#BBB NEWS| Dollarization Of The Nigerian Economy By Femi Falana

In an address which I delivered last Saturday (March 21, 2015) at the Life Theological Seminary, Ikorodu, Lagos State I criticized the increasing dollarization of the Nigerian economy by the management of the Central Bank of Nigeria. In pointing out the illegality of turning the United States Dollar into the official medium of exchange in Nigeria I did say inter alia:

“Under Section 16 of the Central Bank Act, 2007 the power to fix and determine the exchange rate of the Naira is exclusively vested in the central bank. But the CBN has abdicated that statutory duty to the so called market forces. For instance, the Monetary Committee of the CBN fixed devalued the national currency in November last year by fixing the exchange rate at N168 to a dollar. But market forces have increased the exchange rate to over N220 to a dollar while the International Monetary Fund is insisting that the Naira be further devalued.

In justifying the reckless devaluation of the Naira last November, Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria blamed it on the falling price of oil in the international market. However, the CBN governor has asked Nigerians to accept that devaluation would come with pains but would lead to benefits in the long run. This is a reminder of the mantra of the discredited Ibrahim Babangida junta when it accepted the prescription of the International Monetary Fund to devalue the Naira under the dubious Structural Adjustment Program in 1986.

#BBB NEWS| Avoid Violence, Former UN Secretary General Annan Urges Nigerians

Former United Nations Secretary General Kofi Annan has urged Nigerians to take necessary measures to avoid violence in this year’s general elections.

In a statement issued in Geneva, Switzerland, Mr. Annan described the elections as “historic.” “Though many observers express concern due to Nigeria’s history of violent elections, I am enthusiastic about what they represent for Nigeria’s political development. Nigerians have a genuine choice between two parties and two very different candidates,” he said.

Mr. Annan expressed his pleasure with a peace accord endorsed by incumbent President Goodluck Jonathan of the Peoples Democratic Party (PDP) and Muhammadu Buhari, the presidential candidate of the All Progressives Congress (APC). “By publicly reaffirming their commitment to the Abuja Accord, to free, fair and credible elections, and calling on their supporters to refrain from violence, President Jonathan and General Buhari have demonstrated leadership qualities befitting the high office to which they aspire,” Mr. Annan wrote.