SAEFEXPERIENCE

REVALUATION of the Naira is the solution to Nigeria’s economic recession where issues of high inflation growth rate, high cost of productivity, low local output, high cost of imports, negative GDP growth rate, balance of payment deficit, low purchasing power, economic inactivity is the norm.  In Nigeria’s foreign exchange (FX) market quotation system we have two quotations against the USD-dollars. The “parallel” market; Bureau De Change (BDC) - instituted bank “agents” quotation rate USD/NGR 1:308 and the fixed CBN Exchange rate of USD/NG, 1: 198. The common man would ask how the exchange rates between the two markets are determined, justified, how it impacts Nigeria’s economy and how is there a 65% disparity between the CBN and the parallel market(BDC)-(Corruption; core cause of the status of our economy).  The BDC (parallel market) is instituted market platform to trade currencies with customers to make profit locally. Profits are made from a commission payment on transaction

When the rains refused to go away And the sun in desperation looked the other way. The moon seemed to be out of reach And for this,the stars embarked on an outreach.         The elders of the tribe Met,and decided to appease the celestial beings With a human sacrifice, as a bribe Whose fate is left to earthworms and ravens. But the procurement of the sacrificial item Became a predicament. For the famine brought along with it different    ailment. But this woman willingly gave herself up as a totem.                                           Aghama!!!! How unfortunate,life turned out to be for you. The Belle, who will never be called mama For on this never returning journey the tribe  chose for you.. By: Godwin Henry Osaigbovo          (Pa Shakespeare. Add caption