The CFA is anchored to the Euro and France fixes the exchange rate and controls its through the European Central Bank. Before Benin Republic was mandated to deposit 50% of its reserves with France.
What exactly does Benin Republic gain by having a "strong" nominal exchange rate? Nothing. The country has a perpetual trade deficit, more than 9% of its GDP. It doesn't earn up to $2bn in export annually. Benin doesn't earn up to $2bn annually in export, this is less than what Nigeria earns from Cocoa. Their foreign reserve is less than $4bn.
What business does a country like this have with a strong currency. Imports from France are cheaper, it's a dumping ground for France. It's cheaper to import bottled water than produce it in Benin Republic. France has used cheap imports to suppress their growth in exchange for a stable currency and cheap foreign products.
Their exports are expensive, and apart from raw cotton, what else do they export in Benin Republic to guarantee the nominal exchange rate without the backing of France? A country that can't shape its own manufacturing and export destiny. Nigeria has recorded a trade surplus back-to-back for 3 years with increasing reserves. Our exports are fairly priced and competitive without a pegged or padded currency and the currency has remained stable and trades at market value.
This is basic economic analysis.
Bombed Jilli market is a Boko Haram stronghold, says Yobe
The Yobe state government says the air strike in Jilli market targeted a Boko Haram stronghold in Borno state.
The government said the operation was carried out by the air component of Operation Hadin Kai.
https://t.co/bILSyeGoUD
📜 The Bigger Picture
Every Nigerian group has a migration story.
Our ancestors were travelers, builders, and dreamers — long before “Nigeria” had a name.
Before borders, there were journeys. Before countries, there were cultures.
⚔️ The Kanuri Migration
From the Lake Chad Basin came the Kanem-Bornu Empire, one of Africa’s oldest and most organized states.
It thrived on trans-Saharan trade and diplomacy with North Africa centuries before colonial contact.
@EnclaveHub The Nigeria part is true.
In Lagos, we have the blue and red line.
plus the purple line starting this December.
In Abuja we have the metro line also.
There is train from Lagos to Ibadan.
Standard train and train stations.