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Nairaland Forum / Nairaland / General / Investment / Saving In Foreign Currencies- The Anambra Case (607 Views)
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Saving In Foreign Currencies- The Anambra Case by 9inches(m): 12:48am On Mar 19, 2015 |
...just before the end of his tenure, – Governor Obi announced to a stunned audience that Anambra State had accumulated savings to the tune of N75 billion – denominated into assets as well as local and foreign currencies. The audience, not one to be toyed with, included former Commonwealth Secretary-General, Chief Emeka Anyaoku; Finance Minister, Ngozi Okonjo-Iweala; heads of churches in the state, CSOs and media executives. A recent inquiry with a senior banker revealed that the foreign currency savings bequeathed by the Obi administration, which was $156, 000 million then (variously in Fidelity Bank US$56 million; Access Bank, US$50 million; and Diamond Bank, US$50million), which he presented publicly in the presence of the referred banks CEOs, has, with interest, appreciated to about $171, 500.000 million. This simply means the more naira goes down in value against the USD, the more gain Anambra gets from her USD savings. |
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