A comparative analysis of exchange rate volatility in the West African Monetary Zone

This study employs measures of variability and three GARCH models to comparatively explore the behaviour of exchange rate volatility of the currencies in the West African Monetary Zone (WAMZ) for the period 1960M01-2011M12. The study selects a sub-sample period of 2000M1 to 2011M12 to investigate whether central bank intervention decreases volatility of the local currencies per US$. Our findings reveal that the Ghanaian cedi is the most volatile currency in the Zone. Also, we found that leverage effect does exist for Gambian dalasi, while it does not exist for Nigerian naira; but inconclusive for other countries. The impact of central bank intervention on exchange rate volatility is also found to be inconclusive for Ghana, Guinea, and Liberia. However, the impact of central bank intervention on foreign exchange decreases the level of volatility persistence in Gambia and Nigeria, while it increases the level of volatility persistence in Sierra Leone for the period under consideration

Ultrasonic method of Biodiesel production from Palm kernel

Biodiesel is a clean burning alternative fuel derived from chemical reactors produced from palm kernel oil, is currently spreading like a wind dust in the air. It is considered as the fuel for the future without rise in global warming. It has advantages over the fossil fuel diesel as sustainability (renewable resources), ease of production, and availability of raw materials. The study examines the biodiesel produced through transesterification of palm kernel oil (1% fatty acid) with methanol using granulated sodium hydroxide as catalyst through ultrasonic method. The palm kernel oil biodiesel produced was characterized as alternative diesel fuel through standard tests (ASTM) for basic fuel properties such as viscosity, cloud point, pour point, flash point and specific gravity as well as economical feasibility for Nigeria. The result showed that 875g of palm kernel oil (1% fatty acid) with 175g of methanol using 13g of sodium hydroxide (granulated) subjected to ultrasonic method for 1 hour through transesterification process produced 96.23% of biodiesel and 16.89% of glycerol plus high excess methanol wasallowed to settle for 6 hours. Two layers were observed containing unwashed biodiesel at the top and darker layers of glycerin. After washing the biodiesel with warm water, the cleaned, biodiesel was dried by heat to remove the moisture from and allowed to settle down. A bright colour biodiesel was obtained which was within the international standard for biodiesel fuel

Comparing the illicit financial flows in some African countries: implications for policy

Due to the deleterious effect of the illicit transfer of funds on Africa economies the paper determines and compares the volume of illicit funds which should have been used for development but otherwise channeled into private benefits in seven African countries during 2005-2015. Using the World Bank Residual Model, we found that illicit financial flows are being experienced in all the sample countries otherwise unabated. In quantum terms, illicit transfers of funds are more in upper-middle-income countries while and it was highest in low- income countries as a proportion of the country’s GDP. The study concluded that relative to aggregate income low-income countries engage more in illicit financial transfers that the other income groups whereas in quantum terms it was substantial in upper-middle-income group. We recommend that all income groups should improve on regulatory controls in order cub illicit transfers in Africa, more importantly, the low-income group.Keywords: Illicit financial flows, Gross domestic Product, World Bank Residual ModelJel Classification: B22, E01, E6

Solar quiet current response in the African sector due to a 2009 sudden stratospheric warming event

We present solar quiet (Sq) variation of the horizontal (H) magnetic field intensity deduced from Magnetic Data Acquisition System (MAGDAS) records over Africa during an unusual strong and prolonged 2009 sudden stratospheric warming (SSW) event. A reduction in the SqH magnitude that enveloped the geomagnetic latitudes between 21.13°N (Fayum FYM) in Egypt and 39.51°S (Durban DRB) in South Africa was observed, while the stratospheric polar temperature was increasing and got strengthened when the stratospheric temperature reached its maximum. Another novel feature associated with the hemispheric reduction is the reversal in the north-south asymmetry of the SqH, which is indicative of higher SqH magnitude in the Northern Hemisphere compared to the Southern Hemisphere during SSW peak phase. The reversal of the equatorial electrojet (EEJ) or the counter electrojet (CEJ) was observed after the polar stratospheric temperature reached its maximum. The effect of additional currents associated with CEJ was observed in the Southern Hemisphere at middle latitude. Similar changes were observed in the EEJ at the South America, Pacific Ocean, and Central Asia sectors. The effect of the SSW is largest in the South American sector and smallest in the Central Asian sector

Queer Nigerian twitter can challenge homophobia and assert sexual agency

Sexual minorities in Nigeria use Twitter to contest the invisibility Nigerian society forces upon them. By examining the linguistic advocacy of ‘coming out’ and ‘reaching out’ on the social media platform, users can establish a sense of community while challenging heteronormative values by asserting individual and group sexual agency

The Response of Banking Sector Development to Financial and Trade Openness in the presence of Global Financial Crisis in Africa

Africa’s financial system is strongly bank-based and so this paper investigate whether economic growth, financial openness and trade openness contribute to the development of the banking sector in the presence and absence of global financial crisis. The results from PMG/ARDL suggest that banking sector develops independently of economic growth in lower-middle and high income countries while it develops as demand for finance increases in low and uppermiddle income countries in Africa. Being cautious of global financial crisis, trade openness is found to be more effective in high and lower-middle income countries, financial openness is more effective in low income countries and neither is more effective in upper-middle income countries. It is also discovered that, in the long run, global financial crisis generally reduce banking sector development in Africa but not in high income countries however the banking sectors of lower-middle and low income countries suffer the most from such crisis

Economics of the Environment and Infant Mortality in Sub-Saharan Africa

Studies have used ambient air pollutant concentrations to explain infant mortality. Thus, this study investigates the impact of carbon dioxide emission on infant mortality, while controlling for other covariates of human well-being in sub-Sahara Africa using a panel FGLS and GMM for the period 1990-2012. Our findings reveal that: there is a positive relationship between carbon dioxide emission and infant mortality; access to water has a significant negative impact on infant mortality rate; there is a significant positive relationship between access to sanitation and infant mortality rate; food production index has a significant negative impact on infant mortality rate; GDP per capita has a significant negative relationship with infant mortality rate; urban population as a percentage of total population is significantly positively related with infant mortality rate; and fertility rate has a significantly positive relationship with infant mortality rate while relative change in fertility rate has a significant inverse relationship with relative change in infant mortality rate

The Impact of Interest Rate Channel of Monetary Policy on Output and Prices in Nigeria: An Unrestricted VAR Approach

This paper uses the vector auto-regression analytical method to examine the interest rate channel of monetary policy and to compare the period after the Structural Adjustment Period (1986Q1-1999Q1) with the period of the civilian administration (1999Q2-2012Q4) in Nigeria. The results of the second period indicated that monetary tightening leads first to an immediate fall in real output in the first 3 months reaching a maximum decline in 9 months. The first period indicated that real output start to decline after 6 months reaching a maximum decline in 12months. In response to monetary policy, for the second period, domestic prices did not start to decline until after 6months and it never returns to equilibrium. The findings for the first period indicate that prices started to rise after 4months and reach its peak in 12 months after the shock. We found evidence of interest channel in the two periods but monetary policy is more effective in the latter period compared to the earlier period