SO THE RICH ALSO CRY OVER SPLIT MILK?

ZION B-BC

 NEWSLETTER.   

 

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria.  {Vol. 12. NO 523. 20th August, 2023.} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

SO THE RICH ALSO CRY OVER SPLIT MILK?

During ones of his Presidential campaigns in January 2023, Mr. 'Bola Ahmed Tinubu (BAT), lamented and bluntly indicted retired General Buhari that he deliberately introduced re-designed naira notes as a grand ploy to TRUNCATE his life ambition of becoming the President of Nigeria!

He vowed on live media interview to trek all the way with his retinue of campaigners to all their targeted venues and to meet all deadlines to accomplish his dream  and with such vituperations incurred the wrath of many household enemies!

1) First on the list was the incumbent President Muhammadu Buhari whom he reminded via his “EMI LOKAN” (It’s my turn) jingle, that were it not for him (Tinubu), Buhari would not have become the President of Nigeria in 2015, having lost in three previous attempts!  

2) Second was former Chairman of the All Progressives Congress (APC), Abdullahi Adamu who openly vowed that the Party would discipline BAT for his unguarded utterances and disrespect to President Buhari. But he underestimated (BAT’s) uncanny and crafty art of a desperado who maneuvered all obstacles to win the election now being challenged at the courts!

3) Third was Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), and purveyor of the re-designed naira notes, who also believed that he could succeed Buhari as President of Nigeria but eventually withdrew due to massive opposition by Nigerians! He has been charged to court with a female accomplice for financial procurement fraud totaling N6.9 billion! 

NAIRA-RE-DESIGN - COMMENTS BY INTERNATIONAL ORGANIZATIONS AND CONCERNED NIGERIANS!

(A)Naira redesign will affect the poor, SMEs according to the World Bank – as reported by Damiola Aina, on 20th December 2022.

“The World Bank has warned that the newly redesigned naira which went into circulation last week may have negative effect on economic activity especially poor Nigerians due to its timing and short transition period.

The Washington-based bank revealed this in a new report titled, “Nigeria Development Update.”

The Central Bank of Nigeria had in November 2022, unveiled new N,1000, N500 and N200 notes as part of measures to mop up excess cash in circulation, ransom payment for kidnapping, terrorism financing, counterfeiting, among others.

The World Bank, in its report however said the policy would negatively affect small businesses in respect of day-to-day cash transactions.

The report read in part, “While periodic currency redesigns are normal internationally and the naira does appear to be due for it since naira notes have been redesigned for two decades, the timing of and short transition period for this demonetization may have negative impacts on economic activity, in particular for the poorest households.

“International experience suggests that rapid demonetizations can generate significant short-term costs, with small-scale businesses, and poor and vulnerable households, potentially being particularly affected due liquidity-constrained by and heavily reliant on day-to-day cash transactions.

“At present, households and firms already face elevated financial pressures from prolonged, high inflation, recently compounded by external food and fuel price shocks, and the severe floods, and phasing out existing naira notes over a short time period may add to their challenges.”

(B)The President of the Bank Customers Association of Nigeria, Dr Uju Ogunbunka, also said the objectives of the cashless policy was understandable but noted that the execution and timing were not right.

He said, “From the cashless policy point of view, we should appreciate that, as much as possible, the government is trying to limit the use of cash for transactions, more so, now that they are redesigning the currency. “The second thing is that the government wants to drive the use of online banking, which is good for our economy.  Unfortunately, there have been so many complaints about failed transactions.”

“There is hardly any week without complaints in the banking hall. You will see people shouting with regard to transfer failures. Have we put enough structure to take care of some of these things? The answer is, we are yet to, we are making progress, yes, but we should give enough room and time for some of these things to play out rather than short-circuit the system.”

(C)Also, the Lagos State Chairman of the Nigerian Association of Small and Medium Enterprise, Dr Adebayo Adams, also said the policy would hit businesses and the MSMEs.

MR. BAT IN AN ATTEMPT TO SOLVE CURRENCY INSTABILITY HAS INTRODUCED

“NAIRA FLOATING”!

 Excerpts from Elvis Eromosele’s contribution to the subject matter: “Nigeria, one of Africa’s largest economies, has a longstanding history of grappling with currency stability and foreign exchange challenges. Over the year, the Nigerian government has employed various measures to manage its currency, the naira, including pegging it to a specific exchange rate. This naturally created two exchange rates, the official and the black market. The disparity between the two provided an avenue for people with access to dollars to buy at the official rate and resell at the black market. Many millionaires and a few billionaires were created through this distorted system. Floating the exchange rate is meant to solve this problem. The idea of floating the naira has however remained a subject of debate. Experts concede that it holds both potential advantages and risks. What does it mean to float a country’s exchange rate? Floating a country’s currency, also known as a floating exchange rate, refers to a monetary system where the value of a nation’s currency is determined by market forces such as supply and demand. In this system, the currency’s exchange rate fluctuates freely in response to various economic factors, including inflation, interest rates, trade balances, and capital flows.

Under a floating exchange rate regime, the government or central bank does not fix or peg the currency to a specific value against another currency or a basket of currencies. Instead, the exchange rate is determined by the interaction of buyers and sellers in the foreign exchange market. Supply and demand dynamics influence the currency’s value, and its exchange rate can appreciate or depreciate relative to other currencies. Today, reports emerged that the Central Bank of Nigeria (CBN), has directed Deposit Money Banks (DMBs) to eliminate the rate cap on the Nigerian naira at the Investors’ and Exporters’ (I&E) Window of the foreign exchange market. This move aims to facilitate a free-floating system for the national currency, enabling it to fluctuate freely against the United States dollar and other major global currencies. Analysts claim that it follows closely on the heels of President Bola Tinubu’s commitment to unify Nigeria’s various exchange rates. Experts have quickly lined up on opposite sides of the aisle. Some argue that it would allow the currency to adjust to changing economic conditions, which can help promote competitiveness, adjust trade imbalances, attract foreign investment, and respond to shifts in global markets. Others swear that the exchange rate will become more volatile and subject to fluctuations, which can have both positive and negative implications for the economy.

ZION B-BC NEWSLETTER SINCERE OPINION IS THAT WHILE MR. BAT WHO HAS SURROUNDED HIMSELF WITH RE-CYCLED ADVISERS/MINISTERS CRAVES FOR POUND OF FLESH FROM HIS PERCEIVED ADVERSARIES, HE HAS FURTHER SUNK INTO THE MIRY CLAY OF POLICY SOMERSAULT! 

 As at the time of this publication, NO NAIRA WAS FLOATING! How can a SUNK TITANIC FLOAT AGAIN? NIGERIA IS TOTALLY BROKE!

The NAIRA has been secretly devalued due excessive and addictive borrowing! The EXCHANGE RATE has gone beyond N900-1,000 naira to one US Dollar! TINUBU’S imaginary merger of OFFICIAL and BUREAU DE CHANGE was another gaffe just like “Subsidy is Gone”! QUESTION:  IS SUBSIDY NOT BACK THROUGH THE BACK DOOR? 

Mr. BAT says he has saved NGN 1trllion from fuel subsidy removal since 29th May 2023. He is dolling out NGN5 billion to each State as PALLIATIVE FUND to cushion the negative effects on the ABUSED MASSES! 

BAT has now confirmed our earlier speculations that all of his AIDES/ CABINET MINISTERS etc, WOULD ALL BE PAID SALARIES AND ALLOWANCES WITH BORROWED MONIES!

HOW CAN MR. BAT COMPARE THE VERY STRONG FLOATING UNITED STATES DOLLAR WITH THE NAIRA WHICH HAS BEEN BASTARDIZED THROUGH INSTITUTIONAL CORRUPTIVE ABUSE BY SUCCESSIVE ADMINISTRATION?  

BAT CANNOT GET AWAY WITH ALL THESE DISCREPANCIES! IT'S TIME FOR NIGERIA TO VOTE FOR PARLIAMENTARY SYSTEM OF GOVERNMENT THROUGH REFERENDUM!

Nigeria's Debt Stock is N46.25 Trillion as at the end of the first Quarter of the 

Year 2023! TiINUBU AND HIS RICH COHORTS MUST PUBLICLY DECLARE THEIR ASSETS !

[WATCH OUT FOR A NIGERIAN PRIME MINISTER – NOT A PRESIDENT IN 2023!]

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com, 

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray  this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations! 

 I am, yours sincerely, Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08080243066. g-mail-dvdolufon@gmail.