Central Bank of Nigeria (CBN) strategy of dollar injections into the official government exchange rate market further appreciates the Naira against the US dollar.

ICMS, Inc Reports

By Tom Okure, Ph.D

Nigerian currency: the naira

The Nigerian Naira exchanged this afternoon at 430 Naira to one US dollar according to abokiFX a website which tracks Nigeria’s Naira daily exchange rate against the US dollar, British pound and the European dollar. 

Foreign exchange market watchers have seen a steady and purposefully strengthening of the Naira over the last month by the actions of the Central Bank of Nigeria (CBN) through a strategy of dollar interventions on the official foreign exchange market seeking to reduce the exchange rate range with the unofficial retail black market.

The strategy of CBN appears to be working since it started selling millions of US dollars through currency forwards into the official exchange rate market designed to eliminate the demand backlog and narrow black market rates which one will recall exchanged as high as 528 Naira to the US dollar in February, 2017. According to CBN, the injection of adequate dollars to meet market demand allows eligible individuals with genuine foreign currency needs and legitimate purposes to request and obtain foreign exchange from their banks and government authorized dealers at the official exchange rate. 

The central bank strategy of dollar injections to address dollar shortages in the market seems to be directed at achieving some type of market based exchange rate regime, without actually allowing the Naira to freely float. One thing is clear, the Naira appreciation against the dollar and other major currencies over the last month, appears to be directly related to the decline in dollar demand due to increased dollar supply by the CBN.

Read more links:

Naira appreciates to N435/$, as CBN injects $180m

UPDATE 1-Nigeria weakens naira in attempt to close black market spread -traders

abokiFX (Your daily Naira exchange rate)

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All rights reserved by Inter-Continental Mgt. Systems, Inc (ICMS, Inc). The information included in this publication may not be used, reproduced, transmitted, rewritten or redistributed without the prior written permission of ICMS, Inc.

Winter 2017 Snow Blizzard in New York and Northeast United States

ICMS, Inc. Reports

By: Tom Okure, Ph.D
March 14, 2017

2017 Snow Blizzard in Northeast United States

NYS Capitol

Expected to rank among Top 5 All-time Storm. Blizzard storm warnings are in effect throughout New York State and the Northeast U.S. Currently snowing about 2 to 3.5 inches per hour in many areas, very low visibility, and dry powdery snow with strong winds. In Central New York and a large portion of the Southern Tier, snow estimates range from 13 to 30 inches.

Tuesday night and into Wednesday, the snow is expected to become lighter. However the wind picks up with blowing, drifting snow becoming a major issue with very cold temperatures making driving and travel hazardous. Airlines have grounded and cancelled thousand of their flights and school and many businesses are closed. Eight Governors in the Northeast U.S. have declared a state of emergency in their states. Governor Andrew Cuomo of New York State declared a snow emergency in all 62 counties of New York State.

Harzadous driving conditions

In his briefing this morning, the governor declared a tractor trailer ban on the major highways in the state, including Route 17 and Interstate 84 and the New York State Thruway.

The Governor noted that the blizzard warnings was being lifted in New York City and on the island, since the storm is not as severe as originally expected. However, he noted that the storm is more severe in upstate New York. Consequently, Cuomo said the state's response focus for the winter storm has shifted to the mid-Hudson Valley, the Capital District and the Southern Tier from New York City and Long Island.

The major statewide storm is creating serious hazardous driving conditions. The state and city snow plow vehicles are out clearing snow through the duration of the storm. Drivers out in the storm are warned to watch out for the snow plow vehicles on the highways and city streets and giving them plenty of room to do their work.

NYS department of transporation (DOT) snow plows on the highways

It is very dangerous to drive too closely to snow plows for many obvious reasons. Unless it is absolutely necessary to be out there, everyone is advised to stay off the roads if you can and stay warm while the storm passing through. Forecast show temperatures returning back closer to normal by Thursday and early Friday even though another smaller weather system is supposed to bring some wet snow with rain in the weekend.

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All rights reserved by Inter-Continental Mgt. Systems, Inc (ICMS, Inc). The information included in this publication may not be used, reproduced, transmitted, rewritten or redistributed without the prior written permission of ICMS, Inc.

Nigeria’s President Muhammadu Buhari resumes work after sick leave on Monday March 13, 2017.

ICMS, Inc Reports
Tom Okure, Ph.D

Nigeria’s President Muhammadu Buhari resumes work today three days after returning home. Before settling down to work he had a pleasant meeting and briefing session with Vice-President Yemi Osinbajo. The two are alleged to have spoken privately for over an hour.

Vice-President Yemi Osinbajo meets to brief  President Muhammadu Buhari

President Buhari looked frail in health when he came off the plane upon his return from medical treatment in London on Friday March 10, 2017.

In a nine-minute welcome speech to the nation on Friday, Buhari stated that he came back in the weekend deliberately "so I will continue to rest". He also observed that he will need further medical checkups.

In a press statement issued by the Presidents special adviser, Mr. Femi Adesina, Buhari stated “I have resumed my functions as the President of the Federal Republic of Nigeria with effect from Monday," The President’s action is in compliance with Section 145 of the 1999 Constitution (as amended).

Vice-President Yemi Osinbajo during a briefing
session with  President Muhammadu Buhari
upon his resumption of work

The President has transmitted letters to the Senate and the House of Representatives formally as required by law, informing the National Assembly about his resumption of official duties after his vacation.

On January 19, 2017 it will be recalled, that the President transmitted a letter to the National Assembly indicating that he was taking a 10 days’ vacation in the United Kingdom (London). The President also formally handed the powers of his office to the Vice President, Professor Yemi Osinbajo in accordance with the provisions of the 1999 Constitution (as amended). Even so, the President did not return from his vacation after the 10 days passed on February 6.

In another letter transmitted to the National Assembly, the President extended his medical vacation and leave, stating that his doctors' directives required him to remain abroad for a series of additional medical tests. No definite date of his return was provided for the Presidents return. It was therefore a welcome relieve to the country and especially the president’s supporters when the President suddenly came back home on Friday after spending 51 days in London on medical leave. During the Presidents sick leave in London the Vice-President Yemi Osinbajo had been acting as on behalf of Mr Buhari.

Vice President Osinbajo Accomplishments during President Buhari's Medical Leave

In this video presentation, Adeola Fayehun (host of the program called Keeping It Real) summarizes the achievements of Vice President Osinbajo, who is acting on behalf of President Buhari while he is on medical leave in London.

She presents in a nutshell some of the important political and administrative accomplishments of the current APC lead administration in the last one month to demonstrate the effectiveness of the vice president…..Watch: Vice President Osinbajo Doing Wonders In Buhari's Absence

Could this be the beginning of “Merit Based Immigration Vetting" for visa and immigrant applicants into the United States?

The Big Idea:
President Trump has praised the merit immigration system as a model for countries around the world because it focuses more on immigrants who can contribute to the economy rather than those with little more than family ties.
ICMS, Inc Reports
By Tom Okure, Ph.D
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During the US presidential elections and after he took office as US President, Mr. Trump has been advocating for strong borders and "extreme vetting" of potential immigrants coming into the United States. During his speech before the US Congress on Tuesday, February 28, 2017 President Trump proposed what he termed a “merit-based” immigration system, that is, an immigration policy which emphasizes an immigrant’s skills and employability over family ties. 

Reuters

Trump has praised the merit system as a model for countries around the world because it focuses more on immigrants who can contribute to the economy than those with little more than family ties. He cited Australia and Canada as countries that utilize a merit immigration policy. 

In Canada an estimated 63 percent of persons who are awarded legal permanent status, the initial step to applying for citizenship are admitted for their economic skills. Only about 24 percent of individuals admitted into Canada are admitted on the basis of family members or relations living in Canada. 

This is in sharp contrast with that of the United States where about 63 percent of green cards are awarded to immigrants with family connections, and approximately only 13 percent of green card holders are awarded residency based on economic reasons. A merit based immigration policy is not inherently bad. Experts say such a policy is necessary to boost the number of skilled workers admitted as residents into the United States. Complains have been levied by United States high tech companies in Silicon Valley regarding the small number of visas made available for high skilled workers they require annually. According to data from the United States Citizenship and Immigration Services agency, between September 30, 2015 through October 2016; about 30, 678,988 people became permanent United States green card holders (residents) after using family based visas. 

See what happened to a Nigerian software engineer, Mr.Celestine Omin, who claims very recently he was handed a written test by a US border officer at New York's JFK airport to prove his technical credentials prior to being allowed into the United States. It is not clear why the Nigeria citizen was singled out to examine his credentials. Nigeria is not among the seven countries identified by the Trump administration for a temporary immigration pause. However, Nigeria in common with some African countries has been combatting the threat of terrorism for some years now, more specifically the radical militant Islamist group called Boko Haram.
Read More:
Nigerian engineer handed written test at New York airport
Canada's 'merit-based' immigration system wins Trump's praise
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All rights reserved by Inter-Continental Mgt. Systems, Inc (ICMS, Inc). The information included in this publication may not be used, reproduced, transmitted, rewritten or redistributed without the prior written permission of ICMS, Inc. The author Dr. Tom Okure is President of ICMS, Inc, a multifaceted business and management consulting firm with its head office in Albany, New York. Dr. Okure is a writer, author, business/management consultant, public policy commentator and change advocate.