MISCLELANEOUS ESSAYS.BOTTOM TO TOP

WHY VELOCITY OF MONEY FAILS TO GROW IN NIGERIAN EONOMY? Nigerian economy is a highly volatile one and highly disgushed from the experience of other climes in that it requires unique experiment to do the unusual and not it were but to be able to profess once and I had just read an essay from my archives'collection, Which treated"Why we need 5,000naira notes"written by Odilim Enwgbara (published in Punch edition of Friday, September 21,2012, pg.20 ).I had mooted the idea of 20,000naira notes to spike debtflation in the country as the best panacea to sustainably grow the velocity of money in the country.Infact,I propounded the quantity theory of debt money to create a lasting impression.This is inevitable tool because the velocity of money being the rate at which money changes hands has refused for decades to neither grow nor circulate and so there has to be panacea or formula for wealth to go round.Now for velocity of money to grow and grow sustainably,we have need to circulate debt notes legal tender as the world first consumer credit legal tender .The essence is to tie wealth to the debt currency beginning with 20,000 legal tender currency to soak mass poverty and drain poverty.Hence the velocity of debt money might take five years for its debtflation cycle to mature and by that time,normal velocity of money and its standard formula perfected. When I read through the essay I was convinced of the wisdom of my actions,even as a genuine sacrifice to go unorthodox. 3.ABRAHAM LAWS OF ASTROMAGNETISM. Into post gravitational universe still lacking shrewd defense. When in 1970,the disrobing of gravity was begun,Jacob Bekenstein of Hebrew University of Jerusalem and Stephen Hawkings of Cambridge University and a host of others unleashed bombshell of any mystic connection between the black holes and thermodynamics.Hawking's discovery in 1974 when I was born was the culmination to the clue that when quantum effects are taken into consideration black holes and the world glow and finally explode. Some scientists like Ted Jacobson a theorist from Mary University in 1975 thesis of provocative calculation concluded Einstein's equation are the indirect way of stating thermodynamic law given same holographic ideas.Lee Smolin a quantum gravity theorist at the perimeter Institute for theoretical physics commended Jacobson papers as the most important papers of the last two decades.Verlinde gave credit to this research and lamented the Windowpaned inability of scientists to get the message and changed their observation. Verlinde's research share similarities to Jacobson's in many ways and often critiqued it as mimicry of the former. We do not share assymetry to the computation of entrophic force either that made the difference between Jacobson's and Verlinde's.Or whether it was incomplete as Smolin concluded or that those who were supposed to criques the papers themselves clueless of its provocative nature.Dispution arose with the quality of the 2.ABRAHAMIC LAWS OF ASTROMAGNETISM.Nobody has provided matured dissertation about the cradle of space and existence,the way Abrahamic law or Abraham formula or Abraham algebra does.It uncovers the origin of space and time that gravity is a fable without the existence of its science. The world of science has not yet come to term with the quality of string theorist's intellectual input and Inherent thesis questionable to contravenes Newton's theory also found wanton.Nor the quality of thoughts provided by Einstein's theory of relativity when it overturned Newtonian a century ago,still any better though it was tested in Hiroshima and Nagasaki in Japan in 1945 as proof. Does it make sense according to Verlinde that over the last 3 decades,"gravity"was undressed as a fundamental force?Or was it rational to undress Einstein's without a comparative influence to the visible proof in a material plane and test by practical experiment?This axiom does not make an attempt to spare Newtonian criticism either badly needed to undress it the way Abraham Laws contend. It doesn't sound rational to posit that gravity or likened it as warps in the geometry of space time.The so called theory of everything,string theory to posit that the world is made of tiny wriggling strings.One seems to disbelief the logic of Erik Verlinde a professor of physics at the University of Amsterdam and the Verlinde algebra or formula as propounded.The contraption of a viewpoint that ought to usher us 13.ECCLECTIC ASTROMAGNETISM. transformed into golden liabilty tomorrow.Hence golden cycle is the alpha and omega of existence from the point of instinction to the point of extinction.It is also regarded as conjugation and alteration point to berth and die cause and effect.Golden cycle initiates cause and effect and also expires them. Golden necessity initiates a golden cause and when golden necessity has become golden liability given the depreciation of golden effect,capital resistance uses convertible resistance to freakingly create golden gravity to birth new generation of causes.The organic growth gap and distance between golden necessity harbinger of golden cause and golden liabilty harbinger of golden effect is the cultural cycle.It is also called eternity and its end and beginning is the golden cycle. Capital resistance uses convertible resistance otherwise also known as gravity to use golden necessity to Initiate golden cause and when the golden effect is applied,matured golden liabilty,then golden gravity under the influence of capital resistance uses organic gravity to propound new cause. 12.ECCLECTIC ASTROMAGNETISM. be no existence when we presume to nullify this empirical fact. There are two types of resistance namely capital resistance a steady state and immaterial or fluid resistance,or which can only be sometimes converted into gravity at the click of resistance.It can also be convertible resistance or magnetic resistance.The type easily converted into gravity still under control devices of the steady state resistance. It is imperative to note why cosmic chaos gallivant much too easily is as a result of the uncontrollable sphere of activity of magnetic resistance.When you alter the speed of a moving motion,you have in other words apply the brake of moving vehicle to alter it by convertible resistance. As politics of the two types endorse the sacred primacy of our existence,the alteration point at which they part,dovetails into the politics of law of cause& effect.That is to say the capital resistance uses convertible resistance at this conjugation point to berth a new cause and at the alteration point of the effect pole redeploys convertible resistance to create a new cause.The true cosmic clock at this interactive points of conjugation and alteration is the law of golden necessity and liabilities. The birth or rebirth of a cause is the golden necessity and a cause ordinarily expires at the effect pole,where convertible resistance transforms into a new generation of gravity initiates a new cause.It is a natural law that golden necessity today can be 11.ECCLECTIC ASTROMAGNETISM. shoots the size,volume and quantity and quality of gravity at a particular period.A moving force is gravity and a still motion is resistance and the former with the instability motif is controlled by the stable force.The politics of the universes is under the conrol of the law of capital resistance. Its strategic philosophy is strictly nothing abides forever and nothing defeats transience.The Universal laws of gravity and resistance operates her very orbit through the doctrine of utility or the law of responsibility otherwise also known as the laws of necessity and liability. The truth is gravity does not and cannot organise nature and on its own Infuses confusionism where the ratio of capital resistance is drastically low or zero.The organization of the universe's structural fabric is a device authored by capability of capital resistance.The true magnet that held heavenly bodies in their eliptical oval and orbit where gravity revolves on its palms. In the Abraham's system,capital resistance is supreme magnet,a stronger nuclear force compared to the weaker force that is gravity.It is the prime mystery behind evolution of nature,mothernature and organization of the meta universe. To unify the proposition of oxin,weak,strong, electromagnetism,you invoke the Abraham's system in the ecclectic astromagnetism.The true steady state mass is the stronger nuclear force that is capital resistance and the weak nuclear force is gravitational force.They can 10.ECCLECTIC ASTROMAGNETISM. have a finite life or matter could disintegrates or death was invented?It is the law of capital resistance that guides evolution from instinction to extinction.It is computerised by time that there is end to everything.A time to be born,a time to die,a time to sow a time to harvest.Dualism is embedded in nature compared to the Newton's doctrine of monism.The sea has a limit an end to its boundary or environment that it cannot pass and rain must fall in its season where the inalienable rights of days and nights are guaranteed like old age people and youths.The cosmic clock ordains the movement of change along the whim law of capital resistance.Were it to be gravity alone,the evolution of culture wouldn't have been possibly guaranteed and hence formlessness guatrantee only chaos and not existence.Their combination form existence.The true weght of every matter is capital resistance and it can be altered when the object is placed in motion. When someone suggested a mordern view"that the moon would fly off at a tangent right away from the earth if it was not kept in place by the pull of the earth's gravity upon it".There is nothing like the earth's gravity but simply the oxination process using resistance to exert pull on the matter using gravity to guide extent of the motion.All matters are living beings and there is no non living thing when we evaluate this submission in the context of oxinative and cosmic interactions. Capital resistance shoots 9.ECCLECTIC ASTROMAGNETISM. Describes the mysticism yet undeciphered in the space for which Galileo,Kepler,Newton and Einstein and the rest of them only provided elaboration for the malstructured sciences and sometimes hateful digression that left out the law of capital resistance. It wouldn't have been wiser for the gravitational pull, been a popular view held in the seventh century as a case of magnetic attractions,the greater mass attracting smaller objects,with a power which was thought to vary in some degree according to their distance.Like other view that entertains the opinion gravity did not operate the sun or earth but noted as a relationship betwixt existing particles of matters,when they exerted pull on one another.Does the apple have a predisposition to yearn towards the Centre of the earth or the earth exerts pull on the apple?Does the gravity varied inversely as the square of the distance?This rhetorics I beg to disagree and indeed both gravity and resistance operate the cosmos for there is limit to which gravity and that limit is resistance the true magnetism of the cosmos that kept matters and cosmos fixed in their orbit,and gravity like a child plays in its backyard.Then gravity varied inversely as the circumference of capital resistance or at a radius of capital resistance,a platform from which evolution matures.The astromagnetic forces of centripetal and centrifugal can be likened to the forces of gravity and resistance.Why do stars and galaxies too 8.ECLECTIC ASTROMAGNETISM. the bigbang theory to create a soft landing.The two laws are sequential compatibilities of the Abrahamic laws of eclectic astromagnetism. The point is why did Albert Einstein once considered the steady state theory of inflationary universe as shown in a 1931 manuscript,even prior to Bondi,Hoyle and Gold subsequently jettison the idea?Perhaps you could tell the intellectual indolence of even great researchers like that who was pleased to the huge relief of sinecure.Who knows he could have been the unifier of the opposing theory,two faces of a single coin.This also include new propositions by ecclectic astromagnetism.The truth is the big bang hardly describes how energy,time and space originated,nor is it in the clarity of their evolutionary courses The law of gravity and resistance If not for the law of capital resistance as critical ensemble of the laws of gravity and resistance,it will be difficult and absolutely impossible tokeep the heavenly bodies in that ocean of empty space,keeping them in motion and countermotion holding them to their appointed course.Gravity alone couldn't have explained it enough without its twin brother,the law of capital resistance that keeps them glued to evolutionary courses.When William Gilbert an English scientist introduced the idea of attraction to the space research, he concluded the earth was a species of magnet and that it was magnetism that held heavenly bodies together.The word "magnetism"a magical force best 7.ECLECTIC ASTROMAGNETISM. itself operate effectively on a subatomic proportion. In the same essay,Greshko concluded,"even now the universe is expanding and to astronomers'surprise the pace of expansion is accelerating.It's thought that this acceleration is driven by a force that repels gravity called dark energy". Here one makes an objection,the limitation of popular knowledge and estabilished theory.It cannot be dispirited nor disputed Newton's fraudulent claim a hole of 50% theoretical distortion,in utter negligence of the fact resistance is a major force than gravity and can be likened to social order of nature.We shall need to rewrite the Newton principia to capture the logic of the laws of gravity and resistance,which I discovered almost a decade ago.Given the fact that there is a limit to which gravity can go and that restraint or limit is ordained by forces of resistance. I make bold to say mothernature indirectly created and influenced the cradle of the universe and operates the invincible cultural theory of existence(CET)as the central theory of Abrahamic laws of Astromagnetism.Mortal existence and the laws that guide our universes are not directly opposite to the mystery of our existence.The same theory applies to universal existence. It is also interesting to affirm just as the Kepler's theory of planetary motion was combined with Galileo's law of terrestrial motion by Newton to form Newton's world machine,we might have to combine steady state theory and the 5. ECCLECTIC ASTROMAGNETISM. building block to accelerate the knowledge of space exploration. I make bold to say homosapiens can create man made stars too,given the fact they already master the technology of nuclear fusion of hydrogen to fuel helium deep,same mode used for the creation of stars. In the great book by Ernest Hackel'The Riddle Of The Universe',also the author of The Evolution of Man and five other books,a great promoter of the Darwin theory of evolution boldly defended the fact of organic evolution,considered its profound effects and far reaching ramifications for philosophy,science and even theology.The book being his last published book is highly comprehensive and succesful and he defended and advocted interplay of rational speculation and empirical evidence,with monistic and naturalistic worldview,supplants theistic credences,free wills and individual immortality of the human soul.It was only during the last quarter of 19th century that many American protestant leaders promulgated their own theistic version of biological evolution.And only after second world war christian fundamentalists in America voiced their criticism against the theory of evolution. The first German advocate of Darwinism was also the first to create genealogical tree of all varieties of the order of animals.Practically very few philosophers did come to grip with the origin and extent of the universe. We are increasingly stunned about the riddle of the universe as most profound puzzle. 4.THE ECCLECTIC ASTROMAGNETISM. more than conventional confidential confusion.Had they observed something new and expand the comprehensive understanding of the rest formed of 5percent normal earthly matter it could have ushered in a new mental but rational energy to comprehend the rest of the galaxies.Their understanding of the earthly plane is enough to comprehend other galaxies and planets but for the cosmos,it may take them an eternity to get there.The notion of dark energy and dark matter is fraud and the best option is to create a standard cosmic theory that can conquer space and make it livable and concrete shall have to legally accept neglected so called pseudoscience as integral part of material science.This possible ablution should accelerate scientific disoveries that could aid billions inhabit space and galaxies.Hence,all the calculation are fraud and barely count.Perhaps Newton and Einstein gave them better direction but this hackneyed guys too created lot of obfuscation and so according to one scientist,"the mystery continues". Einstein was right to observe empty space does not exist for nothing but was zero in the quantification of its amazing properties.The possibility of the existence of more space could not be disputed given the fact that as mothernature's desire based on the cultural theory of the cosmogony,perpetually expanding meta universe is bound to equally expands.I quite agree with scientists understanding of the stars is a bit mature and a better. 3.ECCLECTIC ASTROMAGNETISM. The school of thoughts in the science of space exploration is complex and fast changing.Gone are the days of the Aristotelian and geocentric principles of the universe eclipsed by Corpenican and heliocentric principles of the universe so that the later logic had changed too from the sun into the center of the galaxy. Our own galaxy the milky way comprises of billions of stars and equally composes ten times the mass of dark matter in same proportion with equivalent gas and stars bonded together by gravity.The milky has a spiral shape and possesses massive energy at the center and the center of the milky way is now known by astronomers as the supermassive black holes. We cannot dispute the fact prior to this eclectic theory of astromagnetism no one knew why the universe is expanding and at best the theorists speculated with several explanations.Einstein theory of gravity had nothing tangible to say about the meta universe or a paraphrasis of cosmological constant and cosmic acceleration is simply by cosmic radiation of mothernature's energy,that is Oxin.It was the incomprehensibility on the side of the bogus theorists that led to the proposition of the word'dark energy'to consumate their ignorant obsession. Does it not amount to foolhardy that to conclude that the universe through sheer astigmatism it is composed of 68percent dark energy?Can they define dark matter to equally conclude that it is made up of 27%?Methinks they create more than...... 2.ECCLECTIC ASTROMAGNETISM. did explain the inflation theory and origin of the universe with the ecclectics law of cause and effect,theory of of cosmogony culture,time theory,law of necessity and liabilty and law of gravity and resistance and the origin of mothernature(The interactions between probability,faith and fate.) Contrary to the general assumption,the universe consists of 73% dark energy which they hardly define nor unravel like black holes,23% dark matter,4.6 %regular matter and 1% neutrinos.This is I disagree but rather,it is 100% Oxin and its energy density is cultural density and we have to make it round or flat as we might desire. In the inflationary theory of the universe,the universe expands as cultural inflation expands.It is tied to the way market rational forces and law of causal effect are tied to the exponential expansion,that explains cosmic inflation and cradle of cosmogony. This theory describes how energy,time and space were caused unlike big bang theory,inspire emergence of face saving ultradeep,high temperature milky way.It is this theory,truly amazing how galaxies recede hubble distance faster than the speed of light. 1.ECCLECTIC ASTROMAGNETISM.This new form of science is being sought after and it includes merging the theory of quantum mechanics with the theory of general relativity and gravitational force. This creates quantum gravity specifically when it is correct at microscopic length scales. There had been massive difficulties in merging the two theories together and different assumptions agree that they compose the way the universe works.While general relativity models gravity as the curvature of space time a typical that tells the matter how to move, quantum field theory is formulated on the concepts of flat spacetime utilised in special relativity.Sciences definitely would break new frontier once a theory is proven successful to describe general situation in which dynamics of matter is defined or modeled with quantum mechanics to inspire the space time curvature. .......................................................................................... Till date,the big bang theory unfolded new mysteries, problems and some resolved others still outstanding.New mysteries unfolded from proposed solution and for instance,the horizon problem,the magnetic monopoule problem and flatness problem are most commonly unresolved problem especially the inflationary theory of the universe.Infact the details of the inflationary universe still left unresolved for ages.A list of mysteries in big bang still outstanding.The ecclectic astromagnetic laws of Abraham, did explain the origin of the 14z.2.CENTRAL BANKING to the fact we run a defective framework in determination of the naira currency. The monopolistic control of foreign exchange market, to the tune of 85percent of the exportabe dollar revenue.It also controls supply of naira to the market and the impact of this defective framework led to perpetual erosion of the naira. Certainly,Nigeria has not taken advantage of weaker currency to stimulate our productive capacity and domestic exports and weaker currency definitely had made life unbearable for Nigerians.Hence Nigeria has nothing to gain from a weaker currency.We cannot discountenance the fact that growth in domestic export and foreign reserves over the years hadn't done much to firm up the value of the currency.In this part of the World it appears that the bigger the export revenue and the bigger the foreign reserves translates into weaker currency.When we had reserves of below 5billion dollars,naira exchanged for 80naira to one dollars,in 2005,with 20billion dollars exchanged for 133naira and now with reserves at above $30b.exchanged for 480naira to one dollars,in 2020,2021. In the essay under review,he said "...it is clear.... Nigeria has nothing to gain from a weak national currency, since our major export commodity is denominated in dollars and the demand and supply of crude oil is not in any way influenced by the purchasing power value of the local currency the naira.In other words,if naira was to exchange for 1,000naira =$1, this would in no 14z.1.CENTRAL BANKING. in CBN vaults while paying interest of 260billion on treasury bills and bonds sold to the banks.The proposed payment system will end the the perennial deluge of naira chasing limited dollars and the table will be turned In favor of a naira with rapidly improving value".Only Les leba was clear enough to solve the naira depreciation challenge with proven short term measures. In the last essay (GHANA ) REDENOMINATION, SO FAR SO GOOD of 14/01/08,he traced the rapid depletion of naira stocks at the ATM machines especially at public holidays and weekends to the low value currency redenomination profile of naira. In another essay"Merits, demerits of weak naira despite increasing dollar reserves"(published in Vanguard,April 11,2005,pg.22)he noted the significance of purchasing power parity as relative measure of a country's exchange rate.This also includes ability to meet import payment obligations over a period of time.PPP equates the local representative basket of goods by its cost price in on country against the cost of similar basket in another country.The basket is weighted in favor of food,transportation and shelter as basic necessities of life.The balance of payment position in the two countries is also compared to enhance the equation.This gives us appropriate exchange rate when these universal barometers are adopted. Hence lack of clarity about their use was responsible for negative imbalances in forex market.There are evidences to the fact .... 14z.4.CENTRAL BANKING. since managed floatation of naira commenced, this strange economy has however defied this basic economic principle.Despite currency decline, the basic trend in foreign exchange market hsnt change too due to apex bank monopoly.It hasn't stopped the artificial defense of the naira and exchange rate management method in this part truly has been enabled to alter the ideal pattern of production and consumption.It has refused to retreat beggining from the front seat of IFEM till dawn of democracy and ever since to allow the currency to find its natural level and true value. It had depreciated by not less than 20percent per annum since then and while balance on non oil export inspite of sagging growth perpetually indeficit, the balance on merchandise account remained positive and maintained its historical trend.By the end of 1999, absolute import dollar bills was three times the recorded ratio in 1986 when renewed distortion was begun.Foreign trade sector imbalance has only aggravated and the real sector is only a relics of the import substitution strategy of the 1960s and 70s oriented to replace imports. The plant capacity under this strategy was relatively small and led to high average cost profiles for the manufacturers.The firms that survived were only sheltered by high tariffs,quotas and import prohibition. They also depend heavily on raw materials import with attendant high prices jerked up by devaluation mess.They find it difficult to survive 14z.6.CENTRAL BANKING. NATIONAL INTEREST (edition ( November 5,2001, pg.25, vol.2,No.317),entitled'Role of financial sector in Reducing Nigeria's Import Dependency'he lamented on the import dependent nature of the economy.He concluded on the way forward,"There is an urgent need for policy action to enhance productive growth to satisfy domestic needs and more for export" Now we know better and urgent action badly needed to implement Les leba exchange formula to first firm up naira and subsequently encourage the exponential sustainable growth in non oil exports and expansion of capacity utilization like Asian tigers. Apex Bank reforms.I think to cap it up on a more serious note,the best way to start again delivering its mandate,the central bank badly needed another reform to be able to achieve this goal. Although in the first decade of its establishment deviating abit from its traditional roles the central bank started incorporating development role into her traditional functions due to institutional gap in the economy created by the civil war.Moreover there was also institutional gap too to accomplish the role of development finance,during the period when the economy was opened up for reconstruction.According to Mrs O.O.Akanji,the deputy director of research at the apex bank in 2001 speaking about the reform or reeginering process codenamed Project Eeagles,in the piece"How The Central Bank is reinventing itself"( published in Daily Champion edition of October 2001.).He 14z.5.CENTRAL BANKING Given this competitive advantage,with their optimal plant size,allows them to produce cheaper products,keeping the average cost of production to align with globally competitive price level of a particular commodity. Hence,but not possible without trade policy to guide large scale production of tradable goods, supplemented with proactive use of exchange rate.They promoted garments and footwears,electrical toys,electrical/electronic goods,chemicals and petrochemical,exportable products like wood products and furniture.They adopted assembly line production in franchise with established brands and laid emphasis on quality products. Unfortunately constant depreciation has defeated this goal and why the notion of price control when you cannot satisfy local forex demand?While the federation account benefits greatly from weak exchange rate,the proposition that crude oil proceeds is monetised by the apex bank at the going rate,implies that it will engage in hoarding by sterilising all foreign exchange from crude oil sales in her coffers to grow foreign reserves is saline. As noted by media pundit,attendant confidence that high foreign reserve will appeal to outside world,woo foreign investors and grow the value of the currency,in the medium term,not only defeated requires the Les leba post neoliberal formula to firm up the naira. In the golden words of Joseph Sanusi,the Central Bank Governor (1999-2002),in the conference circuit series published in the defunct 14.ECCLECTIC ASTROMAGNETISM. 14z.CENTRL BANKING and compete unfavourably with lower priced imports from lower cost producers.Little wonder, between 1986 to 2000, capacity utilization stood at 30 percentile while actual sector performance declined by average of 1.1percent. Now are we wiser with the eroneous perception that trade liberalization meant abdication of industrial policy thinktank traditional responsibility? Given the experience offar eastern economies that it has to be rigorously guided for production philosophy to automatically transform a nation.Still economic agents are interested in windfall profits, speculation on the currency and paddling import unabated.In addition to the exchange rate action, far eastern economies embark on extensive trade promotion, deliberately slanting incentives in favor of export oriented locally endowed sector. There was no erroneous impression that local market had to be satisfief prior to encouragement and promotion of exports.The tendency of low purchasing power of their people did not discourage establishment of appropriately sized firms.Consequently relegated local average producers to low production,high average cost band and made them vulnerable to successive spiral of import surge.They did a lot of outward orientation othetwise also known as trade promotion. Remarkably too embellished with the notion in the international trade that every firm is atomistic, competitively selling at the prevailing or ruling price.This prevents monopolistic influence . 14z.3.CENTRAL BANKING. in no way affects the demand for crude oil but life would become unbearable as a result of inflation domestically. " Grossly undervalued naira has encouraged brain drain and capital flight over the years.It not only destroyed industrial capacity but that it has also turned Nigeria into a shameful economy and dubbed the poverty capital of the world,with the highest population of extremely poor people worldwide.Moreso,as the claim that we are not poor but that poverty index predicated on $1 a day made us poor.We have seen reflections from various economic writers over the years identifying the problem but none succeeded in the solution aspect.Why didnt they succeed to proffer cogent solution till the emergence of Henry Boyo? We cannot generally be wrong to share consensus that the standard prescription in economics and economic textbooks has totally failed to work in a unique experience and volatile environment like Nigeria.For instance, that an economy experiencing balanc of payment problem should devalue her to purposely reduce import and simultaneously expand domestic export.However with a caveat emptor that importand export should have price elasticity that is greater than one.The import reduction is manifested in price effect of devaluation to indicate nominal price of imports going up and export expansion manifested in increased competitiveness of exportable domestic outputs.This also other nontraditional export aspects but unfortunately since 18.CENTRAL BANKING. Nobody would buy those refineries the way they presently constituted,unless you put them right.The cost of putting them right is quite expensive and enough to nuild the new refineries. ? Hence it is cheaper to construct new refineries that the the cost preparing the refineries for privatization. Government knows unless they are working properly nobody would buy the refineries, due to cost and latest advancement in technology.To stop wasting money,on the white elephant project,the best option should be to auction them . Deregulation should come phases, first temporary importation of crude to alleviate problem of scarcity, two, licenses should be granted for construction of cottage refineries rather than than squander destiny of a nation in the hands of few oligarchs.The challenges of deregulation is also major problem affecting directly or indirectly the forex market due to our import dependent economy and cannot be excluded from the influence of macroeconomic policy.This inordinately affects naira exchange. 14y.CENTRAL BANKING it would be most expedient for the two policies to go together otherwise naira re denomination will do no more than to improve portability and the effectiveness and utility of ATM machines. " In the following paragraph,he says"it is the payment of dollar allocations for dollar derived revenue that holds the key to our economic turn around even with less export revenue."SHIKENA! He made references to himself specifically three essays published two years before the essay under review.In one of them REDENOMINATION OF GHANA'S CURRENCY published 15/01/07,he noted two decades before the essay that 20 naira was the highest denomination and could feed the a labourer's family of 2 to 3 persons for a a full week! It was followed with higher denomination of 50naira,100naira ,500naira and later 1,000naira.Still they buy less and less the more higher denominations were released.He drew lesson from the success f Ghana redenomination attempt.This indicates the bigger the denominations the weaker the purchasing power of the currency, a unique experience in this part of the world.In the second essay REDENOMINATION:WHY AND WHY NOT published in the same Vanguard (17/9/07) he wrote in dialogue form analysis in question and answer format. "Q.Are you saying that payment of dollar allocations will turn around all these negatives into positive? A.Yes,and much more!Excess cash in the system will disappear as the government does not have to borrow money that it ends up locking