On open, Wall Street climbed despite a host of uncertainties: weak jobs data and a spike in oil prices, reports the Wall Street Journal. According to published reports, OPEC, hitherto the Organization of Petroleum Exporting Countries, rejected calls to spike production – by Pres. George Bush. He commented that OPEC should allow its biggest customer’s […]
Nigeria’s naira Floats: IMF prevails as pending doom looms
Here comes the big trouble, for with floating of naira comes massive devaluation, Hyperinflation and higher interest rate. Nigerian government has finally bowed to recommendation by masterly International Monetary Fund (IMF) to devalue naira by allowing the embittered currency to float. Nigerian government cannot be accused of dithering; the government held his own but oddities […]
Upcoming Financial crisis in 2016 ?
The case seems heard: the market decline is explained by the generosity of central banks. This interpretation, however, forget why this very accommodative monetary policy has become inevitable … The financial crisis is back. Nearly eight and a half year after the first tremors of the subprime crisis, global stock markets plunge again, banks’ health […]
Nigeria’s inflation at 9%.: Making sense of the Development
Commentary and Analysis The recent statistics coming from the country’s National Bureau of Statistics (NBS) recorded an inflation rate of 9 percent in January of the first quarter 2013. The drop from 12 percent inflation rate of December 2012 to the new low at 9 percent is a breakthrough for Central Bank of […]
Nigeria’s Wellbeing and Political Economy
http://afripol.org The economy of 21st century will not be plausible to dissect and analyze in the absence of politics because both politics and economic activities are entwined and reinforced each another. This is where political economy of Nigeria becomes significant due to consequential co-existence of the two enmeshed entities. Political economy is at the epicenter […]
Nigeria Economic Activities: Inflation, Interest Rate and CBN Meeting
http://afripol.org/ Inflation rate at 12.9%, Central Bank of Nigeria (CBN) retains interest rate at 12 percent. But economic activities are becoming unpredictable. The two-day meeting of Central Bank of Nigeria‘s Monetary Policy Committee (MPC) ended with a lukewarm outlook, projection and pronouncement on the state of the economy by the Governor Sanusi, the head of […]