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TheBlessedMAN's Posts

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Politics › Re: 42 Days! Nigerians Begins 2 Worry About D Return Of Buhari by TheBlessedMAN(op): 8:41pm On Mar 02, 2017
lilfreezy:
May his gentle soul rest in peace
ahahah grin grin guy u wicked o.... Buh buhari is everytin except gentleness..
Politics › Re: 42 Days! Nigerians Begins 2 Worry About D Return Of Buhari by TheBlessedMAN(op): 7:03pm On Mar 02, 2017
fuckingAyaya:
no let him pity Nigerians first
guy, u knw say nija don dey suffer b4 dat man came into power..
Politics › Re: 42 Days! Nigerians Begins 2 Worry About D Return Of Buhari by TheBlessedMAN(op): 6:59pm On Mar 02, 2017
fuckingAyaya:
he will spend the no of days NK spent in jail in sick bed
guy! Gods nt dat wicked u knw.. Pls pity that old man
Family › Re: Businessman Faints As DNA Reveals He's Not D Father Of His 4 Children [pics] by TheBlessedMAN(op): 6:43pm On Mar 02, 2017
YesNo:
the man has been paying child support.
cnt understand..
Politics › Re: 42 Days! Nigerians Begins 2 Worry About D Return Of Buhari by TheBlessedMAN(op): 6:41pm On Mar 02, 2017
PetrePan:
Worried?...we're not..buh op,why ur post con long like this and we go still see person wey go quote evrything..
don't tel me, u are nt d least worried about him atall...
Sports › Re: Breaking News: Luis Enrique To Stand Down As Barca Head Coach by TheBlessedMAN(op): 6:15pm On Mar 02, 2017
mastermaestro:
Fantastic! Sure, before he destroys what's left of the club. Please remind him to leave with Gomez, Turan, Douglas, Alex Vidal, Denis Suarez and Paco Alcacer. Finally, by all means please bring back Thiago Alcantara to heal the ailing midfield.
think so too bro... U make sense... Nice 1
Politics › 42 Days! Nigerians Begins 2 Worry About D Return Of Buhari by TheBlessedMAN(op): 6:13pm On Mar 02, 2017
President Buhari embarked
on a vacation on January 19
and hasn't returned since,
throwing up questions of a
looming constitutional crisis.
24/7 Live - Subscribe to the
Pulse Newsletter!
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42 days ago, President
Muhammadu Buhari strode
through the runway of the
Nnamdi Azikiwe International
Airport in Abuja, looking frail
and shorn of colour.
"What's wrong with going on
vacation?" Buhari shot back at
journalists rhetorically; his aides
striding dutifully around him.
"Didn't I go last year the same
time?"
As it turns out, even President
Buhari would be first to admit
that this has been no ordinary
vacation.
It was different from last year's
vacation where the Presidency
announced that the nation's
number one citizen would be
flying to the UK to treat an
infected ear.
This time, no one has been told
what the President is tending
to.
The nation has been told that
the President is "hale and
hearty", even though a "hale
and hearty" President has
postponed his home coming
indefinitely.
ALSO READ: That moment
when President was 'killed' by
the internet »
He sought for an extension, a
day before the 10-day vacation
was due to elapse.
“President Muhammadu Buhari
has written to the National
Assembly, today, February 5,
2017, informing it of his desire
to extend his leave in order to
complete and receive the results
of a series of tests
recommended by his Doctors",
announced Special Adviser to
the President on media and
Publicity, Mr. Femi Adesina.
“The President had planned to
return to Abuja this (Sunday)
evening, but was advised to
complete the test cycle before
returning. The notice has since
been dispatched to the Senate
President, and Speaker, House
of Representatives.
“Mr. President expresses his
sincere gratitude to Nigerians
for their concern, prayers and
kind wishes.”
The nation has been
apprehensive since the
President extended his vacation.
And that's putting it mildly.
Speculation has been rife that
Buhari is suffering from a
chronic ailment and that the
official government line that he
is only staying back in the UK to
receive test results from
Doctors, is a fabrication aimed
at concealing deeper health
concerns.
Rumours that President Buhari
is dead have since been
debunked with pictures after
pictures of the nation's
Commander-in-Chief meeting
with APC chieftains Bisi Akande
and Bola Tinubu, Senate
President Bukola Saraki, House
Speaker Yakubu Dogara and
Governor Ibikunle Amosun of
Ogun State.
The President has also placed
phone calls across to Kano
State Governor Abdullahi
Ganduje » and his media
aides » --Garba Shehu, Lai
Mohammed and Adesina.
There was also the 'small
matter' of a telephone
conversation » with U.S
President Donald Trump.
However, news reports
suggesting that Buhari won't
be physically fit to cope with the
rigours of his office should he
return, have persisted.
Three weeks ago, Pulse
reported that a cabal within the
Nigerian Presidency has been
mounting pressure on Buhari to
return home, even though the
President's Doctors hold a
contrary opinion.
The cabal has been
uncomfortable with Vice
President Yemi Osinbajo's
sterling performance in an
acting capacity, and fear that
the longer Buhari remains holed
up in a London apartment, the
likelihood that the North will
lose the power game to the
South in Nigeria's peculiar high
stakes equation, Pulse had
exclusively detailed » .
Hours after, other news outlets
picked up the story and layered
same with different versions.
Quoting unnamed sources,
online news platform, Sahara
Reporters, disclosed that "apart
from a lingering prostrate flare-
up and other chronic
conditions, the Nigerian leader
has also recently been battling
with a persistent “internal
organ” problem.
"The source attributed
President Buhari’s inability to
eat as well as his progressive
loss of weight to Crohn’s
Disease, a medical condition
that has affected his digestive
system".
ALSO READ: President speaks
to King Mohammed of
Morocco »
Sahara Reporters added that:
"Crohn's disease is an
inflammatory bowel disease
(IBD) that causes inflammation
of the lining of the digestive
tract, leading to abdominal pain,
severe diarrhea, fatigue, weight
loss and malnutrition.
"Inflammation caused by the
disease can affect different
areas of the digestive tract in
different patients, but doctors
interviewed for this report
disclosed that it usually occurs
in the intestines, where the
inflammation caused by Crohn's
disease often spreads deep into
the layers of affected bowel
tissue.
"SaharaReporters had reported
that Mr. Buhari also has prostate
cancer that was first treated by
UK doctors shortly after the
Nigerian leader lost the 2011
presidential election to former
President Goodluck Jonathan".
The Presidency is yet to deny
details of this report, days after.
Back home, acting President
Osinbajo has been doing the
business.
And he's been at it so well that
Nigerians have confessed that
they aren't missing their
President.
Fears that Osinbajo is taking the
shine off his boss, forced the
Presidency to remind Nigerians
that the number two man has
been acting in accordance with
instructions handed down from
a London apartment.
“There is nothing that has been
done since the Vice-President
started acting that is not
something that started far back
in the past. A good example is
the Niger Delta initiative",
Special Adviser to President
Buhari on Political Matters,
Senator Babafemi Ojudu,
barked at journalists as the
comparisons between Osinbajo
and Buhari's governance styles,
reached fever pitch.
Ojudu added that; "The same
people who said we never had
an economic team, no policy,
nothing...are the ones saying
this.
“It is now that the policies we
are implementing are maturing
and they are seeing the result. It
is not a question of one person
being better than the other
person.
“There is nothing that has been
done since the Vice-President
started acting that is not
something that started far back
in the past. A good example is
the Niger Delta initiative.
“The President called the Vice-
President and said ‘I am giving
you the mandate, go into the
Niger Delta and meet with
everyone who is a stakeholder,
all the communities, talk to the
militants and make sure you
solve this problem for the
benefits of Nigerians.’".
And Osinbajo's charm offensive
across the Niger Delta is
beginning to yield fruit.
Nigeria's crude oil output has
hit the 2.1million bpd (barrel
per day) mark, up from previous
poor levels of 1.7million bpd
before Buhari embarked on his
vacation, following some
semblance of peace in the
creeks--one of the many gains
from the acting President's tour
of the restive region.
On Osinbajo's watch, the
Central Bank of Nigeria (CBN)
has reviewed its foreign
exchange policy by ensuring
liquidity to the interbank.
The move has seen the Naira
appreciate against the
Dollar » in recent days.
In Buhari's absence, protesters
railing against economic
hardship (made to bite even
more by a slump in the global
price of oil), have hit the streets.
It took Osinbajo's diplomatic
toolkit to calm frayed nerves.
Osinbajo has also held security
meetings with police boss
Ibrahim Idris (aimed at
restoring peace to Southern
Kaduna where religious
extremists have been
slaughtering Christians) and
service chiefs.
ALSO READ: Here's why Acting
President has been better
than his boss »
After his last security outing,
Osinbajo made it clear that
details from the meeting would
be communicated to an ailing
Buhari.
"Almost every month, these
briefings are held, it is routine
and it is the President who put
in place this whole idea of
regular briefings.
"Besides, the President is a
process person and certainly, I
am going to speak with him on
developments here", Osinbajo
assured.
The Vice President has also
ensured the confirmation of
Justice Walter Onnoghen as
the Chief Justice of Nigeria; after
Buhari's famed foot-dragging
led to yet more apprehension
on the subject in certain
quarters.
Policy analysts say Osinbajo's
professorial, wonky, engaging
style has stood in stark contrast
to Buhari's sullen, aloof
governance approach.
There are indications that 42
days may well morph into four
months or less in this game of
hide and seek between the
Presidency and the Nigerian
people, leading to suggestions
that a constitutional crisis
occasioned by the President's
absence, may well be in the
offing.
ALSO READ: Our President is ill,
deal with it »
Human Rights Lawyer, Ebun-
Olu Adegboruwa, has posited
that Buhari should be
impeached if he stays away
from office beyond 60-days.
Adegboruwa premised his
submission on the
constitutional provision that the
President is only entitled to 60-
days of annual leave.
“Once it is impossible to
determine definitively, the
period of days to be spent by
the President, whether on
annual vacation or medical
vacation, what that translates to
in law is that the President has
given indication of his inability
to perform the functions of his
office, leaving Nigerians with no
other choice than to replace
him immediately, with the
acting President as the
substantive president",
Adegboruwa told The
Guardian.
He added that: “It is indeed very
unfortunate that the President
is ill and we cannot begrudge
him the right to have his
treatment, as no one can play
God in the area of illness.
“But if the illness of the
President is of such a nature as
to make it impossible for him to
perform the functions of his
office, then there cannot be a
vacuum in that office. The fact
that there is an Acting president
will not suffice.
“A President of a sovereign
state as Nigeria cannot be
allowed to abscond his duty
post under the guise of medical
vacation.
"In this case, the President has
turned himself into some form
of tourist attraction, whereby,
he has turned his abode into an
alternative government house,
where who-is-who in Nigeria
now troop to, giving room for
speculations and vacuum in
governance.
“If by the end of February 2017,
the President is unable, for
reason of ill health, to resume
his normal duties as President,
then the Senate should proceed
to invoke the provisions of
section 144 of the constitution
to declare his seat vacant, so
that the Vice President will
officially step into the position
of President".
However, the Special Assistant
to the President on National
Assembly matters, Sen Ita
Enang, says the President has
acted in accordance with the
laws of the land.
Enang said; "What is important
is that there is communication
with the Senate.
“Once the communication is
received by the Senate and the
House of Representatives,
through their respective
presiding officers, that settles
it,” he added.

http://pulse.ng/local/42-days-away-nigerians-worry-as-buhari-wont-just-return-home-id6307281.html?link_time=1488469479#utm_medium=Social&utm_campaign=Echobox&utm_source=Facebook&utm_term=Autofeed
Sports › Breaking News: Luis Enrique To Stand Down As Barca Head Coach by TheBlessedMAN(op): 10:45pm On Mar 01, 2017
Luis Enrique to stand down after
three years in charge
Barcelona head coach



Luis
Enrique has announced that he
will not be in charge next season
Enrique made the shock
announcement in the wake of
Wednesday night's 6-1 La Liga
victory over Sporting Gijon at the
Nou Camp.
The 46-year-old, a former
Barcelona player, took charge in
May 2014 and led the Catalan
side to a remarkable Champions
League, La Liga, Copa del Rey
treble in 2014/15.
Last season Enrique added
further La Liga and Copa del Rey
titles, but Barca came in for heav
criticism after a 4-0 loss in the
first leg of their Champions
League last-16 tie at Paris Saint-
Germain last month.
And Enrique has now confirmed
that he has decided to step
down when his contract expires
this summer.
"I will not be the coach of
Barcelona next season," said
Enrique.
"It is a difficult, measured and
well thought out decision, and I
think I have to be loyal to what I
think.
"There are three exciting months
ahead.
"We are in a difficult situation,
especially in one competition, bu
with the help of everyone and if
the stars align, we can turn that
game around.
"I will give my full dedication in
these three months."
Like his friend and former
teammate Pep Guardiola, who
stepped down after four gloriou
years in charge of Barca in 2012,
Enrique highlighted the pressure
of life in charge at the Nou Camp
as a factor in his thinking.
"The reason is the way in which
live this profession," Enrique
added. "It means very few hours
of rest."
Barca may be up against in the
Champions League but they
remain in the La Liga title race
and will face Alaves in the Copa
Del Rey final on May 27, meaning
Enrique will have a chance to ad
to his haul of eight trophies as
Barca boss in what is likely to be
his final match at the helm.



Source: http://www.skysports.com/football/news/11833/10786759/luis-enrique-says-he-will-step-down-as-barcelona-boss-at-the-end-of-the-season-sky-sources
Crime › INSANE! [man Kills Girlfriend, Have Sex With Corpse] Pics by TheBlessedMAN(op): 7:13am On Mar 01, 2017
An insane man who killed his
girlfriend and went ahead to
have sex with the corpse has
been arrested in Cross River
State.

A man who killed his girlfriend
before proceeding to have
sex with her corpse has been
arrested by the Cross River
State Police Command,
CrossRiverWatch reports.
It was gathered that the
suspect, Sunday Ushie, has
already confessed to the police
how he murdered the lady
identified as Nnenna Samuel
before having sex with the
corpse.

The incident allegedly happened
on Sunday, January 26, 2017, in
Adijinkpor village in Ikom Local
Government Area of the state.
Ushie was reported to have said
that Samuel had refused to have
sex with him and after killing
her, he copulated with the dead
body.
Ushie, a cocoa farmer in the
community, said he had been
dating the late Samuel for a
while and was spending money
on her but she always refused
to allow him to have sex with
her and when he became fed
up, he invited her to his house
and killed her with a knife »
before having sex with her
corpse.
Blaming his action on the devil,
he said:
“It is the work of the devil. I do
not know how it happened. I
am the one that killed her. She
was my girlfriend and I knew
her for two months before this
incident. I slept with her corpse
after killing her.
It was strange sleeping with a
corpse. I never had sex with her
while she was alive because she
never gave me that opportunity.
I was always giving her money,
but she didn’t allow us to have
sex.”
While parading the suspect, the
acting Commissioner of Police in
the state, Hafiz Inuwa, said the
landlord of the deceased
informed the police that his
tenant had been brutally
murdered.
“This suspect was arrested on
January 27, 2017, at about
10.55 pm, following a report at
the Ikom Police Division by one
Cletus Etta of Adijinkpor village
that his tenant was brutally
murdered.
Her right hand and left leg and
mouth were severed by the
suspect. The children of the
deceased, Hezekiah and
Ezekiel, told the police that their
mother was taken out by the
suspect on the night of January
26, but did not return home.

The suspect has been arrested
in connection with the crime
and he has confessed that he
killed the woman before having
sex with her. The investigation
is ongoing, after which he will
be charged to court for
murder.”


source: http://pulse.ng/gist/man-murders-girlfriend-has-sex-with-corpse-id6220646.html


Cc:Lalasticlala and Mynd44

Christianity Etc › Man Raped Every Night By Two Female Spirit Cries For Help by TheBlessedMAN(op): 11:59pm On Feb 28, 2017
The Kenyan man stated that
his sexual intercourse with
the two spirits had gone on for
five years.


Eliud Njoroge, a man resided in
Kangemi, Kenya, has narrated
how two female spirits visit him
at night to forcefully UnCloth
him and sucked his p3nis.
This daily strange occurrence
began in the year 2012
according to Njoroge who
shared his encounter with The
Nairobian News.
The incident has already cost
him his marriage in addition to
the pain and weakness he
experiences after the
unsolicited sexual experience
with the spirits.
“The problem started around
2012. That particular night, I
heard footsteps and a girl
crying outside my house.
“It was so real. I went out to
see what was happening. I saw
two women who upon seeing
me, vanished.
“Days later, my wife traveled
upcountry and the two women
appeared again. This time, they
came to my bed, forcefully
undressed me and started
sucking my p3nis.
“I was in a lot of pain and didn’t
comprehend what was going
on. I remember waking up very
tired and weak,” Njoroge
disclosed.


According to the Kenyan man,
who is now seeking deliverance
from a local preacher, the
occurrence with the spirits
often happens whenever he
sleeps unclad.

Source:http://pulse.ng/gist/spiritual-sex-man-raped-every-night-by-2-female-spirits-cries-for-help-id6297773.html?link_time=1488313617#utm_medium=Social&utm_campaign=Echobox&utm_source=Facebook&utm_term=Autofeed


Cc:Lalasticlala and Mynd44
Family › Re: Businessman Faints As DNA Reveals He's Not D Father Of His 4 Children [pics] by TheBlessedMAN(op): 11:45pm On Feb 28, 2017
see gobe

Family › Businessman Faints As DNA Reveals He's Not D Father Of His 4 Children [pics] by TheBlessedMAN(op): 11:42pm On Feb 28, 2017
A man who is married to a
good and faithful wife won't
know what God has done for
him. The men who find
themselves in the mess of living
with wives like the one above
should seek God's intervention.
According to newspaper report,
the husband has been hearing
"bad" stories about his wife but
ignored until it got to a point
when people he trusted started
saying the same thing. He
quietly took "their" 4 kids for a
DNA test and, sadly, it was
confirmed that he's not the
father of any of the children.
The man confronted his so
called wife and with some
serious pressure from other
family members she was said to
have confessed that she's been
having an affair with their
neighbour for many years. The
stupid man was nabbed, tests
were conducted just to be sure
and they all came back positive.
Hmmm!
People should try and pray
seriously before getting into
marriage. It would save you
from future regrets.



Source: http://www.reportng.co/2016/06/businessman-faints-as-dna-shows-hes-not.html?m=1


Cc:Lalasticlala and Mynd44
Car Talk › Re: Volvo Promises Deathproof Cars By 2020 Using These Features by TheBlessedMAN: 5:28pm On Feb 28, 2017
Death proof cars? What about 'RECESSIONPROOF pockets?
Fashion › Re: Mercy Atang Emerges Miss International World Queen (Photos) by TheBlessedMAN: 5:25pm On Feb 28, 2017
Inside this recession? People stil dey fine? Chai.. Beauty don suffer...
Sports › Re: I May Commit Sweetcide, If Barca Fails To Beat Psg To QUALIFY.. by TheBlessedMAN(op): 5:23pm On Feb 28, 2017
God help me o

Crime › Re: Aisha Shettima Nur Wanted By EFCC (Photo) by TheBlessedMAN: 6:36pm On Feb 27, 2017
herroyalcuteness:
Actually the Bible says the LOVE of money.... not money
thanks sweetheart.. Will heed to that..
Celebrities › Re: Anna Banner In Fierce New Photos by TheBlessedMAN: 6:32pm On Feb 27, 2017
[quote authorBerbierklaus post=54115069]Yes experience of people from this part of the world,who aren't having it good themselves but will say or do anything to hurt others to make themselves feel good.

They got a special part in hell
[/quote] cheesy I wil rather reciprocate to ur signature than ur comment.. I love u too
Education › Re: When The Maths Teacher Is Bringing Back The Marked Books (Photo) by TheBlessedMAN: 6:29pm On Feb 27, 2017
The distance between Maths and those Student sitting at the back of the class is longer than river Niger
Celebrities › Re: Anna Banner In Fierce New Photos by TheBlessedMAN: 6:21pm On Feb 27, 2017
Berbierklaus:
Yes she is very beautiful and a young mother.

To all those typing second hand blah blah blah,up there, y'all fools.
Some of you have aborted or have a girl abort for you,some of you,your sisters are baby mamas or you are even baby mamas. Some of you,your mother have different kids for different fathers,but since its a faceless forum now,every is a saint,calling other people all sorts of name.

Bloody Hypocrites
its obvious u are typing from Experience...
Crime › Re: Aisha Shettima Nur Wanted By EFCC (Photo) by TheBlessedMAN: 6:14pm On Feb 27, 2017
Money is the root of all evils- so says the Bible..


And likewise.. NORTHERNERS are the root of all Nigeria's problems - so says Theblessedman..
Crime › Re: Aisha Shettima Nur Wanted By EFCC (Photo) by TheBlessedMAN: 6:11pm On Feb 27, 2017
Hmm.. Just came to check maybe her pics corresponds with the Aishat that failed to return my pencil wic i borrow her 16yrs ago in Jss3..


*checking*


*checking closely* Am out.. Not her! Gudluck finding her
Education › Re: How True Is This About Mathematics Teachers? Very Funny by TheBlessedMAN: 5:00pm On Feb 27, 2017
The distance between, The owner of that post and common sense is longer than diego costa's real age.. Pathetic
Art, Graphics & Video › Re: My Graphics Works So Far by TheBlessedMAN: 4:28pm On Feb 27, 2017
Wow! Am mesmerised by this genius work. Keep it up
Christianity Etc › Re: Reverend King Loyalists Celebrate His Birthday With 13pages Advert On Newspaper by TheBlessedMAN: 10:50pm On Feb 26, 2017
Those crazy members should b catched and castrated live.. 4 celebrating that He-goat! Chai.. Religion don enter one-chance
Politics › Re: What Problem wil U Tackle 1st?[if U Were Given D Chance 2 Rule Nigeria 4 1yr] by TheBlessedMAN(op): 8:38am On Feb 25, 2017
oyinkinola:
...you don't know that America is a sister of our mother.......The Great Britain!
oh! Now i understand ur sarcasm.. Buh they ar like uncles to us
Politics › Re: What Problem wil U Tackle 1st?[if U Were Given D Chance 2 Rule Nigeria 4 1yr] by TheBlessedMAN(op): 8:37am On Feb 25, 2017
Same here buddy
doingood:
Why one town one bar? I disagree with that path.
Career › Re: 13 Hidden Secrets Lawyers Won’t Tell Their Client by TheBlessedMAN: 8:20am On Feb 25, 2017
kglamour:
Go commit crime, He is ready to represent you at the court
what u fail to assimilate is dat, once u hand over ur life to Jesus christ, Master Lawyer, u wont av to commit urself to running away from crime, buh Crime wil commit itself to running very fast away from u..
Politics › Re: What Problem wil U Tackle 1st?[if U Were Given D Chance 2 Rule Nigeria 4 1yr] by TheBlessedMAN(op): 8:11am On Feb 25, 2017
oyinkinola:
...yah Nigeria aunt!
buh me no understand o
Politics › Re: Shehu Shagari Celebrates His 92nd Birthday Today by TheBlessedMAN: 8:08am On Feb 25, 2017
More Long life to u sir.. So that u also can witness what a sorry state ur surbordinates av turn this country to.. Wullnpp
Career › Re: 13 Hidden Secrets Lawyers Won’t Tell Their Client by TheBlessedMAN: 8:04am On Feb 25, 2017
Nice 1.. Buh the number one lawyer i can guarantee u, that wil never fail u is JESUS CHRIST.. all u need to do is just to open ur Hearts 'FILE SHARE' and connect to him.. No charges and no guilty sentence... Thanx
Business › Re: Naira Gains On Dollar [continues 4days Winning Streak. N480/$] by TheBlessedMAN(op): 7:33am On Feb 25, 2017
Source.. This Day Newspaper
Business › Naira Gains On Dollar [continues 4days Winning Streak. N480/$] by TheBlessedMAN(op): 7:32am On Feb 25, 2017
The naira continued on its four- day winning streak against the U.S. dollar on the parallel market yesterday to close at N480/$, stronger than the N501 to the dollar from the previous day, as the new foreign exchange policy actions introduced by the Central Bank of Nigeria (CBN) forced more currency speculators to sell off the greenback as sell rates fell as low as N460/$. The buy rate of the dollar also strengthened yesterday to close N470/$, as against the N490/$1 at which it closed on Wednesday. In all, the naira has appreciated by N39 since Monday when the new FX actions were announced by the regulator. Also, as part of efforts to sustain dollar liquidity in the market and bridge the gap between the interbank FX and parallel markets, it was gathered that the central bank auctioned another $230 million through forward contracts on the interbank FX market yesterday. It auctioned $370 million on Tuesday and sold $1.5 million on the spot market. Commenting on the new FX measures, analysts at Cowry Assets Management Limited said the move by the CBN to increase FX availability to end users has been helped by the recent buildup of Nigeria’s foreign exchange reserves amid increased crude oil revenues. “Given the improvement in the external sector, we anticipate that the new measures could pave the way for a gradual return of confidence in the foreign exchange market. “We also expect the monetary authority to do more to harmonise the exchange rates and thereby discourage arbitraging,” they added. In the same vein, Ecobank Nigeria noted that the new policy actions would also help to reinvigorate the hitherto illiquid interbank FX market. According to Ecobank, the decision to cap the settled rate for the retail transactions at 20 per cent above the interbank market rate and the restriction of school fees to university education only was a subtle way of partly controlling bank charges and manage likely FX demand pressure in the market. The bank added: “Over all, the impact of the circular could be short-lived, if the CBN does not show strong capacity to support the FX market with liquidity.” Also, Cyprus-based FXTM Research Analyst, Lukman Otunuga noted that with dollar demand for school fees payments overseas and personal travel allowance enforcing downside pressures on the parallel market, the move by the CBN to sell dollars to retail users via commercial lenders was logical. “While the policy may create some transparency, liquidity and efficiency in the Nigerian FX markets, this does not solve the overriding problem of multiple exchanges. “Eventually, the CBN may be forced to bridge the disparity between the official and parallel markets which have added to Nigeria’s woes. “With expectations heightened over the central bank devaluing the local currency in an effort to create liquidity and stability, this new policy could be viewed as the first course. “It must also be kept in mind that the inexhaustible demand for the dollar, that is not the legal tender in Nigeria, continues to leave the naira vulnerable to heavy losses,” he added. Financial Derivatives Company (FDC) Limited also warned in a note that “Nigerians must remember that this recovery is only as good as the supply remaining consistent”. “The good news is that oil is currently trading at $57pb. If sustained, this will provide the buffer needed to support the CBN’s policy directive of substantial weekly dollar injections into the market,” FDC said. Meanwhile, the Special Adviser to the CBN governor, Financial Markets, Mr. Emmanuel Ukeje has said manufacturers could end up benefiting from other funding sources provided by the central bank that may exceed the 60 per cent preferential FX allocation to them, which was stopped last Monday when the new FX policy actions were announced. Ukeje’s assurance to the manufacturing sector came against the backdrop of complaints by industries. He said contrary to speculations that the CBN may have relegated the manufacturing sector, the central bank still holds the sector in high esteem. Speaking on Arise News Network, the broadcast arm of THISDAY Newspapers, he said the CBN has developed a strategy of ensuring that funding gets to the manufacturing sector. “There are other avenues that they will end up benefiting more than the 60 per cent they were getting from those allocations,” he said. According to him, “Even though manufacturers were given that preference in the past, manufacturers under any condition are still part and parcel of bank customers. “And that’s what the CBN is going to fall back on, as we feed other sectors for other people to access the funds. The manufacturing sector actually will benefit from other interventions by the CBN because we also hold this particular sector in very high esteem. “We know the role they are supposed to play in terms of contributing to the economic development of the country.” Despite its decision to stop the preferential treatment, which required banks to allocate 60 per cent of FX purchases from all sources to specific sectors of the economy, the central bank had maintained that the provision of FX to the manufacturing sector would remain its strong priority. But since the announcement, there have been diverse interpretations of the central bank’s pronouncement, with some manufacturers raising concern.

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