Essays on Naira

Introduction

On the 11th of May, Nigeria topped the BBC news headlines with the headline that Nigeria had decided to raise the petrol prices in order to ease the shortages in the country. For an economist, this kind of a news headline is bound to trigger your thoughts as to why this particular nation had decided to increase the prices having in mind the fact that the country is Africa’s largest producer of oil and also it has a fair share of the international oil market. The country’s legislative arm stated that it had found it wise to ...

Insecurity and Currency Devaluation in Africa: A Case Study of Nigeria

Insecurity and Currency Devaluation in Africa: A Case Study of Nigeria

Introduction

Geography and history have truly taken its toll on Africa. Africa, the cradle of civilization, continues to be an enigma to the rest of the world. The continent commonly referred to as the Dark Continent has suffered from gross prejudice, stereotype, discrimination, and neglect from the rest of the world. Most Europeans and Americans see Africans as inferior, living in the jungle (forest), uncivilized, primitive, violent cannibals and so forth. But obviously, recent occurrences in Africa have proved them true even though not in toto. The genocide and ...

Introduction:

The government policy target of Nigeria for the minimization of credit cards use in Nigeria in areas involving alien transactions; control measures of foreign exchange and the overall implications Exchange Control: The regulations that are adopted by the state for the management of foreign and local level currency amounts that are globally traded in the market. It generally includes ban and restriction of the exchange amount. Demand-Supply: The theory that the forces of demand and supply have an interrelation as a result of an effect on each other for the establishment of the state of equilibrium. Price Elasticity: The ...

The gross national income nearly equals that of the United States due to the big population of China compared to the population of the United States.

Inflation rates The inflation rate of Nigeria was at 8.10 percent by October 2014. The figure has increased at the moment to about 8.3 percent. However, this is not the highest inflation rate in Nigeria. An inflation rate of about 47.56 percent was recorded in the January 1996. It has also had the lowest inflation rates in the in 2000 when the inflation rate was -2.49(Nigerian Bureau of Statistics, 2014)

Interest rates

The ...

For a considerably long time today, globalization has been described variously as one among the most significant forces shaping the international arena with regard to politics, business, social events and other major sectors (Kawachi et al, 2007). While this s the case, countries and individuals have experienced both positive and negative effects of the phenomenon to different degrees. The difference in the degree of the effects depends greatly on the state of the economy, and whether or not the country is vulnerable and capable of being molded by international forces. While this is the case, the developed and developing countries ...