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Now Naija News

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Dogara charges Nigerians on attitudinal change



Speaker of the House of Representatives, Yakubu Dogara, has called on Nigerians to have a change in attitude and orientation for the state to make progress even as the nation is passing through challenging times.

Dogara said if Nigeria would be to witness major improvement in quality of leadership and government, the citizens must change their ways of life as leaders are recruited from among them.

The Speaker, who made the call at the weekend during a thanksgiving service organised by an associate of the parliament, Jagaba Adams Jagaba at ECWA Church, Chigwa, Kaduna State, in accordance with a statement issued by his spokesman, Turaki Hassan, said that while Nigerians expect leaders to live higher standards of life as role models, the followers should also know that leaders are recruited from among them.

He, therefore, charged Nigerians to, as a matter of importance, demonstrate higher standards of conducts even as they anticipate same from their leaders.

There is certainly always expectations from citizens for leaders to show a higher standard of conduct. Clearly, it really is good that those that call themselves leaders should always aspire to maintain higher standards.

But what exactly is wrong with the story, notably in Nigeria, is that in most cases, citizens expect that only leaders must live above board. This state can only make progress if all the citizens and leaders conclude that in their daily undertakings, they'll keep the best of standards.

Because if you expect just leaders to do the right thing, the direction recruiting procedure is such that leaders consistently emerge from the people.

Dogara admonished politicians to place their faith in God because power comes from God, success comes from God, no one, regardless of how powerful he or she's, can give you power.

But in his testimony, Jagaba urged Nigerians to eschew religious and ethnic sentiments, which he said, have divided the nation for decades.

He said the electorate should rather lay emphasis on individual nature rather than political party association, saying that he has forgiven all those who plotted evil against him in the 2015 general elections.

In his sermon, ECWA President, Revd (Dr.) Jeremiah Gado, said by design, God created and saved humankind to live a life of gratitude, service, praise and worship.
Gains, pitfalls of Nigerias currency swap deal with China

Divided stakeholders say policy may facilitate company, stifle local firms

For varied stakeholders in the economy, the Federal Governments recent currency swap deal with China holds both bright prospects and grave consequences for Nigeria even as the naira inched up against the dollar at the weekend at the parallel market.

During his official trip to the worlds second biggest economy, President Muhammadu Buhari reached a naira and yuan swap deal, scripted to ease trade trades between both nations, devoid of present exchange challenges with the United State dollar.

Moreover, the deal, based on Presidency sources, has the potenrial of shoring up the worth of the nations currency, in the forex market, through a concomitant emergent command scheme, with strategic decreased interest in dollar and other major currencies, aside from the yuan.

The currency swap deal is composed of an arrangement between two central banks, one or more of which must be an international money issuer, to swap their monies. The central banks party to the swap trade can give the proceeds of the swap, against collaterals they deem sufficient, to the commercial banks within their authority, to give them temporary liquidity in a foreign currency.

But pessimists pointed out that the swap deal was not consummated between both states apex banks but between Central Bank of Nigeria (CBN) and Chinas ICBC- the worlds biggest lender by total assets and market capitalisation. While this may not affect the objects of the swap deal at all, it raises some fundamental sovereign dilemmas, based on an analyst who spoke on condition of anonymity.

The Managing Director/Chief Executive Officer of Cowrie Investment Limited, Johnson Chukwu clarified the currency swap scheme would address , on a short term basis, the present liquidity challenge in the nations foreign exchange market.

He said: I believe that Nigerias overriding aim for the currency swap will be to address short-term foreign currency liquidity challenges that has led to CBNs inability to satisfy foreign currency demands. With the currency swap, based on the value, an important portion of Nigerias import bills from China would now be denominated and settled in yuan, therefore reducing the need for dollar by Nigerias importers.

Nonetheless, he pointed out the major draw back to the currency swap policy is that the unrestricted access to yuan, at an overvalued naira exchange rate, if the N30/RMB is the agreed exchange rate, will definitely support importation and stifle local production of goods.

I suggest that the Government should attempt to integrate a strategy similar to that of the cement industry policy, which would need some of the imports from China to be made locally after a defined timeline, especially if Nigeria has comparative manufacturing edge for such products. Examples that can readily come to mind include fabrics, plastics, ceramics, among others.

He clarified that the gain of inclusion of Chinese Yuan as part of Nigerian reserve currency was done about five years ago by the immediate past CBN governor, chiefly to diversify the reservation and reduce the currency risk connected with the U.S. dollar.

That action was taken at a time when the U.S. market was particularly vulnerable due to the weakness of their economy after the international financial crises activated by sub-prime mortgage.

In his reaction, the National President, National Palm Produce Association of Nigeria (NPPAN), Henry Olatujoye, welcomed the currency swap deal, describing it as a fantastic measure that would significantly reduce the increasing pressure on the U.S. dollar, which has gone haywire in the foreign exchange marketplace.

According to Olatujoye , the judgement has the capability of bringing double investment to the nation from China on one hand and from the U.S. on the other.

The NPPAN president allayed any concern that the decision could bring about the higher importation of Chinese goods into gossip naija news, citing the economic rivalry or currency war between China and America.

He, nevertheless, expressed the fear that European states may not be well disposed to it because it's with the capacity of adversely impacting their trade balance with naija nairaland news, warning which their stakeholders could frustrate the move.

The Chairman, Mobile Software Solution, Chris Uwaje, believed that the naira to yuan swap arrangement should reduce the pressure on the naira if correctly implemented.

According to him, the agreement if it becomes a reality, means the de facto currency, dollar , will not hold on the import and export deals between Nigeria and China.

Uwaje continued: We dont need to use dollar to pay because its going to be costlier, we pay with yuan. By so doing we avoid every kind of round tripping.

Uwaje advocated Buharis economic team to see how a state can truly leverage on the technology art of China for Nigeria to achieve a sustainable market.

In accordance with Gbade Buraimoh, a Lagos-based financial expert, the pursuit for dollar through banks will definitely reduce, as all transactions between Nigeria and China will take yuan rather than dollar.

He noticed that petroleum sales from Nigeria to China would be settled in Chinese currency, stressing that accessibility to yuan would also be easier.

The swap will eliminate challenges arising from transactions with the dollar and boost company flexibility between Nigerian and Chinese, Buraimoh described.

The Director-General of Lagos Chamber of Commerce and Industry, Muda Yusuf concurred the swap deal would smoothen the payment system in the bilateral trade between both countries but stressed that it might not necessarily fortify the naira in the foreign exchange market, as the state would need to enhance its productive base to realize that.

An Abuja-based international affairs and diplomacy pro, Kadiri Abdulrahman, seen the currency swap deal as a positive move towards enhancing the value of the naira, thus improving current news naija accessibility to cheaper foreign exchange, in favour of members of the business community.

The Director- General of the African Affairs Department of Chinas Foreign Ministry, Lin Songtian told reporters in Beijing after the agreement was signed by the Governors of Nigerias Central bank and the Industrial and Commercial Bank of China Ltd. (ICBC) that the Renminbi (yuan) is free to flow among different banks in Nigeria and has been comprised in the foreign exchange reserves of Nigeria.

Nigeria isn't the first state that China would enter into this arrangement with. The Asian power station has multiple year currency swap agreements of the Renminbi with Argentina, Belarus, Brazil, Hong Kong, Iceland, Indonesia, Malaysia,Singapore, South Korea, United Kingdom and Uzbekistan.

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Guest Domingo, 19 Noviembre 2017