Ibukun's Blog

George Soros is a man who needs no introduction. The famous investor has been through enough bull and bear markets to teach any young whippersnapper a thing or two about how to properly invest. But without a doubt, Soros' most famous trade is his shorting of the British pound back in 1992. The upcoming book "More Money Than God," written by Sebastian Mallaby, tells the tale of how Soros used his Quantum Fund to break the pound to pieces and pocket a billion dollars.  The Bank of England's plan was to aggressively buy the pound in hope that it would inspire confidence and stop speculators from destroying the currency. Germany's central bank began to attack Britain, calling for a devaluation of the pound. Soros had AT LEAST $1.5 billion bet on the pound since August, 1992. The devaluation crisis occurred a month later in September. Instead of steadily building up a position in September of 1992, Soros told his lieutenants to "go for the jugula...

Before we go ahead with the topic, it will be necessary to understand the exchange rate system that prevails among different currencies.they are of two types namely ;   A fixed exchange rate A floating exchange rate or fluctuating exchange rate A fixed exchange rate :  (also called as pegged exchange rate,) is a type of exchange rate regime where a currency's value is fixed against either the value of another single currency, or to a basket of other currencies, or to another measure of value, such as gold.  In a fixed exchange-rate system, a country’s central bank typically uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, hence, the stable value of its currency in relation to the reference to which it is pegged.   Depreciation  and  devaluation  are sometimes incorrectly used interchangeably, but they always refer to values...

With the collapse of the fierce battle at the Supreme Court on Friday to stave off his trial by the Code of Conduct Tribunal (CCT) for allegedly falsifying his declaration of his assets, Senate President, Bukola Saraki, on conviction risks 14 years jail term, losing his position, 10 years ban form holding public and forfeiture of any asset related to the alleged offence. The Code of Conduct Bureau and Tribunal Act empowers the Code of Conduct Tribunal to impose any of the punishments prescribed in section 23 of the act. Section 23 of the Code of Conduct Bureau and Tribunal Act provides: “(1) Where the tribunal finds a public officer guilty of contravening any of the provisions of this act, it shall impose upon that officer any of the punishments specified under subsection (2) of this section.” Section 23(2), however, states: “The punishment which the tribunal shall impose shall include any of the following: (a) vacation of office or any elective or nomina...

The Bank Verification Number Exercise has exposed no fewer than 23,306 ghost workers within the Federal Government’s payroll. The Federal Ministry of Finance made the discovery with the adoption of the BVN for salary payment recently. Details of about 312,000 civil servants have so far been checked & 23, 306 of them had irregularities with their data within the ministry and the one in the bank. According to The Nation, the Federal government has started deleting the indicted civil servants from its payroll. Some of those affected have tendered their resignation letters to pre-empt dismissal from service and prosecution. A source from the Ministry who spoke on the development said “Out of the accounts of about 312,000 civil servants processed so far, the ministry was said to have uncovered irregularities in the account of about 23,306 of them, who were suspected to have been collecting double salary. These indicted individuals are in two categories. In the first gro...