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PoliticsRe: We Didn't Ask Fg To Devalue The Naira - Imf by violent(m): 5:10pm On Mar 04, 2011
I wonder where the "devaluation" news started from, these media knocklheads that call themselves Journalists should be out of jobs already and better minds recruited.

If you don't read the news in Nigeria, you are uniformed, if you read the news, you are misinformed. na wa o
Forum GamesRe: ~Positive Inspirational Game . . . ~ by violent(m): 11:54pm On Mar 03, 2011
Good Judgments comes from experience which itself comes from Bad Judgments
PoliticsRe: To Get Rid Of Pdp, Acn Should Stand Down For Buhari/bakare. by violent(m): 10:11pm On Mar 03, 2011
ACN should direct more of it's energy to gaining seats at the National Assembly
PoliticsRe: They Have Finished Fashola On Tv Debate. by violent(m): 1:00am On Mar 03, 2011
^^

exactly my thoughts as well.

Let's hope the President is brave enough to accept a challenge, i can't wait!
PoliticsRe: Lagos State Governorship Debate On Channels by violent(m): 11:07pm On Mar 02, 2011
*****now playing Wasiu***. . . . . . .

sh'awa la leko, awa la leko ooo,
my people ayaya, we go dance o, ayaya
whether rain dey fall ,
abi sun dey shine,
shao shao, ayaya,
shawa shawa, ayaya
PoliticsRe: Lagos State Governorship Debate On Channels by violent(m): 9:45pm On Mar 02, 2011
I want Goodluck against Ribadu!!!!! cool cool cool cool
PoliticsRe: They Have Finished Fashola On Tv Debate. by violent(m): 9:35pm On Mar 02, 2011
Eko o ni baje lai lai, ko ni baje loju awon olote.

Fashola should be arrested for murder!
PoliticsRe: Lagos State Governorship Debate On Channels by violent(m): 9:31pm On Mar 02, 2011
No wonder Goodluck feels intimidated, who wouldn't?

where Beaf?
CelebritiesRe: Leave My Private Life Alone – Stella Damasus by violent(m): 10:05pm On Mar 01, 2011
Yes mama gee, we've seen you tongue
PoliticsCriminal Justice System Has Failed The Nigerian People. by violent(op): 9:34pm On Mar 01, 2011
(Abuja, Nigeria) Amnesty International today exposed the appalling state of Nigeria’s prison system, saying that Nigeria’s prisons are filled with people whose human rights are being systematically violated.
The organization said that the criminal justice system is utterly failing the Nigerian people, calling it a “conveyor belt of injustice, from beginning to end.”

In a detailed and scathing 50-page report, the organization reveals how at least 65 percent of Nigeria’s inmates have never been convicted of any crime, with some awaiting trial for up to ten years; how most in Nigerian prisons are too poor to afford a lawyer, with only one in seven awaiting trial having access to private legal representation – with only 91 legal aid lawyers working in the country; and how appalling prison conditions, including severe overcrowding, are seriously damaging the mental and physical health of thousands.

Torture by police is also routine and widespread, with “confessions” extracted by torture often used as evidence in trials.
“The problems in Nigerian’s criminal justice system – especially its prisons -- are so blatant and egregious that the Nigerian government has had no choice but to recognize them -- and has pledged many times that it will reform the system,” said Aster van Kregten, Amnesty International's Nigeria researcher, speaking at a press conference in Abuja.

“However, the reality is that those in prison stand little chance of their rights being respected. Those without money stand even less chance. Some could end up spending the rest of their lives behind bars in appalling conditions without ever having been convicted of a crime -- sometimes simply due to their case files having been lost by the police.”
“Many inmates awaiting trial are effectively presumed guilty – despite the fact that there is little evidence of their involvement in the crime of which they are accused.”

Amnesty International also revealed how all too often, people not suspected of committing any crime are imprisoned along with convicted criminals. Some were arrested in place of a family member the police could not locate; others suffer from mental illness and were brought to prison by families unable or unwilling to take care of them. Most have no lawyer to advocate on their behalf.

In one such case, Bassy, a 35-year-old woman with mental illness, was brought to prison by her brother, who said the family could no longer cope with her. Prison authorities classified Bassy as a “civil lunatic.” Accused of no crime and never brought before a judge, Bassy spent almost three years in prison, sleeping on the floor in a cell with 11 women. After the intervention of PRAWA, a Nigerian non-governmental organization dealing with the welfare of prisoners, Bassy was finally transferred to a hospital, where she is now receiving treatment.
“When a state arrests or imprisons someone solely because they are a relative of a suspect or because they suffer from mental illness, they are violating that persons right not to be subjected to arbitrary arrest or detention – a right guaranteed in the Universal Declaration of Human Rights,” said van Kregten.
Cases take so long to get to court that once an inmate has been tried and convicted, they are reluctant to launch an appeal. Even those claiming innocence say they risk staying in prison longer waiting for their appeal to be heard and than if they simply serve their sentence.
Amnesty International also highlighted the plight of prison staff, who work long and stressful hours for low wages that are often paid late. Poor pay often leads to petty extortion of prisoners, and staff shortages create security risks for both staff and inmates. Inmates are often relied on to govern themselves and have taken on disciplinary functions, including meting out corporal punishment, close confinement and diet restrictions – all of which do not comply with international standards.
“The Nigerian government is simply not complying with its national and international obligations when it comes to the criminal justice system in Nigeria and must begin to do so seriously and urgently,” said van Kregten. “The conditions we saw and the stories we heard from inmates are a national scandal.”

Background information
The Nigerian government has, on numerous occasions, stated its willingness to reform the criminal justice system, acknowledging its role in creating a situation of prolonged detention and overcrowding. Despite many presidential commissions and committees recommending reform, the recommendations have not been implemented. Instead, the government has set up new committees and commissions to study, review and harmonize the previous recommendations.
PoliticsLmao! by violent(op): 7:49pm On Mar 01, 2011
strategic campaign, the bigger the better

PoliticsJega Says No Ballot Papers For Election by violent(op): 6:31pm On Mar 01, 2011
The path toward delivering a credible election come April by the Independent National Electoral Commission appears to be strewn with more difficulties than the commission envisaged. Just as it failed yesterday to launch an expected legal challenge against the recent Federal High Court verdict which barred governorship elections in five states, it was gathered that ballot papers were in short supply ahead of next month’s general elections, according to a senior official of the Independent National Electoral Commission (INEC) who did not want to be identified, deepening the uncertainty around nationwide polls, barely a month away.

In an interview, the INEC official disclosed that the electoral body was frantically considering foreign printers with barely a month until the elections are scheduled to start. The INEC source revealed that the Nigerian Security Printing and Minting Plc, is having major capacity constraints to meet the April deadline. The source said that alarm bells began to ring last week after a courtesy call by INEC officials to the Mint revealed how behind schedule they were.

“The Mint had been commissioned to design, print and deliver over 100 million ballot papers for the elections,” the INEC official said. “So far, I can tell you that they are nowhere near that yet.”

He added that the commission would now “almost certainly” have to enlist the help of foreign printers to meet the April targets. Such a decision would have considerable financial ramifications, the source disclosed.

“There are three firms which are being considered and they are all in Europe,” the INEC official said. “They are based in Italy, Germany and France and almost certainly one of them will get the contract.”

The official said that the United Kingdom, United States and Canada had been ruled out of the running due to cost and distance respectively.

“UK’s estimate was almost double that of others,” he said. “The US option was cheap but just too far to guarantee timely delivery.”

The source said that four inspection committees had been set up last year and had made trips to the different countries in December to assess the merits of each printer. Each team had made recommendations and the commission would now revisit them, the source added.

History repeating itself

The possible delay in printing raises further fears that not everyone will have a fair chance of voting when the elections begin next month. In 2007, a last-minute scramble resulted in millions of ballot papers being hastily reprinted in South Africa. The confusion led to ballot papers arriving late and, in some cases, without unique serial numbers. Several observers noted that the lack of ballot papers was the main reason voting did not take place in several parts of the country. The press secretary to the INEC chairman, Kayode Idowu, denied the allegations and said everything remained on track to ensure a free and fair election.

“All of that is false; there are no problems with the ballot papers. The process is on course,” Mr. Idowu said.

Asked whether there were apprehensions as to the timely delivery of the papers, he said: “You know these are sensitive materials and they have to be treated with care. There are no apprehensions; the process is ongoing.”

INEC delays appeal on governorship case

The commission had confirmed over the weekend that it would file an appeal at the Supreme Court against the lower court directive on governorship elections in Kogi, Cross River, Adamawa, Sokoto and Bayelsa states, whose governors, the court had ruled, should not be part of April elections. But with about 30 days to elections and a legal apparatus overstretched by more than 150 ongoing court cases, the appeal could not commence Monday although officials could not give explanations. Those who spoke struggled to reaffirm the commission’s earlier position that an appeal would be instituted.

“INEC will appeal,” spokesperson, Mr. Idowu, insisted late Monday afternoon. He said it could not be certain at the time whether legal representatives of the electoral body had filed its response at the Supreme court as expected.

Earlier on Monday, one of the commission’s lawyers sighted at the Federal High Court, Abuja, Hassan Liman, evaded inquiries from journalists on the position of the case, referring them to INEC headquarters. When reached later on phone, Mr. Liman, refused to respond further when he realised the caller was a journalist.

But Mr. Idowu said that the commencement of the case would be a public process, a confirmation that the case had not begun amid concerns from opposition candidates whether or not gubernatorial polls would be conducted in the affected states. On account of their 2007 elections having been nullified by the courts, the Federal High Court in Abuja last week ruled that the tenure of the five governors counted anew from when they took oath of office after an ordered rerun, implying that elections there would stretch into 2012.

INEC anchored its position on the newly-amended Constitution and Electoral Act which prescribes that in cases of rerun, the tenure will be calculated from the first time the governors affected took the oath. Yet, with the court position, Mr. Idowu said the Commission was unaware of any withdrawal from the April contest by the five governors: Liyel Imoke, Aliyu Wammako, Timipriye Silva, Murtala Nyako and Ibrahim Idris.

As the deadline for replacement and withdrawal of candidates passed yesterday, dozens of party officials filled the commission’s headquarters, meeting with INEC staff and passing documents. Mr. Idowu said that the replacements could not be confirmed until the list was published on Wednesday. Currently, attention is focused more on the People’s Democratic Party which has the bulk of controversial cases notably in Ogun, Abia and Oyo states, and the Congress for Progressive Change which is still contending with a governorship dispute in Kano State.
PoliticsRe: Tafawa Balewa Square, Venue Of Gej's Rally Is Less Than A Quarter Filled by violent(m): 5:51pm On Mar 01, 2011
Lmao!

*****now playing Wasiu***. . . . . . .

sh'awa la leko, awa la leko ooo,
my people ayaya, we go dance o, ayaya
whether rain dey fall ,
abi sun dey shine,
shao shao, ayaya,
shawa shawa, ayaya
PoliticsRe: I’ll Remove Immunity Clause – Buhari ! by violent(m): 9:01am On Mar 01, 2011
Demdem:
I totally agree with this too, Nigerians (i believe most want the immunity clause expunged) can also exert pressure on both houses. Its very posible and has happened before. Remember the Turai cabal and of recent the FOI bill passed by the house (i dont think the house would willingly want to pass the bill if not from pressures exerted on them)
Let's be realistic here, the house hardly succumb to external pressures, especially when coming from the people they claim to represent, this is sad, but true. The passage of the FOI bill as i see it, was not passed because Nigerians wanted it. It seems as though it's passage was a last strain of effort by the house to save face in the public as most of them are not likely to get tickets for re-election, so it makes a good story to say "at least we did something".

We all screamed about the Jumbo bonuses they receive, they simply just laugh hard at our foolishness and then return to looting the treasury. Even if the President makes as much sound as a whim, all it takes is two thirds of a majority vote to have him thrown out of Aso Rock into unemployment pool!.
PoliticsRe: I’ll Remove Immunity Clause – Buhari ! by violent(m): 8:51am On Mar 01, 2011
Genbuhari3:
this is not United States, agreed. we want to make it better than the united states! if the pressure we put on the cabal and the national assembly to make goodluck acting president becomes a constant in our national life, then any issue that touch the life of the people will scale through.

the question for you, is the removal of immunity right or wrong? leave the messenger, deal with the message!

Rasputinn dundee,

the response above is not for you! you dont deserve one, pls
The removal of immunity clause is NOT wrong, what is wrong is it's existence, no one should ever be given the feeling of being above the long arms of the law at any point in a single day.

That said, however, like i pointed out earlier, the nation stands to benefit more if we pursue an agenda that looks at Judicial reforms, possibly establishing a Jury trial system.
PoliticsRe: I’ll Remove Immunity Clause – Buhari ! by violent(m): 8:36am On Mar 01, 2011
Genbuhari3:
Well, Obama promised health care reform and he implemented it through the congress!

he said we will seek, he did not say we will. the intention is what matters here and it will be done if he can carry the people along to put pressure on the house.
No doubts, the intentions are right, it's however obvious that such motives would hardly see the light of day.

the house does not bend to pressure, it doesn't give a whoot whoot what the President and the people think, this is not the United States!

Asides that, i fail to see the immediate impact of removal of immunity clause, when the Judiciary is wholly owned by PDP.

I would expect that a forward looking President is aiming at conducting a massive Judicial reform, sadly no one is even thinking about it, until then, we'd keep going about in circles.
PoliticsRe: I’ll Remove Immunity Clause – Buhari ! by violent(m): 8:19am On Mar 01, 2011
The seat of the President is almost toothless without the backing of the majority in the National Assembly. There is no point making promises he has no absolute powers to deliver.
PoliticsRe: Should The Us Intervene In Libya? Your Views Please by violent(m): 9:56pm On Feb 28, 2011
Sun of god:
A regional war in the middle east would be beneficial to the west.

More so to America - it will boost their economy through the 'Military Industrial Complex'

They will happily sell arms to all sides - David Cameron has actually went with arms dealers to the middle east last week taking 'orders'.

Civil War followed by a Regional War and then finally onto World War - Thats what America needs and will get.
This is not likely to lead to a full scale war, from all probability, there's likely to be some sort of resistance from the Chinese and Russians on this, which is likely to curb the extent of the invasion. Also, i believe rules of engagement is likely to be stringent to ensure that civilians causalities are greatly minimized.

The US and the NATO are likely to be saving some military shells for the big games----Revolution in Saudi, Revolution in Iran, and a North Korean attack on South, these are events likely to lead to a full scale war.
PoliticsRe: Should The Us Intervene In Libya? Your Views Please by violent(m): 9:51pm On Feb 28, 2011
Meddler:
Really an American Invasion. Please someone should tell me how that will go down with the American ppl. C'mon, America is just recovering from one of the worst economic crisis and you think the[b] Republicans will agree to bring out a dime to support invasion?[/b] The speed at which it will be voted down will be faster that the speed of light. Oh America will be going in but not now. Libya still has oil after all. We will just have to wait and see how this plays out.
are you kidding?  Republicans are fighters by nature, if an American had died from one of Ghadaffi's shells, Republicans would be calling for Obama's head on a plastic plate.
PoliticsRe: Should The Us Intervene In Libya? Your Views Please by violent(m): 9:48pm On Feb 28, 2011
Kobojunkie:
Tell me you help your workers without expecting something in return.
If you are expecting something in return, then you are rendering a service, quite a different thing from helping out i think.

when david cameron and obama were silent about this crisis, libyans blamed them for their non-challant attitude. now they wanna make the move and we are here saying they want to do so because of the oil fields!
From the look of things, it appears so.  Libya produces one of the finest crude in the world and the EU is dependent on more than 80 per cent of Libyan crude, we can say the same for the US as well, given that the demands for oil continues to surpass it's supply.

A chaos in Libya in turn will be followed by a hike in the prices of oil as evident in previous weeks.  If this situation continues, or worse still, if Gadaffhi makes good on his threat of sabotaging Libyan oil facilities, it's likely to degenerate to another global downtown, which, trust me, is the last thing that US or UK would hope for at the moment.

Of course, I am not ruling out the fact that it's also in the interest of the entire world that evil be stamped out of Libya, the question is, IS this enough for  the Americans and the EU to put billions in military spending and the lives of  hundreds of fine soldiers at stake for this?  when in the end, all they are likely to get back is a disgruntled thanks from Libyans and a pack of a million haters?----of course, the answer lie somewhere else, the oil!
PoliticsRe: Should The Us Intervene In Libya? Your Views Please by violent(m): 9:29pm On Feb 28, 2011
jumobi1:
Honestly though, why would any country help without getting anything in return?
because when it is called ''help'' you shouldn't be expecting to get anything in return!
PoliticsRe: Should The Us Intervene In Libya? Your Views Please by violent(m): 8:59pm On Feb 28, 2011
[quote author=*Cougar* link=topic=612783.msg7818650#msg7818650 date=1298922771]gaddafi hasn't covered himself in glory. i sanction a foreign invasion. any leader who deliberately launches death squad on his own people needs to be taught a lesson.[/quote]Foreign Invasion will likely cause more chaos for Libyans than Ghadaffi, as the country is easily divided along ethnic lines.

Asides that, it's better for countries such as Egypt to take the lead than the US.

From all indications, it looks as though the US's primary interest could be securing the oil fields located in Libya and most people are likely to think along this line as opposed to actually helping Libyans get rid of a dictator.  Time to go long on oil futures. . a lot of money could be made!
PoliticsRe: Should The Us Intervene In Libya? Your Views Please by violent(m): 8:50pm On Feb 28, 2011
I see this degenerating and turning a lot worse than anyone could anticipate. This move could rally Islamic nations behind Ghadaffi.
PoliticsRe: Jos Crises: Fulani Group Sues Fg, Demands N481bn Compensation by violent(m): 8:44pm On Feb 28, 2011
who's is actually killing who?
PoliticsRe: Is Tinubu A Saint? by violent(m): 7:08pm On Feb 28, 2011
Gbawe:
Nonsense. Speak the truth and shame the Devil . You all mention Tinubu because all the "enemies" of GEJ you villified yesterday have now 'fallen in line' and are kingmaking "buddies" of GEJ today . You lot are shameless. Is IBB no longer "Independent bomb blast" ? Will Dokpesi no longer spend the rest of his life in prison for "treasonous actions" against Nigeria ? Will you have a heart attack tomorrow if "devil incarnate" Ciroma and 10 of his family members are given positions in GEJ's Government? What if the case against Okah is dismissed and he is back in Nigeria to head a new "supercharged" amnesty program for GEJ?  This is a Nation you people are playing with . It should not be run on lies, insincerity and the type of total lack of principles Jonathan has consistently displayed again and again.
This is everything I'd love to say but couldn't find the right words. Thank you!

It seems to me, many users on NL have been bought, their souls forever in the hands of puppeteers and even in the face of obvious corruption meted out by their masters, their minds will forever remain shut.

In a bizarre twist, many around here will like to bring up Tinubu or Ribadu as an excuse to whatever is wrong, then you begin to wonder where the generation of today's liberal force is hiding, . .

It's so sad our generation has gone to the dogs, i wouldn't imagine for the life of me that someone will still blindly pledge support for PDP after recent events, it's totally unbelievable !
PoliticsRe: Should The Us Intervene In Libya? Your Views Please by violent(m): 6:50pm On Feb 28, 2011
The US and Britain said on Monday they were looking at establishing a “no-fly” zone across Libya, amid signs that Nato nations were weighing all military options in the crisis.

As Washington and London pressed home demands that Col Muammer Gaddafi should quit power, the White House said a no-fly zone was “an option we are actively considering”.

In London, David Cameron, Britain’s prime minister, told the House of Commons that all measures would be examined to increase pressure on Col Gaddafi to go.

“We do not in any way rule out the use of military assets,” he said.

Mr Cameron added: “We must not tolerate this regime using military force against its own people. In that context, I have asked the Ministry of Defence and the chief of the defence staff to work with our allies on plans for a military no-fly zone.”

The US military was repositioning naval and air forces around Libya, a Pentagon official said, as international demands intensified for an end to Col Gaddafi’s four-decade rule.

“We have planners working and various contingency plans, and I think it is safe to say as part of that we are repositioning forces to be able to provide for that flexibility once decisions are made,” said the Pentagon.

British officials said they were looking at the use of the UK’s sovereign air base in Akrotiri in Cyprus as a launch point for a no-fly mission. “Akrotiri would be very useful if we wanted to deploy Typhoon [Eurofighters],” said an official.

The main fear of western leaders continues to be that Col Gaddafi might find a way to mount bombing raids on opposition forces,

Senior military officials in Washington have been looking at a range of options for military action. These include establishing “safe zones” for people sheltering from the regime, securing ports, airports and oil fields, and providing guarantees for any attempt to set up a new government.

In comments that went beyond previous warnings by the US, Hillary Clinton, secretary of state, said: “We will continue to explore all possible options for action. As we have said, nothing is off the table so long as the Libyan government continues to threaten and kill Libyans.”

Barack Obama, US president, was due later in the day to meet Ban Ki-moon, UN secretary-general, to discuss further diplomatic, legal and other means to put pressure on the government and peel away some of the forces loyal to Col Gaddafi.

UN approval of a no-fly zone would be difficult to secure, given China’s and Russia’s extensive doubts about military intervention. But some western diplomats suggested on Monday that it could be imposed by a coalition of nations outside the Nato remit.

The focus on military options came as Libya looked likely to become the first country ever to be expelled from the UN Human Rights Council. Foreign ministers from the US, Russia, Britain and other states will convene today for a session of the council in Geneva, where they are set to condemn the violence that Col Gaddafi has unleashed on his opponents in recent days.

In a speech to the council on Monday, William Hague, British foreign secretary, said the response to the crisis in Libya both at the UN Security Council and at the Human Rights Council had been remarkable.

“The international community came together in a way which it has not done before, setting aside differences in the face of a challenge to the very notion of what we commonly and instinctively regard as the basic rights of humankind.”

Libya also looks likely to become the first country to be expelled from the UN Human Rights Council.

Foreign ministers from the US, Russia, the UK, Germany and other states convened on Monday for a council session in Geneva, where they condemned the violence that Col Gaddafi has unleashed on his opponents in recent days.

The International Criminal Court prosecutor said on Monday that he hoped to complete a preliminary examination of the violence in Libya in a few days before opening a full investigation.

Over the weekend, the UN Security Council imposed sanctions on Col Gaddafi and his family, and said it wanted Libya’s crackdown on anti-government demonstrators referred to the ICC.

Navi Pillay, UN high commissioner for human rights, on Monday accused a number of governments in the Middle East, including Libya, of “illegal and excessively heavy-handed response” to pro-democracy demonstrations.

“I remind all those concerned that widespread and systematic attacks against the civilian population may amount to crimes under international law,” she told the UN Human Rights Council.

The European Union approved its own set of sanctions on Monday afternoon that go beyond those passed by the UN over the weekend. The sanctions include asset freezes, travel bans and embargoes on weapons and other material, such as tear gas and anti-riot equipment, that could aid in suppressing opposition protesters.

The decision was expected to be made later in the week but has been brought forward to ensure the measures are enforced as soon as possible, diplomats said.

However, officials said they had hit a snag because Italy is opposed to including the Libyan sovereign wealth fund – which owns 3 per cent of Pearson, the FT’s parent company – and other government entities in an asset freeze. Libyan funds own stakes in UniCredit, the Italian bank, and the Juventus football team.
PoliticsRe: Between Sanusi And Imf Who Is Right About The True Value Of The Naira? by violent(op): 12:16pm On Feb 28, 2011
^^^^
and you say this because?
PoliticsRe: Presidential Pardon by violent(m): 8:24am On Feb 28, 2011
where did you hear all that from?
PoliticsBetween Sanusi And Imf Who Is Right About The True Value Of The Naira? by violent(op): 8:18am On Feb 28, 2011
The International Monetary Fund last week said that the naira is currently over valued. Immediately, the CBN Governor, Sanusi Lamido Sanusi reacted and criticised calls from the IMF for greater exchange rate flexibility, saying he did not believe the naira exchange rate to dollar was overvalued and that the advice was based on flawed logic. After ending consultations with Nigeria, the International Monetary Fund had noted in a statement that forex reserves had been falling and said speculation against the naira could become “intense”. The Fund said its staff believed the naira, which has traded around N150 to the U.S. dollar for more than a year, was overvalued and that greater flexibility would cushion external shocks to Nigerian economy.

This has sparked off debates and controversy as to the true value of the naira exchange rate. Many may wonder the fuss about what the naira is exchanging for. In a highly productive economy with high export base, depreciation of the currency is encouraged to make export cheaper. But in a mono product economy like Nigeria, concerns are raised whenever devaluation is contemplated. In the first instance, Nigeria as OPEC member does not determine the volume of crude it exports but fixed by OPEC quota. The price of the commodity is also outside its power to determine. So devaluation does not pay such an economy in real terms.

The IMF has projected what it thinks the naira exchange rate should be, giving a programme of depreciation of the naira in the coming years and believed it will exchange for N202.7 to a dollar by 2015. Projection by the multilateral institution said that in 2009, the naira will exchange on the average for N148.7 to the dollar and it actually exchanged for N149.69 by December of that year. In 2010, while the IMF said it will go for N149.9 to the dollar, the naira as at end of December exchanged for N150.48. In 2011, the naira is projected to exchange for N155.1 to the dollar and in the first two months of the year, the naira exchange rate is N151.2 on the average. In 2012, the IMF has projected it will exchange at N166.1 to the dollar.

IMF data projection on the exchange rate of the naira further indicates that in 2013, the exchange rate of the naira will depreciate further to exchange for N177.7 to the dollar and that in 2014, it will exchange for N189.9 to the dollar and in 2015, N202.7 will exchange for one dollar. As at today, the naira is already exchanging officially at N151.1 to the dollar at the official market. At the parallel market, it goes for as low as N155 to the dollar. Between the CBN and IMF, who is right? Has the CBN any future trend data on the naira? No.

This trend in the loss of value in the nation’s currency is expected to continue and would by IMF projection, exchange for N202.7 to the dollar in the next four years.Sanusi while reacting to the IMF report said: “We do not believe that the naira is overvalued. We do not believe that at a time when the oil price is going up and output is going up, we should be losing the value of our currency.”

If the CBN Governor admits that “substantial foreign exchange is expended annually on importation of petroleum products, in addition to the huge amounts spent on import of food items such as rice whereas what is needed is the implementation of policies that will lead to food security and total self-sufficiency,” then the demand for foreign exchange in Nigeria outstrips supply, and the price will be higher. What the CBN Governor should tell the nation is that Nigeria cannot continue down this line of importation of just anything. Nigeria has no business importing petroleum products, toothpick, 15-year-old junk vehicles, table water etc. If the price for this import recklessness is devaluation of the currency, let the monetary authorities muster the courage to admit the obvious, let the foreign exchange market be thrown open for every operator to earn and spend what it can generate or purchase from the open market.


full report on http://www.vanguardngr.com/2011/02/between-sanusi-and-imf-who-is-right-about-the-true-value-of-the-naira/
PoliticsRe: Obasanjo, Pdp Chieftains Receive Bode George by violent(m): 1:02am On Feb 28, 2011
,
PoliticsRe: Obasanjo, Pdp Chieftains Receive Bode George by violent(m): 12:54am On Feb 28, 2011
,

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