ELVIS BLOG

Float it or sink it, Naira is DEAD! And Buhari KILLED it as he is killing Nigeria         Nigeria has finally bowed to the inevitable. Battered by the oil plunge, starved of foreign currency and with the economy headed into recession, Africa’s second-biggest crude producer said Wednesday it will allow the naira to float, setting the stage for the currency to weaken. Free trade in the naira, set for Monday, will mark the end of more than a year of resistance by President Muhammadu Buhari, who reiterated his opposition to devaluation as recently as two weeks ago. The Central Bank of Nigeria has eliminated the official exchange rate for the naira, replacing it with a new forex policy which is “purely market-driven.”  However local and foreign financial experts, who welcomed the new policy, say it is, technically, a byword for currency devaluation. The naira was officially pegged at 197 to the U.S. dollar but experts now agree that it will fall shar

        A king that transformed a jungle to a city will forev­er be remembered, at the same time, a king that turned a city into jungle forever would not be forgotten. The way things are going, it is obvious that many nations are likely to emerge from Nigeria. When the histories of such na­tions that were hitherto Nigeria would be written, one name that would be scrolled in bold prints is President Muhammadu Buhari for presiding and writing the epi­taph of ones a country.       In this vein, “There was a coun­try”, the last book of late literary icon, Prof Chinua Achebe be­comes prophetic.        When in the early 2000, it was alleged that the American Cen­tral Intelligence Agency (CIA) had predicted that Nigeria would fragment in 2015, there was pal­pable tension in the country es­pecially in the face of the gen­eral election that generated so much acrimony and hatred and the country was polarized along ethnic and religious divides. The election came and go