₦airaland Forum

tochinoyi:
its happened every where in the world during elections, so naija is not is not different from the rest of the world

My bro thank you.

Nigerians please be informed on what is happening in the world that will be beneficial for your own good.

We shall all live to see a Great Nigeria,let work for it.

sammyj:

Kai youth of tomorrow.

Later they don't want to give way for the young generation.

Chai nna mehn.

WisdomFlakes:
Oh, so the rest of the country is being held hostage economically till Jonathan is re-elected? Una don fail.

Don't blame the presidency but election fever f.

Remember politicians also play a role in this .

By Nosa Alekhuogie

Nigeria’s federally collected revenue is likely to decline further by about 25 per cent this quarter, the chief executive officer, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane has predicted.

Chief executive officer, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane
Rewane said the declining revenue will serve as a wake-up call for Nigeria.

The FDC boss stated this at a breakfast meeting on e-filing organised by SystemSpecs Limited for stakeholders held in Lagos recently.

According to Rewane, oil and gas constitute over 60 per cent of Nigeria’s fiscal revenue, oil accounts for 94 per cent of Nigeria’s export and approximately 67 per cent of current account receipts in the country.

He noted that a 58 per cent drop in oil prices coincided with approximately 18 per cent decline in government revenue in the fourth quarter of 2014.

Decline in prices of other commodity is unlikely to cushion the effect of lower oil exports on the balance of trade, Rewane added.

Commenting on how to improve government’s revenue, he identified blocking of leakages through the use of information communication technology (ICT).

He also noted that the ICT has the potential to transform tax revenue collection.

“ICT is just one of a number of tools to increase tax revenue collection, improve services to tax payers.

Accessible services at no cost to the taxpayer can enhance take-up. Incentives can encourage compliance.

Capacity building develops expertise. Strong communication campaigns ensure acceptance and understanding,” he added.

According to him, whenever revenue declines, people tend to be more efficient and efficiency is most prominent in the payment and settlement system.

Rewane further added that the more efficient payment services are, the more the number of transactions, and the more the society gets out of it.

“The external and internal balances of an economy would depend almost entirely on the efficiency of its payment system,” he added.

On his part, the Managing Director, Systemspecs, Mr. John Obaro revealed that e-filing, which is driven by the Remitta platform, would help boost government’s revenue.

Remitta, developed by Systemspecs was adopted by the Central Bank of Nigeria for the payments and collection of funds.

“With Remitta, you can automatically submit matching schedules when you pay pensions to PFAs.

For example, tax authorities or operatives. All these are done electronically. People can make payments to another party using their credit or debit cards.

“It is a single platform which allows you make payments to various people and at the same time on the same platform, you empower people who want to make payment to you to pay through any channel that is convenient for them,” Obaro said.

Furthermore, he said: “Remitta is connected to all core banking applications of all the banks in Nigeria today.

You can define approval limits for people who want to make payments with designated officers who you can define you rules to.”

“With Remitta you can make all your payments from the same platform, for each payment you have, you get a comprehensive proof of payment delivered to the beneficiary and you can easily track all payments irrespective of the funding banks.”

Source:http://nairausd..com/

This the map and graph.

aderonila18:
That's Nigerians for you, when you say something that favors them it's fine but when it dosent they'll claim it's because you hate them

This one of the major problem we are facing in the country.

We don't accept our fault or mistake,but try to blame others.

We live on self diyer(please correct me if my spelling is wrong).

golddust6000:
As long as it is CNN, i know the news is a fake news

But when CNN published that NIGERIA is the 3rd fastest growing economy in the world in 2015 we all praise them.

Why bro.

panafrican:
They are going there to buy a big part of it then use it later as a weapon against African countries should those African countries try to distance themselves from the World Bank and the international monetary fund.

Different theories bro.

[quote author=anitabeauty post=31878530]Cali[/quote

What did you mean by cali

fresh15:
With the economic plan on ground,the Nigerian economy will bounce back after the elections whether the oil price is going up or down.All we have to do is to re-elect Jonathan.

We pray oh!

Within this period of time.

God please let this election come and go so at least things will get better.

If you check the map from the site, you will notice an African city is among.

Please can someone explain this for easy understanding.

Thanks

Companies sending employees on work trips to London should be prepared to spend hundreds of pounds per person each day, as the UK capital is one of the world’s costliest cities for business travel.
With an average daily spend of £340 per person, London is the seventh most expensive city in the world for work-related travel.

Caracas, the capital of Venezuela, topped the table, costing £416 per person each day, according to BDC Travel.

The corporate travel provider, which is headquartered in Utrecht in the Netherlands, analysed its clients’ expenditure on business trips, including hotel rooms, car rental reservations and food.

As can be seen on the map above, which was created by the US-based business-to-business marketplace Expert travel, Caracas’ costliness is an outlier in its region, as most of the priciest destinations for business travel are in Western Europe.

By contrast, no American cities make the top 20 when it comes to pricey business travel, with San Francisco ranking highest in the 23rd position with a daily spend of around £300.

Expert Market explained thatVenezuela's strict currency controls make the region more expensive than its South American neighbours, with taxis costing 70pc more in Caracas than in San Francisco and the average restaurant meal costing 30pc more.

A McDonald's meal in the Venezuelan capital is more than two thirds pricier than in the Silicon Valley hub.

Additionally, business travellers are often booked into the most expensive hotels due to Caracas' high danger levels.Caracas has the second highest murder rate in the world, second only to San Pedro Sula in Honduras, with 116 homicides per 100,000 residents in 2014.

The most expensive European city, which ranks second overall, is Geneva in Switzerland with a daily cost of £373 per person. Stockholm, Stavanger in Norway and Hong Kong round out the top five.

In seventh place, a trip to London is pennies cheaper than Zurich and falls ahead of Paris, Oslo and the Saudi capital Riyadh.

Source:http://nairausd..com/

Credit agency Standard & Poor's downgraded Nigeria's rating to B+ from BB- on Friday, saying the decline in oil prices in the past seven months had significantly affected the country's finances.


Setting a stable outlook on the new rating, it also said political risk was a significant factor while the country's non-oil sector would support economic growth.

Nigeria holds a presidential election on March 28 when Goodluck Jonathan will seek another term.

He faces former military ruler Muhammadu Buhari in what is expected to be the tightest ballot since the start of civilian government in 1999.

S&P said that while the west African country had taken numerous measures to counteract the effects of falling oil prices, such as tightening the 2015 budget and monetary policy, it believed the tense political atmosphere might undermine efforts to introduce other measures.

"The tightly contested general elections and potential underperformance on oil production may pose risks to the implementation of the federal economic management team's proactive and ambitious fiscal consolidation plans," it said.

S&P noted that Nigeria relies on oil and gas for about two-thirds of its fiscal revenues and over 90 percent of its exports, and that falling oil prices had notably impacted current account position.

But it added that the fastest growing sector, services, now accounted for more than 50 percent of GDP while oil and gas had shrunk to 14 percent.

An average current account deficit of 1.8 percent of GDP was expected for the period 2015-2018, it said, and annual economic growth was expected to average 5 percent in the same period.

The growth forecast was down from S&P's September report that expected a rate of 6.2 percent for the 2015-2017 period.

Source:http://nairausd..com/

CNNMoney has declared the country as the worst performing economy in Africa.
According to the business analysis programme, the country is facing harsh economic realities and a rapid depletion of its reserves.


“Nigeria’s currency is trading at a record low against the United States (US) dollar,” it said.

“The stock market has slumped 15 percent this year –making it the worst performer in Africa – and financial reserves are being depleted.”

In January, CNNMoney had ranked Nigeria next to China and Qatar in its rating of fast-growing economies – a survey based on International monetary fund (IMF) world economic outlook.

“By our estimate, the fastest growing economies in 2015 will be China, Qatar and Nigeria. Nigerian economy, growing by 7.0 percent, came after China 7.3 percent and Qatar 7.1 percent,” CNNMoney said in January.

The American business news outfit further said the country is experiencing a fall in its oil production capacity, political uncertainty and insurgency.

“Nigeria is currently pumping about 1.8 million barrels of crude oil per day, making it OPEC’s 7th biggest producer – alongside Angola,” it added.

Source:http://nairausd..com/

Exchange Rate For Dollar-Naira On FRIDAY 20th March 2015

CBN $1 N197.00

OFFICIAL $1 N199.50

BDC $1 N223.50

PARALLEL $1 N224.00

Location of BDC AND PARALLEL Is Different In Area

Source=http://nairausd..com/

Trut:
That's what we call "Unethical Business Practices". Nigeria oil marketers are hoarding petroleum products to create artificial scarcity, with the aim of hiking price.

It greediness on the part of those involved.

Later we will blame the government.

Na so

Baba God please not again.

What we experienced last time was very bad.

kai and sai

A week after queues of desperate motorists disappeared from filling stations, the nation is in for another round of fuel scarcity as marketers have significantly because they are unsure of the continued payment of subsidy on the product after the general elections.


Findings by our correspondent showed that major oil marketers, who import a large chunk of petrol consumed locally, were stalling on further importation of the product and not ready to tie their money down owing to fears that power could change hands after the general elections.

The marketers, our correspondent learnt, were keen about minimising losses, which could occur as a result of developments in the political arena; hence the return of queues at filling stations in Lagos, Abuja and other major cities in the past three days.

In Lagos, some filling stations were shut on Wednesday as their owners claimed they were not getting supplies from the depots.

The Chairman, Nigeria Union of Petroleum and Natural Gas Workers, Lagos Zone, Alhaji Tokunbo Korodo, told our correspondent in a telephone interview that there was no reason why queues should resurface at the filling stations any time soon because of the recent intervention of the Federal Government.

But he admitted that the current political situation in the country, especially uncertainties surrounding the forthcoming general elections, had become worrisome to the marketers.

Korodo said the marketers were currently taking actions to check possible losses that could affect their businesses, and were unwilling to go all out to import products.

He described the current petrol supply situation as artificial, saying the recent stoppage of importation by the major marketers could also be working against a perfect market situation.

“The effects of the shortage in supply, which caused the last scarcity, are still there. Some of the gaps are yet to be filled,” he added.

A member of the Depot and Petroleum Products Marketers Association, who spoke to our correspondent in confidence, said the supply of petrol had not been sustained in recent times.

The marketer said the move by the Nigerian National Petroleum Corporation to bring in products when scarcity hit the market in the past week was cosmetic, adding that major marketers had yet to fully come on board to fortify supply.

The source also raised the alarm that products hitherto brought in by the NNPC were drying up without substantial replenishment.

Meanwhile, some filling stations in Lagos are now selling petrol for N100 and above per litre instead of the official pump price of N87.

Aside Lagos, it was also gathered that most filling stations in other states of the federation were ignoring the Department of Petroleum Resources’ directive that petrol must be sold for N87 per litre.

The Federal Government had on March 3 this year said that a Sovereign Debt Note of N100bn had been issued by the Debt Management Office to settle part of the subsidy arrears owed the marketers.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed the issuance of the SDN through a statement issued by her Special Adviser on Communications, Mr. Paul Nwabuikwu.

The minister had sympathised with Nigerians whose lives were being disrupted by the scarcity of petrol and said the government was working hard to end the scarcity within the shortest time possible.

Specifically, she said an agreement had been reached with the marketers’ union that N100bn out of the outstanding N185bn subsidy debt be paid.

The minister said as part of the agreement, the government would not only pay the extra costs that the marketers had incurred, but also the interests and foreign exchange differentials.

In order to facilitate the payment, the minister said the Central Bank of Nigeria had given approvals for banks to issue letters of credit to the oil marketers.

Source:http://nairausd..com/

cjrane:
Oil price crash has come to stay for a simple reason. Those shale oil producers are determined to remove OPEC oil from US market. They had hoped oil will stay high to encourage their production, the price crash initially slowed them down. But the American government came to their assistance by increasing petrol taxes. This has ensured petrol price in the US stays high enough to support shale oil production, while world oil price is low. OPEC has no choice than look for alternative strategy because in this situation, shale producers have won by intervention of government

I have this feeling you are wrong

SIRTee15:
Europe is broke n desperately needs capital inflow to stay afloat.
For now, China remains the biggest global spender.
China is to global economy what Chelsea is to football.
Most countries will do well to align with them one way or another.
US should see it the way it is...... Its nothing personal.

USA will view this in different perspective.

Exchange Rate For Dollar-Naira On THURSDAY 19th March 2015

CBN $1 N197.00

OFFICIAL $1 N199.70

BDC $1 N224.00

PARALLEL $1 N224.50

Location of BDC AND PARALLEL Is Different In Area

Source=http://nairausd..com/

Please any information that I post here that is wrong or contradict any rules or information.

I am not perfect, correct me.

We learn everyeveryday.

Thanks

00Pro:
Please can you explain "BDC" & "PARALLEL"
Also, are the rates posted here, what they are paying for USD

BDC=Bureau De Exchange

They are wholesalers, just like banks, online exchange.

BDC operators are the fastest among the names mentioned above I.e cash and carry. Less due process involved unlike others

While PARALLEL marketers=Black marketeri.e the retailers.

gud4dbest:
So,we shud just accept while we wait 4 d longterm change...ok!

This administration is trying it best to diversify it income revenue base.

Forget what they say about the government please. Be positive minded.

Thanke

The harsh economy in Nigeria caused by the fall in global crude oil prices might last much longer as the Federal Government on Tuesday declared that there was no end in sight with respect to the plunge.



According to the government, many companies in the oil and gas industry as well as in other sectors have slashed their respective capital spending this year as a result of the fall in crude oil prices.

The PUNCH had reported on Tuesday that the price of global benchmark Brent crude oil fell by about three per cent the previous day to a six-week low of $52.50 per barrel. This was less than a week after the National Assembly adopted $53 per barrel as the 2015 budget oil price benchmark.

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, told participants at the 15th Nigeria Oil and Gas Conference in Abuja on Tuesday that the global fall in oil prices was last seen during the peak of the financial crisis in 2008.

She noted that the 2008 plunge in crude oil prices was due to a weak global economy, strong dollar as well as an over supplied oil market, but stressed that the current plunge was different as there was limited visibility as to how it would evolve.

Alison-Madueke said, “Crude oil prices have dropped by 60 per cent from about $110 in June 2014 to $40 by January 2015. Brent is currently trading at between $50 and $60 per barrel and there is limited visibility as to how this will evolve going forward.

“Most analysts agree that as oil producers, we should brace for extended periods of lower prices and increased price volatility. The resultant effect is that companies are slashing capital spending in 2015 as a response to this dramatic collapse in oil prices.

“According to Wood Mackenzie, relative to 2014, a total of $120bn has been cut from the 2015 upstream budgets of some 116 countries. This can go up to as much as 40 per cent.”

The minister said it was obvious that many oil producing countries, including Nigeria, were facing declining government revenues due to low oil prices, adding that this would pose challenges to funding of projects.

She stated that all accomplishments of the oil and gas sector were now been challenged by the current low price environment, which was characterised by dramatic revenue declines.

“This means that flexibility in capital expenditure and funding in general will be further constrained in 2015,” the minister stated.

Alison-Madueke said the persistent depressed oil prices might limit industry scope to manoeuvre in growing long term production and reaching the target of four million barrels of oil per day.

Source:http://nairausd..com/

Germany, France and Italy followed Britain on Tuesday in announcing that they plan to join a proposed Chinese-led Asian regional bank, swinging Europe's biggest economic powers behind a project that is viewed with concern in Washington.



Britain last week became the first major Western country to seek membership in the Asian Infrastructure Investment Bank. Tuesday's announcement brings three more members of the Group of Seven industrial powers on board.


China proposed the bank in 2013 to finance construction of roads and other infrastructure.

It has pledged to put up most of its initial $50 billion in capital.

Twenty-one other governments including India, New Zealand and Thailand have said they want to join, but the U.S. and close allies Japan, South Korea and Australia have not.

The United States has expressed concern the new bank will allow looser lending standards for the environment, labor rights and financial transparency, undercutting the World Bank and International Monetary Fund.

The Europeans appeared at pains to counter those concerns.

A German Finance Ministry statement announcing the three European countries' plan to join the AIIB said that, working in partnership with existing development banks, it "could play an important role to provide funds for addressing the large infrastructure needs in Asia."

"France, Italy and Germany, in close coordination with international and European partners, are keen to work with the AIIB founding members to establish an institution that follows the best standards and practices in terms of governance, safeguards, debt and procurement policies," it added.

Following the announcement, White House spokesman Josh Earnest said the international community had a stake in the regional bank working, but was looking for prospective members to push for the bank to adopt the same high standards, oversight and safeguards that the World Bank and other infrastructure banks have adopted.

He said there was no plan for the U.S. to join the bank.

In Beijing, Chinese Foreign Ministry spokesman Hong Lei said the AIIB is an "open and inclusive" organization and China welcomes the countries willing to be its founding members.

"China will work together with all parties to forge a professional and highly efficient infrastructure investment platform that will be beneficial and reciprocal to all parties so as to contribute to regional infrastructure construction and economic growth," Hong said.

The bank is one of a series of initiatives by Beijing to increase its influence in global finance and expand trade links.

Source:http://nairausd..com/

Tmany:
Oga banks no dey follow this rates ooooo.
Even black market is cheaper than online payment rates for today

Sir if you are into the business you will understand how it's worked.

Buyers are looking for cheap rates while sellers are looking for high rate.

For lagos state alone I know of 3 location with 3 different price that is for BDC and PARALLEL market.

As for the bank and online they all have their price.

Please make research. Thanks for your opinion. We learn everyeveryday.

Tmany:
Oga banks no dey follow this rates ooooo.
Even black market is cheaper than online payment rates for today

Like I said location matters

Exchange Rate For Dollar-Naira On WEDNESDAY 18th March 2015

CBN $1 N197.00

OFFICIAL $1 N199.70

BDC $1 N224.60

PARALLEL $1 N225.00

Location of BDC AND PARALLEL Is Different In Area

Source.http://nairausd..com/2015/03/exchange-rate-for-dollar-naira-on_18.html