₦airaland Forum

Nigeria’s currency
Toothpick alert

Desperate measures from the bank

CENTRAL bankers may talk in martial terms of defending currencies against bloodthirsty speculators, but they seldom suffer wounds more grievous than a bruising of their egos. They can, however, cause untold harm to economies, as the Central Bank of Nigeria (CBN) is doing in puffing up its exchange rate.

The naira has been hit hard by a fall in the price of oil, Nigeria’s main export. The official exchange rate has slumped by almost 20% over the past year to about 196 naira per dollar. The black market rate, a more accurate gauge, is close to 230. Instead of allowing the naira to devalue, the central bank is trying to defend it by blocking imports. It has drawn up a list of disfavoured goods, and will not grant foreign exchange to import them.

Godwin Emefiele, the governor of the central bank, said he wants to conserve foreign reserves (which have fallen by about a fifth over the past year and now cover only six months of imports) and stimulate local production. “Nigeria cannot attain its true [potential] by simply importing everything,” he said.


The hit list appears to have been drawn up by someone wandering around a home and a building site and randomly pointing at items. It includes Indian incense, toothpicks and wire rods as well as more obvious luxuries such as private jets (demand for which could be slashed by simply barring government officials from flying in them). It also includes basics such as rice and tinned fish. Nigeria does not produce enough of these things to feed itself, but no matter. The nation must be shielded from foreign sardines.

Economists find the policy baffling. Central banks usually prop up their currencies if they are worried about inflation, or allow them to devalue to depress imports and stimulate exports. Nigeria, by contrast, appears to be set on achieving both an uncompetitive exchange rate and higher inflation. Whereas many investors were impressed by the previous CBN governor, Lamido Sanusi, who was sacked for exposing corruption, they fret about the harm being inflicted by the current one. Some wonder which would be worse for Nigeria: allowing him to serve the remaining four years of his term or undermining the independence of the central bank by sacking him.

http://www.economist.com/news/middle-east-and-africa/21656700-desperate-measures-bank-toothpick-alert

Preacher’s spiritual healing brings big
bucks to Lagos
Business booming in streets around church that draws 50,000 worshippers a week

Hallelujah … the faith of thousands is also a business opportunity
Monica Mark Lagos
In Africa’s largest metropolis, the district of Ikotun Egbe has turned into a boom town. The draw? Temitope Balogun Joshua, one of Nigeria’s richest “super-pastors”, whose church attracts 50,000 worshippers weekly – more than the combined number of visitors to Buckingham Palace and the Tower of London.
Seeking promises of prosperity and life-changing spiritual experiences, visitors flock from around the globe. Enterprising Lagos residents – those not turfed out by landlords turning their properties into hotels – have transformed the rundown area into a hotbed of business.
On a Saturday afternoon, traffic swirls around the four-storey, giant-columned Synagogue Church of All Nations. Delegates are pouring in for the following day’s service. “They should really build a branch in South Africa – it’s a long way to come and the hotels here are so-so,” says Mark, a sunburnt businessman from Johannesburg, accompanied by two friends from Botswana.
As the church’s palm tree-lined entrance gives way to a maze of narrow, unpaved roads, knots of touts materialise. “In one year I made enough money to buy my first car,” says Chris, using a tattered hotel brochure to mop his brow. He is paid 100 naira (about 40p) for each client he brings in.

Pentecostalism took off in African states battered by the world economy
Sparkling new hotels rise incongruously among the shacks. At one, with a logo suspiciously similar to the Sheraton’s, a new chef has recently been employed.
“He can cook food from Singapore, because we were having a lot of guests from there who struggle with Nigerian food,” says the manager, Ruky, sitting at a reception desk framed by pictures of the preacher.
Tony Makinwa says most of his laundry firm’s profits come from tourists. “God has favoured my business. People come here and fall in love with the place and overstay their visits,” he says.
Also doing a roaring trade are the international calling centres with foreign visitor discounts, clothes shops offering outfits to celebrate miracles, and the plastic chair rentals that cater for church overspill.
The area’s dirt streets are punctured by unfinished, barnlike buildings as dozens of other churches offer all-day worship. Almost as many mosques dot the area. Islam and Christianity are growing at blistering paces across Africa, with Nigeria home to the continent’s most populous mix of both faiths.
Money-changer Sidi Bah has travelled thousands of miles from Mali to continue his trade here. “I came because I heard many people from many countries visit. In one day I can change six or seven different types of currency,” he says. “There are more mosques here than in my village in [Muslim] Mali.”
Though its roots in Africa go back to the early 20th century, miracle-promising Pentecostal churches took off in the 1980s as African economies were battered by falling world commodity prices. Migrants poured into slums in search of jobs and dreams.
Ruky converted her cramped home into a 20-bed lodging where rural workers stay for 800 naira a night. Mattresses are half price. “If you are sick like me, you have no job, so you are used to sleeping on the floor anyhow,” says Andrew Olagbele, whose spine was crushed by a car accident, lying on a mattress in a crammed room. “I pray the Lord will touch me so I can walk again.”
As dusk sets in, cars stream in. A man hanging from a car thundering gospel songs waves homemade CDs for sale. Denis Kokou and his wife, a baby on her hip, look on with weary smiles. “This is our first time coming from [neighbouring state] Togo. We are so happy to be here with our daughter.”

ayando: Hmm,the power of information dissemination. If you follow a good cause, people will get up and fight for u even when u don't ask for it. kudos to whoever effected the necessary action.

And I agree with you..Linda Ikeji continues to use her blog to promote positive activism. The change this country needs lies in her youths and their empowerment.

Knowing the UKBA..they will grant his request as he fits their criteria for help: Muslim, ex - govt official and potential source of intelligence on both Nigeria and Boko Haram.... And I forgot to add he comes with a lot of ill gotten money that could be invested in the UK

African's greatest thinker and post colonial philosopher..and most importantly a scourge to the imperialist British in pre and post independent Nigeria..a purveyor and protector of great Ibo traditions, culture and belief,elevating it to global significance through his seminal work :"Things fall apart"..the sun sets today on one of Africa's greatest....though he would be greatly missed, his imprint globally would remain indelible. Adieu Chinua ...

eazzzy1: I don't knw hw much o,but there was a time a certain country was ravaged by drought,winners gave more than wat the whole united nations gave..so I knw they r deeply involved in charity

Whilst not disputing your claim..you would need to provide evidence backed references to such generalisations else they are just outlandish assertions. For the purposes of clarity, my curiosity is hinged on activities for the common good of the local populace- that these churches have done in Nigeria. Charity must begin at home..there are millions of Nigerians in dire need of basic portable drinking water and affordable health care at least..in the face of government failure, these churches whom the impressionable locals hold in such high esteem could step in and provide such minor amenities.. and not competing for global domination with the UN...

Extremely shameful display of racism and bigotry.For starters the Nigerian girl handled this very well by standing her ground,making and articulating her point clearly and refusing to launch into a diatribe and or expletives despite the obvious racial aggravation to her face - she exhibited class and culture in that regard. The white lady isn't mental - she is the personification of today's racist Britain. Following the constant and recent demonisation of immigrants and immigration, by the right wing British press since the recession started - the natives have resorted to abusing foreigners, initially in online forums, but now buoyed by the rhetoric of their government, some have become bold.

Britain, hasn't got the wherewithal to do without EU and Non EU immigration - they only simply need to control it and have a handle on it. Nigerians, and other immigrants can and should be able to go to any country in the world - provided they are legal and law abiding citizens - there should be no fear of molestation and where that arises they should handle it with wit, gone are the days of rampant imperialism - where the British can conveniently tell people from other climes what they wish and get away with it.

In developing our nation, the first thing we need to learn is self-esteem.

Good feat..but how much do these churches contribute to charity or the material well being of their host parishes?..Nigerians are ravaged by poverty and mindless corruption in every single faucet of their daily existence and another TV channel broadcasting these organisations selective activities is a misplaced priority.

Abati has delivered a sucker punch to the army of grumbling ex-office holders littered in Nigeria. Many are inconsolable having lost their grip and access to power and its trappings. However Abati must realize that the same fate may someday befall him too..Moving on,the present day government should hasten with following through with the corruption cases leveled against ex-office holders as the notorious delays makes a mockery of the judiciary and their so called corruption fighting stance, whilst constantly ridiculing whatever is left of Nigeria's image amongst the comity of nations.

More so as quick as Abati is to come to the defense of this administration, it would be interesting if such dexterity and speed of purpose could be applied by him and his cahoots in government in coming to the defense of millions of Nigerians who are stuck in desperate situations all over the world (as well as in Nigeria) and for starters, respond to the allusion passed last week in Davos by David Cameron regarding Nigeria's ill-spent oil wealth.

Abati..please respond to Downing street and forget these local rabble rousers..

Not just Ukraine..the whole of the west gripped by recession and envious of the growing economies of African and Asian countries are now by their policies encouraging covert racism against foreigners in their midst. Nigerians if we must, should only go to friendly countries legally and leave at the end of whatever business took them there..it's time to develop our own country and stop being the poster boys for illegality,corruption and abuse the world over.

Imagine a Nigerian getting educated in Ukraine..it's just a misnomer!

Britain 'to build £1m jail in Nigeria' - Culled from the British Daily Mail Newspaper 9 July 2009

British taxpayers are to provide £1million for a comfortable jail in Nigeria to take convicts whose crimes were committed in the UK.
The prison would house 400 Nigerian inmates incarcerated in our own packed prisons who cannot be forcibly sent home to complete their punishments.
Jails there are considered so rough that any prisoner the UK tried to deport could oppose their removal on human rights grounds.
To avoid deporting convicted Nigerians to jails in their home country - and not face human rights abuse claims - the UK will build new facilities there.

But the Government hopes that by spending as much as £1million turning a rundown Nigerian prison into something approaching British standards, the convicts could be repatriated.

Lin Homer, the UK Border agency chief, said it would save taxpayers' money.
Lin Homer, the chief executive of the UK Border Agency, told MPs the deal would save taxpayers' money, because the UK would no longer have to pay the £30,000-a-year cost of keeping inmates in our own jails.
'We are in negotiations with Nigeria to help them establish better prison conditions,' she said.
'It's about helping them generate a structure that can cope with the prisoners. It would be well worth the money to do so.'
But Matthew Elliott of the TaxPayers' Alliance, said: 'It's an absolute scandal that British taxpayers may foot the bill for a Nigerian prison.
'The Government should not even entertain this nonsense proposal, particularly at a time when our own prison service is so desperately in need of funds.

'If Nigerians are here illegally and are going to be deported, we should be sending them home immediately.'
Damian Green, the shadow immigration minister, said: 'This should not mean in the long term we build prisons all around the world instead of sorting out our own deportation processes.'
Ministers have been frantically searching for a solution to the UK's chronic prisoner overcrowding crisis since 2005, when the number of foreign criminals soared past 11,000 - the equivalent of more than one in every eight inmates.

Prisoners have been offered cash windfalls - which some say are bribes - if they returned home voluntarily.

But this is the first time the Government has announced firm plans to provide funding for a jail overseas.
The idea had been suggested in relation to Jamaica, but never got off the ground.
It would require Nigeria to change its laws so prisoners could be sent back without their consent.

Human rights groups say current conditions in Nigerian prisons are appalling.
Amnesty International said there was severe overcrowding, and more than half of prisoners are awaiting trial - some for up to ten years.
During the same home affairs committee evidence session yesterday, Mrs Homer updated MPs on how the Home Office is dealing with two scandals - the 2006 foreign prisoner fiasco, and the discovery of up to 450,000 outstanding asylum claims.
Three years on from the mistaken release of 1,000 overseas inmates without them even being considered for deportation, almost two-thirds are still in the UK.
Incredibly, 87 of the 1,000 convicts - who included killers and sex attackers - have yet to be even traced. Of those who have been located, only 348 have been deported or removed.
The remainder have either been told they can stay - often because removal back to their homeland would be a breach of human rights law - or are still going through the deportation process.
Mrs Homer also revealed that, so far, 197,500 of the 450,000 asylum 'legacy' cases discovered by the Home Office in 2006 had been processed.
More than 30 per cent have been awarded asylum, in an exercise that has been described an amnesty by opponents. At current rates, more than 100,000 people with claims dating back years will be awarded permission to stay in the UK.

Vikiviko,
Many cheers for bringing this interesting piece to the attention of Nairalanders for their elucidation and reading pleasure,However you have failed to credit the original writer of this piece.This constitutes plagiarism. This piece was written for the Nigeria village square by Vera Ezimora and published on the website on the 2nd of April.
Going Forward, Lifting of any intellectual material without according due credits/nor having the author's permission to reprint,publish,express their ideas(wholly,in part)or otherwise could land you in hot soup. Please take heed to avoid our beloved Nairaland facing charges from aggrevied writers.

Kalu Granted Bail       
excerpts from elendureports.com   
Friday, 27 July 2007 
The immediate past governor of Abia State, Orji Uzor Kalu, has been granted by a federal high court presided over Justice Binta Murtala Nyako. Kalu was given the same bail bail conditions that were given to his former colleague from Taraba State, who is also being tried by the Economic and Financial Crimes Commission (EFCC), Jolly Nyame.



Kalu is being tried by the EFCC for corruption and other financial crimes. There are 107 charges against him. He and other colleagues who face similar charges are being detained at the Kuje prison near Abuja.

Sending Gifts To Nigeria,

Does any one know any website/business outfit that could handle the purchase and delivery of gifts( eg flowers,birthday gifts et AL) from the UK or US to Nigeria?.It's my Mum's Birthday soon and besides sending her money(as has being the case in the past) i would love to send her something personal this time round,and more so i am interested in sending her a real gift she could appreciate.I am unable to travel home for her birthday due to work commitments and she's not due to come over till later in the year. Any ideas? links?please let me know.I am based in the UK.An Indian colleague told me there is a service like that for diasporian Indians and they are able to send personalized gifts to loved ones at home, i bet there must be one for Nigerians too.

Yar'adua Dead

Wednesday, 07 March 2007

The presidential candidate of the Peoples Democratic Party (PDP), Gov. Musa Yar’ardua is dead. While details are scanty, multiple sources who spoke to Elendureports.com confirmed the passing of the prince who tried to continue in the political dynasty initiated by his older brother.





The PDP is yet to make an official statement on the demise of the Katsina State Governor, however, we are confident in the sources we have spoken to on this issue. Elendureports.com had broken the news of the Presidential candidate’s ill health and how he was flown out of the country for medical treatment yesterday. One of our sources confirmed to us that the Governor may have died before arriving Germany. Other reliable sources have corroborated the story of our initial source.


Elendureports.com has spoken to many politicians this morning since this story started making the rounds. We can report that there is confusion within the political ranks as nobody knows what will happen with the presidential election which is scheduled to come up in April. There are indications that the 2007 electoral bill may not have been signed into law by Pres. Olusegun Obasanjo. A frontline politician who spoke this reporter last night said “to the best of my knowledge Obasanjo has not signed the bill.





We will continue to update this developing story.

BREAKING NEWS: yAR'ADUA PASSES ON

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http://nigerianinsider.com/index.php, id=72&Itemid=2


Yar’adua dies in Germany. May be flown back today.
Written by NigerianInsider
Wednesday, 07 March 2007
The NigerianInsider according to news filtering into our newsroom reveals that Governor Umar Yar’adua may have passed on.
Sources close to the family and close political associates have confirmed that the Presidential aspirant is dead.

The NigerianInsider is yet to officially confirm this story as all calls made to the Presidency proved abortive.

The NigerianInsider is still trying to confirm the death of Governor Yar’adua and will update its readers.

Just before going to press the NigerianInsider reliably gathered that Governor Umar Musa Yar'adua has died.

we will keep you posted

The Federal Appeal Court sitting in Abuja today rules that President Obasanjo doesn't have any right to sack his Vice, Atiku Abubakar. The entire court area in Abuja went wild in jubilation over the ruling. When Saharareporters reached Vice President Atiku's team in London to get his reactions, he was said to be on his way to the BBC studios in London.

The Appeal Judges in the ruling delivered by the President of Appeal Court, Abdullahi Umaru was unanimous in their ruling insisting that the allegiance of the Vice President should be to the constitution, not to the President. The judgment lasted for 57 minutes.

Meanwhile, Vice President Atiku and AC presidential flag-bearer has picked his Vice Presidential candidate. He is Senator Ben Obi from Anambra State.

More details soon,

Very unfortunate that Will Smith whom a lot of people describe as an extremely good role model has made such unfortunate comments that will definitely send the wrong signals out as this undermines the institution of marriage.Marriage is a covenant between two people and it cant be open, Then again i am of the opinion that most stars say the weirdest things just for the publicity it generates and hence keep them news worthy whilst also imprinting their footprints in the mainstream media, remember Michael Jackson and the hyperbaric chamber he claimed to sleep in during the peak of his stardom.I think its a bit rich to take this stars too seriously.Moreso speaking from a realistic point of view and in tandem with human nature,an arrangement like the one Will claims he has wouldn't survive 7 years so far given the regular bouts of jealousy and insecurites that would naturally arise from such contraption.I think Will like the comedian he is,is just being very funny, at our collective expense.

I am of the opinion that  Rev King got what he deserved,it was just callous to treat people the way he did whilst all the time misleading and taking gross advantage of their very weak personalities.Moreso the failed state situation in Nigeria has led to the rise of elements like King in the psyche of a nation with people in need of constant hope,faith and something to believe in whilst battling with the accruing poverty of the Nigerian state.
I feel no pity for him and likening himself to Christ is just an exposure of his warped,pathetic mind.
May he rot wherever people like him rot,