Nigerian without Borders

Social and political commentator! Engineer. Future Politician #teamYorubaboy Above all else, guard your heart, for it is the wellspring of life. -Proverbs 4:23.

[Nigerian without Borders @karma_kazy]

@Itttyyyy1 @General_D__ Diaz

[Nigerian without Borders @karma_kazy]

@Itttyyyy1 @O_ladele No loud am

[Nigerian without Borders @karma_kazy]

@Chiefofbridge @ChinoUTD Bruno Cunha Bruno Cunha Luke Shaw Bruno Cunha Bruno… enough said

[Nigerian without Borders @karma_kazy]

@ZenithBank why have you not improved your bank app for ages? once a transaction is done if one does save or share the receipt immediately one can not go back to the receipt later, and when it comes on the statement you can’t retrieve the acc number you sent money too. Do better

[Nigerian without Borders @karma_kazy]

https://t.co/EmuoUWB6iB

[Nigerian without Borders @karma_kazy]

@MbeumoEra @utdscope @lauriewhitwell 25M is a decent offer

[FC BAYERN RICKY 👑👑 @rickyda1st]

He cooked using an entire Microwave 🔥

[ifexzzz @ifexzzz]

If you stand with Verydarkman retweet this post! Justice for VDM

[Nigerian without Borders @karma_kazy]

@fmudonkj @Manutd_addicts Nobody is more creative in the Premier league than Bruno Fernandez, Hojlund has zero positioning, he hides himself behind defenders and expects balls to get to him.

[Piers Morgan @piersmorgan]

Every single word that @Cristiano told me about Ten Hag in our explosive interview was born out by events.
He was an over-promoted, delusional, disrespectful, and thoroughly mediocre manager who couldn’t handle world class talent or run a club that size.

[Nigerian without Borders @karma_kazy]

@EmenaIo The money please, Chelsea ain’t serious. I’m proud he went for the money

[Dele Alake @AlakeDele]

I am pleased to report that the National Gold Purchase programme, which aims to increase our country’s reserves and boost the value of the naira, is making significant progress.

Recently, I had the honor of presenting the latest gold bars to HE President Bola Ahmed Tinubu. The bars were sourced from artisanal and small gold miners and refined by an agency of our Ministry, the Solid Minerals Development Fund. They have met the London Bullion Market Association Good Delivery Standard and will soon be sold to the Central Bank of Nigeria to strengthen our foreign reserves.

This marks the first commercial transaction under the National Gold Purchase Program (NGPP), which is a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.

Furthermore, I am proud to announce that this first commercial transaction has resulted in a substantial increase of over US$5 million in Nigeria's foreign reserves assets, the refinement of over 70 kilograms of gold to the London Bullion Market Good Delivery Standard, and the successful aggregation of locally mined gold, injecting around NGN6 billion into the rural economy.

[Nigerian without Borders @karma_kazy]

@huncleiCE Make I chop first I Dey come

[Nigerian without Borders @karma_kazy]

@Ricky46300318 Please watch the video, the headline is misleading

[Nigerian without Borders @karma_kazy]

@Itttyyyy1 @seun_weezy Who be this one again, Person way see many FA cup cold catch am

[Nigerian without Borders @karma_kazy]

@Itttyyyy1 @seun_weezy You don die for my hand 🤚

[Nigerian without Borders @karma_kazy]

@Itttyyyy1 @KvngGenerous 😂😂😂 who tell you say I go marry

[Michael Chibuzo® @chibuzo_mikel]

The Cardoso Naira vs Dollar Chess Game: A Fight to the Finish

By Michael Chibuzo

I have watched very keenly the flurry of activities in Nigeria's foreign exchange market in the past couple of days. It is obvious that the Central Bank of Nigeria under the leadership of Dr. Yemi Cardoso has laid down a monetary chess challenge with the dollar and operators of Nigeria's foreign exchange market.

On 22nd September, 2023, Dr. Yemi Cardoso assumed office as the new Governor of the Central Bank of Nigeria. For two months, he did not make any key statement on the policy direction of the CBN until November 24, 2023 when he laid out what may be described as his first monetary policy speech at the 58th Chartered Institute of Bankers of Nigeria’s annual dinner in Lagos.

The key takeawys from Cardoso's speech at the dinner as it affects the Nigerian economy include the following:

- There is a continuous decline in Nigeria's crude oil production, which has led to a decline in government revenue and foreign exchange inflows;

- There is a growth in public expenditures to meet up with the required pace of growth. The combination of INCREASED public expenditure and REDUCED net public revenue led to fiscal deficit and public debt increase, placing additional strain on external reserves and contributing to exchange rate instability;

- Insecurity remains a pressing issue, affecting the agricultural, industrial, and services sectors simultaneously. The net effect is reduced national productivity, food shortages and inflation; and

- Unavoidable fuel subsidy removal and foreign exchange unification policy exacerbated a worsening macroeconomic indicators.

So, in essence, Cardoso highlighted significant challenges facing the economy to include high and rising inflation, inadequate foreign exchange supply, depreciation of the exchange rate, limited external reserves, weakened output, and high unemployment.

He said that the CBN will prioritize price stability to safeguard the livelihoods of Nigerians (ie tackling inflation) as well as stabilizing the exchange rate. These two areas if achieved will promote economic stability. The big question was always HOW.

The first thing Cardoso sought to do (in his words) was "to build back a better CBN" that had been painted in bad light over the past few years due to various factors such as corporate governance failures, diminished institutional autonomy of the CBN, a deviation from the core mandate of the CBN, unorthodox use of monetary tools, an inefficient and opaque foreign exchange market that hindered clear access, a foray into fiscal activities under the cover of development finance activities etc.

From the look of things, it was obvious that Cardoso was ready to make audacious policy u-turns from what was obtainable in the CBN. Strangely, he decided to bid his time before holding a Monetary Policy Committee meeting (last one was held in July, 2023). Obviously he wanted to clear the monetary table of a lot of 'debris' before constituting an MPC meeting.

The volatility and lack of adequate liquidity in the foreign exchange market (which had earlier been liberalised) posed the most immediate challenge to Yemi Cardoso and he understood the implications for businesses and investors. This is why it appears he took it up as his topmost priority.

At that CIBN dinner, Cardoso said, "in order to ensure the proper functioning of domestic and foreign currency markets, CLEAR, TRANSPARENT, and HARMONISED rules governing market operations are essential. New foreign exchange GUIDELINES and LEGISLATION will be developed, and extensive CONSULTATIONS will be conducted with banks and FX market operators before implementing any new requirements."

On January 22nd, the CBN fixed February 26 - 27 as dates for its 293rd Monetary Policy Committee meeting - the first since Cardoso was appointed more than four months ago.

[Nigerian without Borders @karma_kazy]

Do you remember when you joined X? I do! #MyXAnniversary

[Nigerian without Borders @karma_kazy]

@Ber_nicey Sorry for your loss! I pray God gives you and your family the strength to forge ahead, I pray this tragedy doesn’t happen again to you. Take heart ♥️