaji Ahmed Idris (Board Member) Mr Dele, just try a wee little bit to be true to yourself. REGARDLESS OF WHEN THEY WERE APPOINTED, ARE YOU SAYING THEY WILL NOT BE REPORTING TO THE CURRENT PRESIDENT/ HIS TEAM DO YOU REALISE THE CBN GOVERNOR IS PART OF THE PRESIDENTS ECONOMIC TEAM ARE YOU UNAWARE THE POLICY DIRECTIONS OF THE ADMINISTRATION IS DETERMINED BY THE ECONOMIC TEAM AND NOT SOLELY THE CBN GOVERNOR Finally, if you can8217t get this, you must be very dishonest: THE PRESIDENT KEPT ANNOUNCING TO THE WORLD HE WAS 8216YET TO BE CONVINCED8217 ABOUT DEVALUATION DOESN8217T THAT TELL YOU THE CBN GOVERNOR, BOARD MEMBERS AND COMMITTEE MEMBERS COULD NOT TAKE ANY ACTION UNLESS CLEARED/APPROVED BY BUHARI WHERE DOES THAT TELL YOU THE BUCK STOPS. Lol you are a funny guy Keep defending the indefensible Good day oga Buhari met a CBN governor embarking on a destructive policy position since January 2015. Up until December 2015, Emefiele was the only 8220expert8221 providing economic advice to the president on matters deemed to be within the competence of the CBN governor. The minister of finance and the minister of Budget got appointed and were given portfolios in December 2015. By that time Emefiele had the sole confidence of the president. We all know that complex economics is not the forte of Buhari. Emefiele has been pursuing destructive policies for over a year. It was just last week that the VP stated that he would try to influence a change of policy at the CBN. However, the power is with the CBN not the FG on matters of monetary policy of FX policy. Read an article written by me in March this year. The Central Bank of Nigeria, Shakespeare And The Destruction of the Nigerian Economy By Dele Awogbeoba The appointment of Godwin Emefiele as CBN governor in July 2014 may well have turned out to be Goodluck Jonathans (GEJ) most far sighted appointment ever and PDPs ultimate plan B. In a classic move worthy of mention in a Shakespearean tragedy, GEJ may well have noted a number of important trends in July 2014. The alliance between the political North and the political South West put him on the political back foot. The only candidate that the APC could logically put up (that was capable of winning the 2015 election) was Buhari. Once he was able to convince the political South West to trust him, his victory was assured. GEJ may also have known that Buhari is the ultimate tragic literary hero. Many a play has centered around a central character similar flaws that besets president Buhari. He is nationalistic, determined, idealistic, powerful, simple, arrogant, tyrannical, economically ignorant, inflexible, incapable of learning from past mistakes and intellectual lazy. It was these same qualities that allowed his former military colleagues to effortlessly overthrow him in August 1985. Godwin Emefiele on the other hand appears to be simple, harmless, humble, soft spoken, powerless and cunning. Nigerians are being served up a live Shakespearean play where the lead character and tragic hero is being led to his destruction by the simple, powerless yet cunning underling. At the time Buhari took over from GEJ, the federal government finances had been completely ruined. Its savings obliterated, an inherited yet unmanageable debt service obligations incurred by the reckless acquisition of debt by an incompetent former finance minister, low oil prices, challenges in selling its oil to willing buyers, a stubborn costs structure of the FG bureaucracy and a war with a savage Boko Haram. The challenge was to prevent a FG revenue challenge from becoming a significant impediment to the fast growing Nigerian economy. In the past, the Nigerian state used fiscal and monetary policies in ways that checked excesses. The CBN in 2011 adopted its policies in a manner that prevented over heating of the economy when the fiscal side of government policy (through reckless government spending) was pumping a lot of money into Nigerian economy. At that time, the CBN tempered the economic implications of FG spending by increasing interest rates and withdrawing liquidity from the economy. FG Fiscal Position Presently, Nigeria is facing an acute demand challenged economy. There is very little money in the system. The oil price is just shy of 40 a barrel at the time of writing. It costs Nigeria 32 a barrel to produce its oil. It still has challenges finding an end market for all its oil. Its 2016 budget shows that following years of debt acquisition (from the former PDP finance minister who proclaimed that Nigeria had a low debt to GDP level and consequently was able to acquire more debt in its boom time in line with international best practices) its debt service obligations is now a stubborn 1.45 trillion naira a year. The Federal Governments budget hopes that it would be able to raise 2.2 trillion naira from oil sales at 38 a barrel. That means that 65 of Nigerias estimated oil revenue will be paid to its lenders as interests on debt. What is left over from FG revenue will absorbed by the over-bloated government bureaucracy (government workers, elected officials and political appointees). The FG hopes to borrow 2 trillion naira that will be used to stimulate the economy. No foreign lender or investor market will advance money to a borrower that spends 65 of its optimistically projected oil income on debt service obligations. Nigeria will barely get 10 of its projected borrowing aspirations met and will be unable to stimulate growth using fiscal measures (such as spending on capital projects). Nigerias economy was not helped by the timing of the implementation of the TSA by the FG which took 3 trillion naira out of circulation from the economy. Shortly before the swearing in of President Buhari, the CBN had started implementing its notorious forex policy. It started to implement a crude policy of exchange control by intentionally and significantly limiting the amount of naira available for purchase. This made many foreign investors already in Nigeria concerned that any money in Nigeria will be hard to extricate and it discouraged potential investors from bringing into Nigeria critical foreign investment and foreign currency into the Nigerian economy. JPM was so concerned, that it warned Nigeria that it faced expulsion from its index and with such expulsion will go billions of foreign currency inflows. Bloombergs Paul Wallace wrote an article on this issue on February 5, 2015 (before President Buharis swearing in) titled Nigerias woes deepen as central Bank Missteps on Currency (wwwdotbloombergdotcom/news/articles/2015-02-05/nigeria-woes-deepen-as-jpmorgan-hits-emefiele-with-debt-warning). By September 2015, JPM had expelled Nigeria from its index. Billions of foreign exchange flowing into Nigeria as a result of Nigerias inclusion in that index dried up. Other foreign investors have stopped further investment into Nigeria. This is because any huge inflow into Nigeria will be exchanged into Naira via Nigerias banking system at the unrealistic government driven official exchange rate which is 40 more than the black market rate. Foreign investors will effectively being paying 40 above market rate for any Nigerian valued investments. Many foreign investors have opted to use their hard earned money optimally and have passed on Nigeria for that reason. This in turn further exacerbates Nigerias foreign currency challenge and puts further downward pressure on the Naira. Emefiele had played to President Buharis inherent nationalistic pride, arrogance and economic illiteracy. He had managed to convince Nigerias then sole administrator to equate a strong Naira to the outward manifestation of Nigerias economic strength and independence irrespective of the underlying economic fundamentals prevalent at the time. Buhari, before long, became the face of this disastrous policy and its chief proponent in chief. At one time, he dared anyone to convince him of the merits of murdering the naira. At that point, he was perceived to be the driver of the policy rather than a President limited by the terms of the CBN Act of 2007 and the independence of the Governor of the CBN as enshrined in that Act. Emefiele had (before our very eyes) been transformed to the powerless, respectful and simple CBN governor taking instructions from an incompetent all powerful President rather than the reality of a cunning and incompetent CBN governor leading a stubborn and nationalistic but economically ignorant President down the road to political ruin. Not done with the exchange control regime, the CBN governor then implemented a restricted imports strategy vis a vis foreign currency acquisition by the domestic manufacturing market that has now led to the unprecedented growth of unemployment in Nigeria and the future large scale collapse of many domestic manufacturers. The CBN has now delivered the ultimate knock out punch when the barely reported decision by the CBN to increase interest rates and to pull 744 billion naira from circulation within the economy through the banking system. This was done at a time in which Nigeria has no fiscal injection into the economy from the federal government, there is a significant absence of demand within the economy and Nigeria is facing a near recession. Elementary economics demand that in times of near or actual recession fiscal and monetary policy should be expansionary and not contractionary. Every western country that was affected by the economic downturn over the last couple of years have significantly slashed interest rates. The worry in the west is a negative interest rate environment not a double digit interest rate regime. High interest rates are imposed where an economy is overheated and needs to be cooled down. There is no precedent for high interest rates and contractionary monetary policies at a time when the economy is devoid of demand and the FG is devoid of cash that can be used to stimulate growth within the economy by spending money. The result will be the most debilitating economic downturn ever experienced in modern history. One can only surmise that this new CBN policy was implemented to deal with rising inflation. However, Nigerias inflation is caused by the fall in the actual value of the Naira that has flowed into the price of imports sold in Nigeria or goods produced in Nigeria that consists of imported materials. Nigerias inflation is not caused by an excessive demand relative to supply driven inflation. The medicine prescribed by the doctor cannot cure the ailment that afflicts the sick patient. The patients health will deteriorate further because of the lack of knowledge of the doctor. Aware that the CBN Act of 2007 ensures that the CBN governor is independent of the FG and can only be removed by the President with the assent of the National Assembly, Emefiele has insulated his position by bribing the major power centres within Nigeria by giving their wards unmerited appointments within the CBN. Buhari is effectively stuck with a CBN governor that will facilitate his quick transition from messiah to the most hated and unpopular head of state in recent memory. Mr Tinubu (seemingly worried about the popularity of the APC federal government and its effect on his hard won south west political empire) aimed his missile at the wrong person. The minister of state for petroleum is not the existential threat to this APC government. It is the CBN governor. Asiwaju Bola Tinubus hard won political empires further rise or fall is in the hands of that simple, respectful yet cunning man that occupies the seat of the Governor of the Central Bank of Nigeria. What an interesting irony. I have always loved Shakespeares works. It appears that Emefiele does too. You smell evil and typical of Yorobber 8211 never see wrong in their people. What is wrong of you You blame Okonjo Iweala in the last administration and have changed the goal post now. evil Okonjo Iweala destroyed FG finances and made the FG devoid of policy tools to combat a revenue challenge. Emefiele has practically destroyed the Nigerian economy through his policies. I warned about this 2 months ago. 8220Nigeria is currently facing an absence of demand within the economy (otherwise called a significant drop in GDP or a near or actual recession). I agree with the minister that this is best addressed by policies that stimulate domestic demand. Our point of diversion is that the FGs policy route will take some time to reflect itself within the domestic economy without even trying to address the negative and adverse current policy positions of the CBNs monetary policy. The cheapest, most effective and quickest route to stimulating the economy is to discontinue the forex policy, drastically cut interest rates and have significantly less requirements for banks to keep liquidity with the CBN. Keeping the CBN policies as it currently is and applying an inconsistent stream of fiscal policies to the same environment may actually nullify the positive effects on the economy that the Nigerian Federal Government desires.8221 absolute rubbish from a semi-illiterate. Nothing said. What are the fundamentals that will stimulate growth English or Yoruba Common, tell me in vivid terms how Vehicle Assembly plants with ancillairy industries are encouraged by releasing FX to source some materials and would significantly boost employment, how Rice farming has been discontinued, hpw specific macro economic drivers are be managed to that effect. Kemi seem to me a Girl friend brought into a Corporation as an eye for some major investors without deep knowledge of board room intrigues. Her face betray her anytime. Such a woman as a cook would rock a family8217s menu Incompetent who Did I here you say incompetent Buhari He is still the president, and no one else. Unfortunately Mohamed surrounded himself with incompetent cabinet. What is the dummy Finance Minister doing there Shame. You see that is why I have told you earlier that your problem is being stuck in the conventions of economics that never worked anywhere. Short brain. Macro economic management is what drives any economy, while the micro economic management help stabilises it. In this case, the micro economic manager now run both together while the Macroeconomic manger has accepted to share federal allocation alone as her responsibility. When she and Osinbajo were called common commissioners by Fani-Kayode, you all scorned him but we are all in the mess today. Okonjo Iweala used her clout and contact to get other nations buy our oil as if selling crayfish and didi effective macro management (The liarly Yoroubas said she stole all the monies, so their daughter nor even know wetin to do 8211 let her even steal all the monies so we can have a moving economy), but she achieved success. Today, we hardly sell anything, import nothing, produce nothing. All that we had are all becoming scrap, no replacements or hope to produce replacements. But Buhari has appointed follanis to every available office in the land, such that in the next 20 years, they will drive Nigeria without requisite knowledge or know-how. 8211 Doom Okonjo never used any clout to get buyers for Nigerian oil. Stop talking BS. This economy was destroyed by the CBN. I have written extensively on this issue 2 months ago and warned about the outcome of CBN driven policies. 8220Nigeria is currently facing an absence of demand within the economy (otherwise called a significant drop in GDP or a near or actual recession). I agree with the minister that this is best addressed by policies that stimulate domestic demand. Our point of diversion is that the FGs policy route will take some time to reflect itself within the domestic economy without even trying to address the negative and adverse current policy positions of the CBNs monetary policy. The cheapest, most effective and quickest route to stimulating the economy is to discontinue the forex policy, drastically cut interest rates and have significantly less requirements for banks to keep liquidity with the CBN. Keeping the CBN policies as it currently is and applying an inconsistent stream of fiscal policies to the same environment may actually nullify the positive effects on the economy that the Nigerian Federal Government desires.8221 How does CBN destroy economy One year of non-definite national policies, budget, stopped import (for a non-manufacturing country) without alternative productive activities is economic suicide. Please let him release the 21 billion left in the Country reserve in weeks and we would go into receivership. When a dead brained man the head of Customs to make laws for a country, did you expect that country to thrive The buck stops at Kemi and Buharis tables. The CBN moderates whatever those two put on the table, unfortunately, there is nothing on the table. Buhari is pretending, because he has been told by the 1977-1985 fish head technocrats that if he devalue the Naira, he would have enough funds to run his budget upon conversion of the Dollar from Oil sale, not minding that all other factors such as large money chasing few goods would see inflation through the roof and eventually kill the economy. What the CBN HAS DONE OVER THE MONTHS IS MANAGEMENT BY EXCEPTION AND IF NOT FOR THAT, NIGERIA WOULD HAVE BEEN FULLY LIQUIDATED.. Please tell us what you would do differently if you were the CBN Governor or Minister of Finance. I have written on them over the past one year. I have listed the many articles below for those you care to read. Buhari said he would turn Nigeria around in weeks, we are not talking Jonathan now. If a CEO known for managerial prowess is hired to turn around an ailing corporation, the board does not expect him to re-tell the story of what led to its state, but deliver. Pleas use your brain. Buhari said he would par the Naira to the dollar, so N350.00 is equal to 1 Please, show the evidence where Buhari said he turn Nigeria around in weeks. Let8217s assume he said that, can you tell me how many weeks. Buhari has started turning Nigeria around, at least we have seen people being called to give account of their deeds while in political office. People are being sent to prison for stealing public money rather than 8220stealing is not corruption syndrome8221. Very soon, all leakages will be blocked and the masses will be the beneficiaries. God forbid Nigerians to experience such government like that of Jonathan again. We were born free Animal typical of every lying Islamist. Jonathan did not put Nigeria in abject poverty, the disingenuous MONSTER called Buhari did8230 The F00Lish illiterate imagined that an uneven anti-corruption campaign (targeted intentionally to destroy all opposition, including the PDP) equates to economic policy8230. Jonathan8217s team managed to enunciate an economic policy that recorded the rebasing of the economy following which Nigeria moved quickly from being the 3rd largest economy in Africa to being the 1st8230 Then came the 1d1ot Buhari to whom it never occurred that in messing up Jonathan8217s legacy he was toiling with the destiny of Nigeria8230. And in just 12 months of being in the saddle, here we are8230.. The spiral has been so steep in just 12 months, that the 1d10t has no answer for his failure than blaming the past, than to say 8220see Jonathan8217s government was so corrupt, and that is why I have no economic policy to fix Nigeria8230.8221 Articles amp Opinions The Central Bank of Nigeria, Shakespeare And The Destruction of the Nigerian Economy By Dele Awogbeoba The appointment of Godwin Emefiele as CBN governor in July 2014 may well have turned out to be Goodluck Jonathans (GEJ) most far sighted appointment ever and PDPs ultimate plan B. In a classic move worthy of mention in a Shakespearean tragedy, GEJ may well have noted a number of important trends in July 2014. The alliance between the political North and the political South West put him on the political back foot. The only candidate that the APC could logically put up (that was capable of winning the 2015 election) was Buhari. Once he was able to convince the political South West to trust him, his victory was assured. GEJ may also have known that Buhari is the ultimate tragic literary hero. Many a play has centered around a central character similar flaws that besets president Buhari. He is nationalistic, determined, idealistic, powerful, simple, arrogant, tyrannical, economically ignorant, inflexible, incapable of learning from past mistakes and intellectual lazy. It was these same qualities that allowed his former military colleagues to effortlessly overthrow him in August 1985. Godwin Emefiele on the other hand appears to be simple, harmless, humble, soft spoken, powerless and cunning. Nigerians are being served up a live Shakespearean play where the lead character and tragic hero is being led to his destruction by the simple, powerless yet cunning underling. At the time Buhari took over from GEJ, the federal government finances had been completely ruined. Its savings obliterated, an inherited yet unmanageable debt service obligations incurred by the reckless acquisition of debt by an incompetent former finance minister, low oil prices, challenges in selling its oil to willing buyers, a stubborn costs structure of the FG bureaucracy and a war with a savage Boko Haram. The challenge was to prevent a FG revenue challenge from becoming a significant impediment to the fast growing Nigerian economy. In the past, the Nigerian state used fiscal and monetary policies in ways that checked excesses. The CBN in 2011 adopted its policies in a manner that prevented over heating of the economy when the fiscal side of government policy (through reckless government spending) was pumping a lot of money into Nigerian economy. At that time, the CBN tempered the economic implications of FG spending by increasing interest rates and withdrawing liquidity from the economy. FG Fiscal Position Presently, Nigeria is facing an acute demand challenged economy. There is very little money in the system. The oil price is just shy of 40 a barrel at the time of writing. It costs Nigeria 32 a barrel to produce its oil. It still has challenges finding an end market for all its oil. Its 2016 budget shows that following years of debt acquisition (from the former PDP finance minister who proclaimed that Nigeria had a low debt to GDP level and consequently was able to acquire more debt in its boom time in line with international best practices) its debt service obligations is now a stubborn 1.45 trillion naira a year. The Federal Governments budget hopes that it would be able to raise 2.2 trillion naira from oil sales at 38 a barrel. That means that 65 of Nigerias estimated oil revenue will be paid to its lenders as interests on debt. What is left over from FG revenue will absorbed by the over-bloated government bureaucracy (government workers, elected officials and political appointees). The FG hopes to borrow 2 trillion naira that will be used to stimulate the economy. No foreign lender or investor market will advance money to a borrower that spends 65 of its optimistically projected oil income on debt service obligations. Nigeria will barely get 10 of its projected borrowing aspirations met and will be unable to stimulate growth using fiscal measures (such as spending on capital projects). Nigerias economy was not helped by the timing of the implementation of the TSA by the FG which took 3 trillion naira out of circulation from the economy. Shortly before the swearing in of President Buhari, the CBN had started implementing its notorious forex policy. It started to implement a crude policy of exchange control by intentionally and significantly limiting the amount of naira available for purchase. This made many foreign investors already in Nigeria concerned that any money in Nigeria will be hard to extricate and it discouraged potential investors from bringing into Nigeria critical foreign investment and foreign currency into the Nigerian economy. JPM was so concerned, that it warned Nigeria that it faced expulsion from its index and with such expulsion will go billions of foreign currency inflows. Bloombergs Paul Wallace wrote an article on this issue on February 5, 2015 (before President Buharis swearing in) titled Nigerias woes deepen as central Bank Missteps on Currency (wwwdotbloombergdotcom/news/articles/2015-02-05/nigeria-woes-deepen-as-jpmorgan-hits-emefiele-with-debt-warning). By September 2015, JPM had expelled Nigeria from its index. Billions of foreign exchange flowing into Nigeria as a result of Nigerias inclusion in that index dried up. Other foreign investors have stopped further investment into Nigeria. This is because any huge inflow into Nigeria will be exchanged into Naira via Nigerias banking system at the unrealistic government driven official exchange rate which is 40 more than the black market rate. Foreign investors will effectively being paying 40 above market rate for any Nigerian valued investments. Many foreign investors have opted to use their hard earned money optimally and have passed on Nigeria for that reason. This in turn further exacerbates Nigerias foreign currency challenge and puts further downward pressure on the Naira. Emefiele had played to President Buharis inherent nationalistic pride, arrogance and economic illiteracy. He had managed to convince Nigerias then sole administrator to equate a strong Naira to the outward manifestation of Nigerias economic strength and independence irrespective of the underlying economic fundamentals prevalent at the time. Buhari, before long, became the face of this disastrous policy and its chief proponent in chief. At one time, he dared anyone to convince him of the merits of murdering the naira. At that point, he was perceived to be the driver of the policy rather than a President limited by the terms of the CBN Act of 2007 and the independence of the Governor of the CBN as enshrined in that Act. Emefiele had (before our very eyes) been transformed to the powerless, respectful and simple CBN governor taking instructions from an incompetent all powerful President rather than the reality of a cunning and incompetent CBN governor leading a stubborn and nationalistic but economically ignorant President down the road to political ruin. Not done with the exchange control regime, the CBN governor then implemented a restricted imports strategy vis a vis foreign currency acquisition by the domestic manufacturing market that has now led to the unprecedented growth of unemployment in Nigeria and the future large scale collapse of many domestic manufacturers. The CBN has now delivered the ultimate knock out punch when the barely reported decision by the CBN to increase interest rates and to pull 744 billion naira from circulation within the economy through the banking system. This was done at a time in which Nigeria has no fiscal injection into the economy from the federal government, there is a significant absence of demand within the economy and Nigeria is facing a near recession. Elementary economics demand that in times of near or actual recession fiscal and monetary policy should be expansionary and not contractionary. Every western country that was affected by the economic downturn over the last couple of years have significantly slashed interest rates. The worry in the west is a negative interest rate environment not a double digit interest rate regime. High interest rates are imposed where an economy is overheated and needs to be cooled down. There is no precedent for high interest rates and contractionary monetary policies at a time when the economy is devoid of demand and the FG is devoid of cash that can be used to stimulate growth within the economy by spending money. The result will be the most debilitating economic downturn ever experienced in modern history. One can only surmise that this new CBN policy was implemented to deal with rising inflation. However, Nigerias inflation is caused by the fall in the actual value of the Naira that has flowed into the price of imports sold in Nigeria or goods produced in Nigeria that consists of imported materials. Nigerias inflation is not caused by an excessive demand relative to supply driven inflation. The medicine prescribed by the doctor cannot cure the ailment that afflicts the sick patient. The patients health will deteriorate further because of the lack of knowledge of the doctor. Aware that the CBN Act of 2007 ensures that the CBN governor is independent of the FG and can only be removed by the President with the assent of the National Assembly, Emefiele has insulated his position by bribing the major power centres within Nigeria by giving their wards unmerited appointments within the CBN. Buhari is effectively stuck with a CBN governor that will facilitate his quick transition from messier to the most hated and unpopular head of state in recent memory. Mr Tinubu (seemingly worried about the popularity of the APC federal government and its effect on his hard won south west political empire) aimed his missile at the wrong person. The minister of state for petroleum is not the existential threat to this APC government. It is the CBN governor. Asiwaju Bola Tinubus hard won political empires further rise or fall is in the hands of that simple, respectful yet cunning man that occupies the seat of the Governor of the Central Bank of Nigeria. What an interesting irony. I have always loved Shakespeares works. It appears that Emefiele does too. In as much as I am no fan of Emefiele8217s monetary policies, I strongly believe that there is an invisible hand from Aso-rock causing grid-lock on economic progress. If you check the policies of 1983/84 of the Buhari dictatorship, the over-regulation was almost of communist proportions and that is almost the strategy of today. The government simply wants to control and redistribute wealth to the north82308230.as simple as that. The policy has predictably backfired and I do think the political calculations responsible for this anti free market ship emanates from Aso-rock. There is no basis for such an assumption especially as Emefiele had been pursuing this policy from January 2015 (5 months before Buhari was sworn in). Emefiele was given a free hand and that has been the undoing of the country, the Nigerian economy and Buhari himself. Buhari has severally made public statements about issues of monetary policy, he has stood publicly against devaluation for instance and he has also insisted on this negative FOREX policy. There are more than enough grounds to believe that he is solidly behind those policies. tawanda Incommunicado. Good name for a troll company. We should try to imagine what clueless and treasury looters of PDP government would have down now having looted Nigerians dry before the election. God forbid, many people crying now would have started selling their children for their survival. People have short memory This is not funny. See how the swine Buuhari and his relentless propaganda machine has messed up with your fish brain8230. He has made you believe that corruption flew over the head of APC politicians and squarely settled on the PDP8230.. You have been scammed, nay fooled. You have just said nothing. No one is talking about who is corrupt or not. It will take a preceding administration to Buhari to reveal any maladministration and corruption of his regime. Right now, it is an open secret that Jonathan and his aides were on mission to loot Nigeria to non-existence going by the confessions and revelations that are in public domain. This is type of democracy the masses needed and we voted for it. If this is being scammed, Nigerians would accept to be scammed than to be looted dry. Sorry, free money is gone. Lazy man The opposition is dead in Nigeria, no thanks to Boooohari8217s FITNA Booohari is suffering from some irritating messianic complex, and is thus out on a mission to shred up the opposition and what better way to execute the task than to brand it, and drape it in a tegumen comparable only to an execrable rubbish. Is it a dead opposition that can take over from APC in 2019 to then proceed to probe it You know you are just apologizing for the undertaker. And today8217s politicians have become wiser: the Buhari/Jonathan tango has taught them about the danger inherent in conceding defeat to an unrelentingly vicious and propagandizing opposition8230.. Buhari has successfully reversed the democratic gains and legacy which Jonathan even if in default managed to bequeath to the nation82308230 We might be scammed as you believe. If so then that is a temporary situation . It8217s a far cry from having a brain fried which is what your is82178211 FRIED 8220He who bears rule over men must be just82218230.so admonishes the holy Scriptures8230 To be just means to do justice to do justice means to display no favoritism it means to be even-handed, to brandish an even balance like Lady Justice whose eyes were bandaged so as not to be beholden to no person, friend or foe8230 Nobody is in contest with mentally paraplegic Buhari8217s vaunted anti-corruption campaign. I am rather in contest with the fact that the so-called campaign is not guided by the Justice principle it bears no signature of even-handedness, and that in itself is corruption8230. You cannot use corruption to fight corruption8230..which is why his vaunted anti-corruption war has practically killed the opposition in Nigeria and in the death of the opposition democracy dies while the rise of totalitarian dictatorship becomes inevitable8230. Furtively Boohari is dragging Nigeria into Hitler-style Fascist Totalitarianism8230. His skewed anti-corruption campaign is also at the root of the asphyxiation which the the national economy is currently experiencing, with its imminent death not far to see8230. May the scales fall from your eyes so you can see that Boohari8217s vaunted anti-corruption war is only self-serving and a recipe for impending disaster. Buhari administration is on course with its forex. What only happened was the reinforcement of the President8217s official forex restriction policy by now making it abundantly clear that henceforth only critical imports such machinery and industrial raw materials that cannot be produced locally will be the ones to officially access forex. In other words, rather than 41 items banned from accessing forex officially, only few items will access forex officially, the rest should source from the market driven by demand and supply. We will see that few days from now, the CBN will announce these critical items to access forex from the CBN window, at a rate not determined by the market forces. Isn8217t this room for corruption When you have two different exchange rates people would take advantage. Just free float the Naira and let everyone compete for fx without restrictions. This government seems fixated on controls when what is required is liberalisation. It8217s time to free the economy and let market forces work. SAM, Pax didn8217t understand your opinion.
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