Culled—Proshare

November 4, 2016/FDC

The unanimous rejection of Buhari’s borrowing plan by the Senate is evidence of a misalignment of goals at the highest level of government.

Whilst their request for additional information is justifiable, the nuance points towards a senate that is eager for the fray (spoiling for a fight).

Businesses are still hurting from the spasmodic supply of dollars whilst reporting staggering losses. The stock market is stuck in flat to negative mode. The offer of a $500m 75-day forward by the CBN helped to calm frosty nerves for a few hours.

Anxiety in November is bad for businesses, whilst the Forcados pipeline explosion of today is needed as much as a bullet in the head by Nigeria.

In this edition of the LBS breakfast session, Bismarck Rewane and the FDC Think Tank examine the implications of regulators usurping the role of markets in Nigeria’s fragile forex market.

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