Tune in and listen.

Henry Boyo, writes a column in Vanguard under the pen-name "Les Leba", strictly on economy.

He has always written a against the queer role of CBN auctioning dollars, which has a net effect of pushing the $:N exchange rate higher and flooding the economy with excess naira, and at the same time struggling to mop up the excess naira which it created in the first place via various avenues like increasing CRR, selling bonds and treasury bills. It is also strabge that the same CBN will later turn around to drain the foreign reserves to intervene in the forex market to defend the same naira. It is like CBN is fighting against itself.

He supports Buhari's challenge to economists to adduce tangible benefits to the economy for the mantra of devaluation when you do not have functioning infrastructure, lending rate is astronomical, and inflation is galloping at double digits. What are the real benefits to the real sector.

He says the only "expected" benefit touted by apostles of devaluation is projected inflow of about $15b which is not guaranteed. And nobody can say for sure in what form this will come in. Whereas, the day the devaluation is effected, $25b out of the $45b current value of Nigerian stock exchange is wiped out. The value of dollar or Euro denominated loans increases by about 40%, and local borrowing rate shoots up. All these he say is a death knell to local businesses. The resultant effect is retrenchment and closure of business and manufacturing concerns. The factories closed during the devaluation of the IBB era such as textile factories in Lagos, Kaduna, Asaba, Kano and Michelin tire factories have never re-opened.

You can access his economic write-ups and articles on Nigerian economy via the site:
http://www.lesleba.com/


http://www.lesleba.com/

Watch previous youtube recordings of interviews on CBN's distorted and faulty monetary framework


https://www.youtube.com/watch?v=ca-f_OT5B7w


https://www.youtube.com/watch?v=zA74C_lobJY


https://www.youtube.com/watch?v=COdxIAGJEmg