₦airaland Forum

humilitypays:
why must he own a chinco phone make before me

and your Apple or BlackBerry is made where

otitokoroleti:
u well?

that was rude ...but anyway I mistakenly tapped the submit button..my bad.

30-Year-Old Nigerian Tech Entrepreneur May Run Apple Out of Business In Africa


FJT STAFF CONTRIBUTOR MARCH 13, 2015
Reported by Yhanick Scott

A 30-year-old Nigerian phone entrepreneur by the name of Michael Akindele has been making great strides in the mobile device market — so much so, that he has been challenging tech giants such as Apple. The company, SOLO Phone, was started in 2012, and Akindele serves as director and co-founder. The company is aimed at delivering mobile solutions, services, and platforms to consumers all at a reasonable price.

The company’s smartphones are priced at $150 and come with up to 20 million free songs licensed by Sony, Universal, and Warner. Its latest release is an app named Video-On-Demand, available to all Nigerians with an Android device and makes available Nollywood and Hollywood movies. SOLO Phone is making strides in the market and can definitely challenge other giants within the market, believes Akindele.

Akindele was born in the United States to Nigerian parents on Aug. 29, 1984. He returned to Nigeria at two-years-old but returned to the states ten years later. He was educated at Alexandria, Virginia and graduated from T.C. Williams High School, and then moved on to George Mason University in Fairfax. While at George Mason, he earned a Bachelor of Science degree with a focus on computer science and information technology. This gave him the ideal background, knowledge, and platform to building his company.

His work as a technology consultant at Accenture also helped him to gain first-hand knowledge in his field. This is where he started working on “The Apprentice: Africa,” which was the American version of Donald Trump’s “The Apprentice.” He returned to Africa in 2007 to help produce, develop, and distribute the show, which gained a huge following in Nigeria, Uganda, Ghana and Kenya during the 18 weeks it was aired on the continent.

Before SOLO Phone, he had a company called Fusion Mobile, but it did not last very long because of a lack of funding and persons not believing in an African manufacturing phone company. Adlevo Capita, however, changed all that in 2013 when they partnered with Akindele. This led to the birth of SOLO.

Tayo Ogundipe is a telecom specialist who led the push to develop the company and has experience working with companies such as Sony Ericsson and HTC. His experience led to the realization of SOLO on Nov. 22, 2013. Since then, the reception from the public has been tremendous, as they seek to provide experience-driven and strong digital content to both the young and the old. What has been keeping consumers interested and has set SOLO apart from others in the market is the high content and services it provides at such an affordable price.

Source

http://financialjuneteenth.com/30-year-old-nigerian-tech-entrepreneur-may-run-apple-out-of-business-in-africa/

http://www.gosolo.ng/

Okonjo-Iweala: I said governors, NOT Jonathan, lacked the political will to save.

Ngozi Okonjo-Iweala, former minister of finance, says her statement blaming the lack of political will to save funds under the administration of former President Goodluck Jonathan has been taken out of context.

Speaking on the Chilean saving example at the George Washington University on Thursday, the former minister had said “zero political will to save in the last administration” was responsible for some of the challenges facing the country.

But in a statement issued on Friday, Paul Nwabuikwu, media aide of the two-time minister, said Okonjo-Iweala was referring to the opposition of some governors to the efforts of the immediate past administration to save in the excess crude account (ECA) and in sovereign wealth fund (SWF).

“Some recent media reports have distorted comments made by former Finance Minister Dr Ngozi Okonjo-Iweala regarding how lack of political will negatively impacted national savings over the past few years,” the statement read.

“Contrary to the slant given by these loud headlines, Dr Okonjo-Iweala did not indict the Jonathan administration in which she served.

“Rather, she was referring to what many Nigerians already know: the strong opposition by some governors to the Jonathan government’s efforts to save in the excess crude account and the sovereign wealth fund sabotaged this important national priority.

“The governors’ criticism of Dr Okonjo-Iweala’s many calls for the country to save for the rainy day is still fresh in the minds of Nigerians.

“It will be recalled that this opposition culminated in the governors taking the Jonathan government to the supreme court in furtherance of their position that the federal government had no right to ‘compel’ them to save.

“Several knowledgeable persons including former Anambra State Governor, Mr Peter Obi have confirmed these facts. So the issue of Okonjo-Iweala indicting the Jonathan administration over this very public issue simply does not arise.”
https://www.thecable.ng/okonjo-iweala-govs-not-gej-lacked-will-save

jamsboy:
Wailers are not happy with this news

I am a proud wailer and this is one of the moves I have been wailing about ( he should shun the west and US and look towards a more friendly East). And now I'm happy Nigeria my country is making progress. ...FYI I'm the OP too...

The Industrial and Commercial Bank of China Limited, the world’s biggest lender and Nigeria’s Central Bank on Tuesday signed an agreement on yuan transactions.

“It means that the renminbi (yuan) is free to flow among different banks in Nigeria and the renminbi has been included in the foreign exchange reserves of Nigeria,”

Implications:

CBN has signed 'Foreign Exchange Deal' With Chinese Commercial Banks.

Nigerian businessmen that want to do businesses with Chinese firms can change Naira to Yuan from Nigeria Bank without having to change Naira to US$ (in Nigeria) for US$ to Yuan (in China)...copied

http://www.channelstv.com/2016/04/12/nigeria-china-bank-reach-agreement-yuan/

..smh. .. You can't just understand humans

Themandator:
Even here: an attempt to pour light on a fellow nairalander on the subject ended up in abuse and insult

pedrilo:
enrichment is not the same as stealing. Haba!

pedrilo:
enrichment is not the same as stealing. Dnt confuse urself!

pedrilo:
enrichment is not the same as stealing. Where did u school pls?

pedrilo:
enrichment is not the same as stealing. Which school did u attend pls?

Bro me sef taya to reply the guy

AZeD1:
Your point please?

Simple Definition of illicit. : not allowed by law.

Even though both stealing and corruption are not allowed by law, there is a distinction between them. And that is basis of this argument.

AZeD1:
Doesn't stealing fall under illicit enrichment?

beans and rice are not the same. But they are both food ain't that?

ckmayoca:
We all know they are different. It was twisted to frustrate GEJs administration.
Same game is used toward buhari now. He says this, and ppl term it to that, if u come to explain what u mean, you now look like a fool.

not everyone agree', I have, in so many cases encountered educated men and women who still can't distinguish the difference.

They even laugh at you when you try to explain.

The Independent Corrupt Practices Commissions (ICPC) Chairman, Mr. Ekpo Nta, has reiterated his view that “stealing is not corruption.”

Speaking to a team of The Nation on Sunday in Lagos at the weekend, Nta explained that his commission would fare better if there was a proper understanding of the word corruption.

According to him, the controversy emanating from the definition of corruption is as a result of a long entrenched misunderstanding of the vice.

“If you don’t know what you are fighting then you might be busy fighting other things and thinking you are addressing the problem,” he stated.

The ICPC chairman, who has been criticised in the media for saying “stealing is not corruption”, stated that from the United Nations Convention Against Corruption (ONCAC) and the ICPC Act, the first item that falls under corrupt practices is bribery in public and private offices.

He backed up his views with Articles 15 and 16 of UNCAC and sections 8, 9 and 10 of the ICPC Act.
He listed what is considered as corruption under Article 19 of UNCAC and Section 19 of the ICPC Act as: illicit enrichment, trading in influence etc.

Explaining what he calls constitutes corruption, the ICPC chairman said: “If I walk into your office and I say that I have been sent by the president that this contact you are about to award must be awarded to me and now drop his card or the president’s card on the table. This is also an offence under corrupt practice.”

Nta reiterated that the major function of the ICPC is to check abuse of office by public office holders and government officials.
Stealing, he said, falls under the criminal code and should be reported to the police.

http://thenationonlineng.net/corruption-different-stealing-icpc-boss/#top

Ehiscotch:
[color=#000099][/color] OBJ inherited a better economy. If you had $3 as at then, I assume it has a greater value than $3 today. OP, you seem to have highlighted the negative, he also complimented Buhari's efforts.

my post is specifically targeted at the claim the last administration made of meeting a near empty treasury.

cutestcee:
Hmm.
OBJ talking about Bubu? Hope they won't put the corruption torchlight on him?
God, please give me this kind of empty treasury that oga Buhari is enjoying Amen

One of the biggest excuse from APC led govenrment and her supporters for non performance, is the claim that they met a near empty treausury/reserve.

Well i guess lies dont stick around for long.

The excerpt below was from Obasanjo' interview as reported by an online media......kodus to the HERO of democracy.

While commenting on oil prices, Obasanjo said President Muhammadu Buhari was lucky comparing Buhari’s opportunities with his own.

“When I assumed office in 1999, I inherited $3.7 billion in reserve, while Buhari met $30 billion, almost 10 times of what I met then, and the price of oil then was $9. When it got to $20, I was dancing.

“I know the price is down now and with time, it will jump up again. What Buhari is doing currently is preparing ground for Nigeria to take advantage when it goes up again,” he maintained.

http://www.thetrentonline.com/i-met-3-7-billion-in-reserve-buhari-met-30-billion-obasanjo/?utm_source=&utm_medium=twitter

WIKE IS GRADUALLY DESTROYING AMAECHI:

Amaechi and his supporter of APC party APC is finding it difficult to move hug sum of money from banks through Capita Index Limited to the various individuals appointed to perfect the rigging of Rivers state re-run election following the inclusion of banks in Rivers state in the two days public holidays declared by Governor Nyesom Wike.

Intelligence report has it that Wike has positioned his men around all the banks and big hotels in Rivers state to monitor Amaechi and his men. This followed the interception of a message by INEC REC by the Government house security unit.

Wike has also uncovered plans by Amaechi to use fake military personnel to intimidate Rivers people especially in Etche and Abua areas of the state. Information also has it that the police have discovered catche of arms in the house of an APC chieftain. He has since been arrested along with 5 others.

https://m.facebook.com/story.php?story_fbid=10205741894089577&id=1322637385

A thug linked to Chidi Lloyd, an All Progressives Congress (APC) chieftain in Rivers State has been apprehended with fake police and military uniforms by the Nigerian Police in Rumuji in Emohua Local Government Area of the state on Friday, March 18, 2016.

The man, who identified himself to a reporter at the scene to citizen reporters as Wilson, confessed to being employed by a group overseen by Lloyd for the purpose of disrupting the re-run elections slated for Saturday, March 19, 2016.

“Forgive me, forgive me. My name is Wilson. I am from Delta. Someone called me and said there is work in Rivers this week. So I came to where they told me. The oga of the place came and addressed us. Then we went for briefing in another place where we were given the fake uniform,” the suspect (pictured) confessed in pidgin English. “Later, oga’s boy told us that oga will pay us N150,000 for the operation for tomorrow’s election. Please forgive me, I am an unemployed youth. No work in my state, in Delta.”

When the suspect was asked who is the oga he is referring to, he revealed that it was Chidi Lloyd, an APC chieftain in Rivers State.

Other items found on the suspect at the time of his arrest include a gun, rounds of bullets, at least 6 mobile phones, an Etisalat starter pack, and some money.

The Rivers police authorities are yet to comment on the matter.

http://www.thetrentonline.com/breaking-news-police-arrest-apc-thug-fake-police-militar-uniforms-photos/?utm_content=buffer36d13&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

Mods this should make front page, so we can continue with the inspiration of our younger generation
Cc: lalasticlala
OAM4J,
Mynd44,
Seun

This list comprises of 16 Nigerian inventors who have contributed to development in various fields worldwide.

1. Saheed Adepoju

He is the inventor of the INYE-1 & 2, tablet computers designed for the African market.

Bio: Saheed is the Co-founder of Encipher Limited, a Nigerian-based technology company that introduced the first android-powered tablet into Nigeria. The INYE-1, which was unveiled in April 2010 is a 7-inch resistive screen tablet. It runs android 2.1 and allows users to connect to the internet using its inbuilt WIFI card and to use an external 3G modem from GSM networks. It offers about 3 hours of battery life and allows HDMI output to HDMI capable devices.
INYE-2, which was unveiled in May 2011, is an 8-inch capacitive screen tablet. It runs Android 2.2 and allows users to connect to the internet using its inbuilt Wi-Fi card as well as its inbuilt SIM. It offers about 8 hours of battery life and allow users to connect to other USB devices.

2. Seyi Oyesola

He is credited with the co-invention of CompactOR or the “Hospital in a Box”, a solar-powered life-saving operating room which can be transported to remote areas of Africa and set up within minutes.

Bio: Seyi is a Nigerian trained doctor and inventor. He received his basic science and medical education at the University of Lagos, Nigeria, with specialist training in Anaesthesia and Critical Care in the United Kingdom and United States. In order to help bring surgical care to every region of the continent, Seyi co-developed CompactOR, or the “Hospital in a Box”: a portable medical system that contains anesthetic and surgical equipment. One major advantage of this invention is that the operating suite is light enough to be dropped into inaccessible zones by helicopter and it can be powered by solar panels.

3. Jelani Aliyu

He is credited with designing General Motors’ leading auto brand, Chevrolet Volt.

Bio: Jelani was born in Kaduna State, Nigeria in 1966. He originates from Sokoto State, Nigeria and earned an associate degree in Architecture from Birnin Kebbi Polytechnic in 1988. Upon graduation from the Polytechnic, Jelani worked at the Ministry of Works, Sokoto before pursuing additional education in the United states. He graduated in 1994 with a degree in Automobile Design from the College for Creative Studies, Detroit, Michigan and was hired by General Motors.

4. Ndubuisi Ekekwe

He is credited with the development of microchips used in minimally invasive surgical robots

Bio: Ndubuisi is the founder of First Atlantic Semiconductors & Microelectronics Ltd. He holds a U.S. Patent on a microchip used in minimally invasive surgical robotsand was part of the team that created XL sensor inside the iPhone and iPad.

5. Col. Oviemo Ovadje (Rtd)

Oviemo is a Nigerian medical Doctor who is credited with the invention of the Emergency Auto Transfusion System (EAT-SET), which is an effective, low-cost and affordable blood auto-transfusion mechanism that saves patients in developing countries. He has patented the invention in nine (9) countries.

Bio: Oviemo was born in Nigeria and hails from Delta State. He began working on the invention in 1989 with $120 dollars. In 1995, he was declared best African scientist and founded EATSET Industries, in April 2001. The United Nation Development Program (UNDP) and the government of Nigeria funded the EAT-SET Project, with the World Health Organization (WHO) acting as the executing agency and providing assistance in the coordination of the project.
He has received many international awards including:
*.OAU-WIPO Best African Scientist Gold Medal, Geneva Switzerland (1995);
*.Winner Promex Medal Geneva, Switzerland (1998);
*.First African Winner World Health Organisation Sasakawa Gold Medal, Geneva, Switzerland, (2000);
*.Winner ARCO Gold Medal, The Dorchester, UK, (2001);
*.Winner Army Council Medal, Nigeria Army, Army Head Quarters, Abuja, Nigeria.

6. Cyprian Emeka Uzoh

Credits: He holds more than 126 United States issued patents and over 160 patents worldwide in semiconductor technology including U.S. Patent No. 6709562,“method of making electroplated interconnection structures on integrated circuit chips”, which earned him the inventor of the year award in 2006 from the New York Intellectual Property Association.

7. Kunle Olukotun
He is well known for leading the Stanford Hydra research project which developed one of the first chip multiprocessors with support for thread-level speculation (TLS).

Bio: Kunle is a Professor of Electrical Engineering and Computer Science at Stanford University. He received his Ph.D. in Computer Engineering from The University of Michigan. He is the founder of Afara Websystems (later acquired by Sun Microsystems), a company that builds servers surrounding a custom high-throughput CPU architecture and develops IP traffic management systems for high-throughput, low power server systems with chip multiprocessor technology.

8. Sebastine Chinonye Omeh

He is best known for his research into the use of wind-propelled turbines to generate electricity.

Bio: Sebastine is the Managing Director of Hybrid Micro Machine Products Limited. He is from Ogrute town in Igbo-Eze North Local Government Area of Enugu State, Nigeria. He is a graduate of engineering from the University of Nigeria, Nsukka. Challenged by the energy crisis in Nigeria, and the need to develop indigenous technology he conducted research into the use of wind-propelled turbines to generate electricity, thereby pioneering wind energy technology in Nigeria.

9. Shehu Saleh Balami

He is credited with designing a solid-fuel rocket.

Bio: Since year 2000, Shehu Balami, a Nigerian Engineer has been involved in designing rockets. He is a graduate of Mechanical Engineering from the Federal University of Technology (FUT), Minna, Niger State. He has produced two solid fuel rockets which were launched along the new Kaduna Millennium City Road in Kaduna State. In 2008, with the support of his friends and family members, he was able to build his first rocket which he later modified in 2011. The solid-fuel rocket was produced under the auspices of the Movement for the Propagation of Science and Technology in Nigeria.

10. Yemi Adesokan

He was selected by expert judges of the Technology Review of the Massachusetts Institute of Technology (MIT) in the United States of America for his discovery work on drug-resistant infections. He was honored by the MIT in 2011 because of his innovative work.

Bio: Yemi is a Nigerian born and United States-based founder of Pathogenica Inc. Medical experts are of the view that his innovation may bring an end to the problem of drug resistance in the world particularly in Sub-Saharan Africa. His discovery work was carried out by a biotechnology start-up that he founded with Professor George Churchof Harvard Medical School DNA technology.

11. Ume Ifeanyi Charles

He is credited with five (5) inventions all of which were patented at the United States Patent and Trademark Office (USPTO). These are:
*.Method and Apparatus for Measuring Thermally Induced Warpage in Printed Wiring Boards Using Shadow Moir, United States Patent No. 5601364, Feb. 11,1997;
*.Method and Apparatus for Measuring Thermal Warpage Using Projection Moir, United States Patent No. 6564166 B1, May 13, 2003;
*.Object Inspection Method and System, United States Patent No. 6747268, June 8, 2004;
*.Inspection System and Methods, United States Patent No. 7492449,February 17, 2009; and
*.Ultrasound Systems and Method for Measuring Weld Penetration Depth in Real Time and Off Line, United States Patent No. 7762136, July 27, 2010.

Bio: Ifeanyi is a professor at Georgia Institute of Technology, Atlanta, Georgia. He is a recipient of the Donald P. Eckman Education Award in recognition of his contributions towards education of mechatronics throughout the world. In 2010, he was also awarded the Electronics and Photonic Packaging Division (EPPD) Excellence in Mechanics Award.

12. Aloysius Anaebonam

He holds about 12 U.S. Patents including the following:
*. Extended release acetaminophen,Patent number: 6254891, July 3, 2001;
*. Extended release acetaminophen particles,Patent number: 6126967, October 3, 2000;
*. Pleasant-tasting aqueous liquid composition of a bitter-tasting drug,Patent number: 5962461, October 5, 1999;
*. Pleasant-tasting aqueous liquid composition of a bitter-tasting drug,Patent number: 5763449, June 9, 1998;
*. Composition and process for prevention and treatment of cutaneous immediate hypersensitivity reactions,Patent number: 5684037, November 4, 1997;
*. Composition and process for prevention and treatment of cutaneous immediate hypersensitivity reactions,Patent number: 5684038, November 4, 1997;
*. Terfenadine oral granules,Patent number: 5626879, May 6, 1997;
*. Process for treating uremic pruritus,Patent number: 5576346, November 19, 1996;
*. Process for treating hemangioma, Patent number: 5552436
*. Composition and process for prevention and treatment of cutaneous immediate hypersensitivity reactions,Patent number: 5532270, July 2, 1996; and
*.
Terfenadine oral powder,Patent number: 5455049, October 3, 1995.
Bio: Aloysius holds a Bachelor of Pharmacy degree from the University of Nigeria, Nsukka and M.S. and Ph.D. in Industrial Pharmacy from the Massachusetts College of Pharmacy, Boston Massachusetts. He is the Founder & Chief Scientist of BREEJ Technologies, Inc., a developer and marketer of advanced treatment cosmetics products for problem skin.

13.Mohammed Bah Abbah

Although he holds no patent on this invention, he is credited with taking on the challenge of making accessible the “pot-in-pot refrigerator” or “zeer”, a refrigerating device that does not use electricity, to people in rural areas. He is a recipient of the Rolex Award for Enterprise, an award that provided $75,000 which Mohammed used to produce and distribute his invention in 11 northern states in Nigeria.

Bio: Mohammed developed his pot-in-pot refrigerator by combining the knowledge he had gained from his grandmother’s craft of traditional pottery with simple laws of physics. He followed up on the idea by placing food in a small pot, which is then placed in a larger pot. The space between the two is filled with moist sand and a wet cloth cover is used to cover the whole set up. As the water in the moist sand evaporates through the larger pot, it carries heat away from the inner core of the whole set up.
Mohammed holds no patent on this invention because the pot making business is not new. What is novel is the fact that he set up a local production facilities to provide the pot-in-pot for the cost of $2 (N320) for the smaller pot-in-pot refrigerator and $4 (N640) for the bigger versions. The invention allows perishable food to extend their spoilage rate. For example, meat can be stored in it for up to two weeks instead of a few hours.

14. Olu Atanda

He is credited with the co-invention of a self-lubricating layer for a data-storage device and disk and holds the following patents at the USPTO.
*. Self-lubricating layer for data storage devices, United States Patent No. 6,677,105, January 13, 2004.
*. Self-lubricating layer for a data storage disk, United States Patent No. 6,430,114, August 6, 2002.

15. Brino Gilbert

He is credited with the invention of the Counter Collision Gadget (CCG), a device that has the capacity to prevent accidents on the road, air, sea and rail. The invention earned him many awards including a bronze medal in the Aerospace/Aeronautics category at the May 2003 edition of the Invention and New Product Exposition (INPEX) in the United States. He also received a silver medal in the manufacturing category and a trophy for being the best invention from Africa in the continental category

Bio: Gilbert is a Nigerian physicist from Edo State. He spent 10 years seeking government attention for his research and approached several groups and individuals for sponsorship. His vision is to make CCG exportable to many countries of the world.

16. Emeka Nchekwube

He is credited with the co-invention of the following:
*.Hypoestoxides, derivatives and agonists thereof for use as stent-coating agents, U.S. Patent no. 7229979
*.Hypoestoxides, derivatives and agonists thereof for use of antiparasitic agents Patent no. 6242484
*.Terfenadine oral powder, U.S. Patent no. 5455049
*.Solutions of pentamidine, U.S. Patent no. 4,853,416
Bio: Emeka Nchewube is a Nigerian-born Neurosurgeon who currently lives and practices in the United States. He was born in Lagos, Nigeria and earned his Bachelors degree in chemistry from Central Michigan University. He attended Wayne State University School of Medicine in Detroit where he also finished his Neurosurgery residency. He is board certified by the American Board of Neurological Surgeons and is a member of the American Association of Neurological Surgeons. He is also a member of the San Jose Surgical Society, the American Medical Association, and the California Association of Neurological Surgeons.

To bad our national TV will never show them to us or government invest in them.
http://nlipw.com/in-honor-of-wipo-day-10-nigeria-inventors/
http://blogs.premiumtimesng.com/2016/01/24/how-to-develop-a-nation-through-science-and-technology-2-by-sunday-adelaja/

Progressive01:
Where is the proof the official car of the president is newly bought?? Do you know something we don't??

And what's hypocritical about our condemnation of what the recalcitrant criminal chose to do under the present economic climate??

You people should be ashamed of yourselves.

Please, don't stop the show of shame on Nairaland, do what you lot do best- dust up some placards, print some idiotic banners, don some traditional clothes with some funny hats and take to the street in protest against the "hypocrisy of APC" so we can leave your adopted crook alone.

Right from when they were in the ruling party to this day, they've supported, promoted, and extolled the "virtues" of being a thief.

After all these, some fools would wonder why they've become a laughing stock in the country.

are you kidding me? What more proof do you want..... oya just go back to the OP read through one more time and look at the pictures carefully.... and hope you will agree no one buys a 2015 s550 benz in 2013 .

mynd1:
Dis op is a static illiterate. Where we're you when PMB said on national TV that he turn down a set of new cars cause nothing wrong with d one's left beind by GEJ Go get ur fact right boy before u disgrace urself publicly. Mtcheww.

with the pictures above showing a 2015 s500 benz with the official presidential crest not a proof that you just might be wrong about PMB. If you claim to be literate of course you should be able to tell the difference.

AZeD1:
I'm sorry but this is just plain nonsense. If the FG needs more Naira, it will print more.

Guess you don't know how complex the issue of printing money.

And printing more money to inject in a countries economy will seriously affect the inflation rates.

CCT.
lalasticlala obynoscopy ishilove myd44

ALTERNATEID:
Federal government does not change dollar earnings into naira in the parallel market so, this your conspiracy theory is wrong. CBN manages and forex earnings of the federation and they do so by strictly using the official rate.

If you want to know the reason behind the current rebound, then you should find out the reason for the initial astronomical fall in the N/$ exchange rate and that is, speculation. Speculators created an extreme artificial scarcity with the hope that the president will yield to pressure to devalue the Naira. After waiting for so long without success, they have to dump the dollars they are hoarding and hence, the rise in Naira value.

Govts all over the world are manipulative, they control the physical and monetry policy.

If you had taking time to read my post you would have noticed I made it clear about CBN probably using their agents in the parallel market to manipulate the forex and never meant otherwise.

9jatriot:
Put $1million in the black market and the exchange rate did not crash to 160 naira per dollar. Well. No comment

if the forex was to be manipulated, it will be stupid to dump it ones. Remember there was right restriction and BDCs have not been in the picture but yet there was Dollar in circulation.

aresa:
Naira bounced back because PMB stood his ground by not letting enemies of Nigeria dictate or direct our future..

you will agree with me that was not the first time PMB held his grounds. Why did we not see any forex excitment after previous stands?

With the current gains by the Naira after Ifeanyi Ubah' statement got me thinking.

I have come to a conclusion that just maybe the Govt delibrately manipulated the forex in other to partly fund the 2016 budget. I will explain this with the anology below....

"Let's say the Govt needs N400 million to fund the budget, as salaries and contracts are mostly Naira transactions, and it can only afford $1 million = N200 million.

With the official exchange rate at about N200 to $1 and the FG through the CBN have restricted the issuance of Dollar to the CBN alone, who goes ahead to instigate forex panic by banning more dollar required item which ultimately push the price of Dollar to N400 in the parallel market.

At the parallel market where Dollar is now sold for N400, CBN using its agents will smuggle the FG's $1million to be sold at the black market rate invariably making N400 million.

While the official rate remains N200, the FG would have made their money, thereafter systematically takes the Naira back N200 whilst they have solved the problem of making N400 million."

I may not be an expert in economics, but what would we attribute the current gains of the Naira to? Something fishy is going on and I think the FG is part of it....#ChimasTake

I love this sudden patriotic orientation that is stylishly cripping into the Heart's of Nigerians. We seem to have come out of our fictitious life. I have always maintained that Nigeria can do without depnding so much on import