Monday, May 17African Business News
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Tag: Godwin Owoh

Forex shortage: A crisis foretold

Forex shortage: A crisis foretold

Finance
Managing a commodity currency, anywhere in the world comes with the challenge of a terminal ailment. Just when one thinks there is a breather somewhere, it breakdowns and returns with the ferocity of a tiger. Hence, several emerging economies are often in the ‘blues’ taming a currency crisis. And so is Nigeria, except that its cases are particularly more worrisome as the Central Bank of Nigeria (CBN), as Prof. Godwin Owoh, an economist, noted, seems to gamble more each time it throws a punch at what has become the economy’s most problematic enemy. At the weekend, it did so again in a manner Owoh described as banal and naive. This time, it is offering the remittance market service users a bonus to wire money to Nigeria through the expensive official routes. The apex bank unveiled...
Amended BOFIA: The birth of ‘unquestionable’ regulator

Amended BOFIA: The birth of ‘unquestionable’ regulator

Business
The Central Bank of Nigeria (CBN) has been taunted as a super-regulator. This is not only for the autonomy it derives from its enabling law but also because it can bite at will and get away with it. In 2009, when the apex bank, under the leadership of Sanusi Lamido Sanusi, sacked the managements of defunct Intercontinental, Oceanic and seven others banks, shattered their owners and took over the institutions in what was termed the ‘Sanusi Tsunami’, individuals and groups went to court in droves. But the litigations made no difference as the banks, except one, were subsequently nationalised and sold under a state cover. Of late, the CBN has been accused of arbitrarily freezing the bank accounts of individuals. First, it was 38 accounts of individuals it accused of being involved i...