₦airaland Forum

Their plan won't work

The naira tumbled against the United States dollar on the parallel market to 503 on Thursday, down from the 500 recorded on Wednesday.

The local currency had closed at 499 and 498 on Tuesday and Monday, respectively.

This came almost two weeks after the naira touched 500/dollar briefly and returned to 498/dollar.

The local currency had been stable against the greenback for about three weeks.

Economic and financial experts are divided over the outlook for the naira this year but many have said the local currency may depreciate further in the coming months.

The external reserves also rose to $28.6bn on February 8, the Central Bank of Nigeria’s data showed on Thursday.

The naira might fall to around 520/dollar, the Chief Executive Officer of Lagos-based research firm, Financial Derivatives Company, Mr. Bismarck Rewane, had said.

On the official market, it remained at 305.25/dollar, where it has been trading since last August.

The CBN last week sold $660m in three and five-month currency forwards at an auction aimed at clearing a backlog of dollar demand.

But traders said it was not enough to satisfy the market.

“Despite rising FX reserves, it’s the amount of the FX that is supplied that matters. The parallel market, by its nature, is particularly sensitive to demand-supply imbalances, and has a tendency to overshoot,” Reuters reported, quoting the Head of Africa Research at Standard Chartered Bank, Razia Khan.

“Supply of FX matters more than any other factor,” she added.

Traders said the CBN had been selling dollars on the official market to support the naira, but dollar shortages were causing the local currency to weaken on the black market.

The naira lost a third of its official value against the dollar in 2016 after the CBN scrapped its peg for the currency, allowing the naira to float on the interbank market, in a bid to alleviate dollar shortages

On the Bureau de Change segment, the naira closed at N399/dollar, while the pound sterling and euro closed at N617 and N527, respectively.

Traders said that the scarcity of the greenback was far from being over.

The forex exchange reserves have gained more than $2bn so far this year, rising from $25.8bn on December 30, 2016 to $28.2bn on February 2, 2017


http://punchng.com/naira-tumbles-503-parallel-market/

Hahahah

Good day everyone, i just want to discuss little about MMM. I'm not a participant but I think this will go a long way in helping those inside the system. From my research, I discovered that MMM sorely depend on donation from participants which they call(to provide help or PH in abbr.). I have been seeing comments especially from the participants that MMM should give them their money. I don't know whether they are not aware that it is them( the participants) that decides whether the system should collapse or stand. The success of MMM is in the hand of the participants. We are all aware that the system is seriously shaking due to the fact that, people who wants to withdraw(GH) there money is more than those who want to donate (PH). So I would advice the participants to kindly go there and provide help of any amount u can afford if you really want the system to stand. I can vividly tell you that MMM has helped many Nigerian. If you still want the help to continue, kindly do the needful. Note I'm not a member but I really care for my fellow Nigerian. Thank you all, your money will surely return to you.


Cc: lalasticlala

I just returned from Enugu yesterday and still the same poor network

Qmerit:
A leader who run from trouble is not any where near a leader! He would ve fixed it and resign anyway!

We don't want him to fix the problem, just resign chikina

Here in Makurdi, no network at all. Sometime it will come and go like trafficator light

Honorable authorities,

So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.

1. What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?

2. You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.

3. You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What''s wrong with that?

4. You have repeatedly stated that "it should be investigated!.. researched!.." It means you know nothing about this System yet; you even haven’t understood how it works. Isn’t it completely irresponsible of you to make all these allegations and play with the lives of millions of ordinary people?

5. And finally. If you know what is right for people, why is the life so bad in the country?

Sincerely yours,

Sergey Mavrodi

P.S. As for your statement that "everything will collapse soon". The system has been working in Nigeria for a year, and according to your estimates, the total number of members now is about 3 million people. In Nigeria the population is approximately 195 million. Can you calculate? Will it be “soon"? :-))



Cc:lalasticlala, mynd44

Why the woman no come be president na, that's wat u prophesied

This is getting serious, that's why the government are warning us about this, mmm pays but like the poster above narrated, ppl like the one he mentioned above are already into the system and in this case their is nothing the government can do about it in as much as u don't know the person. We should be careful with this

Hillary Clinton has conceded defeat in an emotional speech in New York – urging her supporters to not give up hope, and to strive to uphold American values.

Flanked by her husband Bill and daughter Chelsea, the 69-year-old looked resolute and composed, despite the evident pain of the situation.

She admitted it was painful – but told Americans, more of whom supported her than her rival, to unite behind Donald Trump.

“I believe in America, and I still do,” she said. “Donald Trump is going to be our president. We owe him an open mind, and the goodwill to lead.”

“Our constitution enshrines the rule of law, freedom of worship and expression, we cherish these values too.

“Our constitutional democracy demands our participation, all the time.

“We have to make our economy work for everyone – not just those at the top – protecting our country and protecting our planet.

“Our responsibility as citizens is to keep doing our part.”

She thanked her team, describing them as the best anyone could have wished for.

And she closed by telling women and girls not to give up hope: “Many of you are embarking on your careers and you will have setbacks too.

“But please, never stop believing that fighting for what is right is worth it. It is, it is worth it.

“And to all the women and especially the young women who put their faith in this campaign and in me, I want you to know that nothing has made me prouder than to be your champion.

“I know we have still not shattered that highest, hardest glass ceiling. But I know that someone will. To all the little girls.

“You have the power to pursue your own dreams.”

In the early hours of the morning Mr Trump had offered generous words for his vanquished opponent, saying she had worked hard for many years and was owed a “deep debt of gratitude”.

In a conciliatory speech Mr Trump added: “We will get along with all other nations willing to get along with us. We will deal fairly with everyone. We will seek common ground, partnership not conflict.

“America will no longer settle for anything less than the best. We must reclaim our destiny.”

http://www.vanguardngr.com/2016/11/hillary-clinton-painful/

By Emman Ovuakporie and Johnbosco Agbakwuru


ABUJA-MEMBERS of the House of Representatives Wednesday resolve to probe into the operations of the internet based wonder bank, otherwise known as “MMM Nigeria Scheme” in order to save innocent Nigerians from falling prey to fraudsters in this era of economic recession.

Consequently, the House has mandated its committees on banking and currency as well as that on financial crimes to probe the operations of the wonder bank and report back to the House for further legislative action within the next four weeks.

This was however sequel to the adoption of the motion promoted by Rep. Saheed Akinade Fijabi, APC, OYO, complaining about the wide acceptance by Nigerians of the unregulated Mavrodi Mondial Moneybox scheme, popularly known as MMM which was established in 1989 by three Russian nationals with a promise that participants in the wonder scheme will make 30 per cent on investment after 30 days.

Fijabi noted that every Nigerian participating in the MMM scheme which has no legal backing is vulnerable to losing his/her investment as there is no identifiable platform to guarantee the security of the invested funds.

Already, he declared that the Central Bank of Nigeria has described the scheme as fraudulent, recalling that many Nigerians had been victims to similar schemes in the past, such as the Wes Solution, Pennywise and Wealth Creation, all in the name of making quick money.

According to him, the scheme prides itself as a mutual fund through which recruited members contribute money in form of assistance without any intent to engage in banking business.

“But the scheme’s structure, operations and intendment indicate otherwise as their clients can have multi-level structures under them and receive bonus (in percentage) from each financial transaction of every participant in their structures.”

Fijabi further explained the scheme entered the Nigerian circle this year, by capitalising on the high level of unemployment and poverty to deceive unwary Nigerians into falling prey to their antics.

He averred that the antecedents of the founders of the scheme cannot guarantee security of investment in the scheme in the long run as reports indicate that similar schemes by the same founders had been launched in Russia where investors lost their monies running into millions of dollars.

“It is worthy of note that the government of China banned the operations of MMM on the ground that it was a payment pyramid scheme without registration in the country and has the capacity to cause financial havoc in the system”, Fijabi added.

http://www.vanguardngr.com/2016/11/nigerians-participating-in-mmm-scheme-vulnerable-to-losing-hisher-investment/

Here comes the winner

Currently

All this our prophet wey say na Clinton go win, wey dem dey naw

sissoko22:
you sound very uneducated. The very problems with many igbo's is their pride, arrogance, hate and attitude to look down on other ethnicity.

U know that what I'm saying is the nothing but the truth

That's mine

No wonder why the Ibaji's are the most educated and most reasonable in entire kogi state

Kindly go to o2tvseries.com and download the. SO3EP1

Arsenal 2 - 0 Basel
81' Ludogorets Razgrad 1 - 3 Paris Saint Germain
Champions League - Group B September 29
79' Besiktas 1 - 1 Dynamo Kyiv
77' SSC Napoli 4 - 1 Benfica
Champions League - Group C September 29
79' Borussia Moenchengladbach 1 - 2 Barcelona
80' Celtic 3 - 3 Manchester City
Champions League - Group D September 29
79' Atletico Madrid 1 - 0 Bayern Munich
78' FC Rostov 2 - 2 PSV Eindhoven

Never again should u guys move Liverpool match to the FP unless they are playing against team with more fans like Chelsea, Man U and Arsenal or even a stronger team like Man city. Just negodu, only one page. Mods take note

Away to score

Dey swell for man u

Anabel where u dey

Just home to score

Goallllllllllll Watford leads

The different between Pogba and Capou is that one is a footballer while the other is a dancer

OptaJoe
@OptaJoe
3m
1 - Watford have only lost one of their 19 previous PL games in which they've held a HT lead - against Man Utd in April 2000. Warning.

CaptPlanet:
OP! Abeg update this thread na! Abi Watford never score for your own TV?

I wonder oh

End of 1st half, man u y