₦airaland Forum

iiiyyyk:
GOD bless America.

God bless Nigeria.

Exchange Rate For Dollar-Naira On 5th THURSDAY March 2015

CBN $1 N197.00

OFFICIAL $1 N199.95

BDC $1 N224.00

PARALLEL $1 N224.50







Location of BDC AND PARALLEL Is Different In Area

RevDesmondJuju:
Shoring up on cheap saudi oil
This is obama's strategic economic war on Russian, Venezuala, Iran, Nigeria and Brazil.
This is not the first time US and Saudi have flooded the energy market with cheap crude in order to deliberately destabilize the socio economics of a nation.
They dis it with Iran in the late '70's

So you are updated. That nice.

Wow

For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming.
US running out of room to store oil

New York, New York – Extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.

If this keeps up, storage tanks could approach their operational limits, known in the industry as "tank tops," by mid-April and send the price of crude — and probably gasoline, too — plummeting.

"The fact of the matter is we are running out of storage capacity in the U.S.," Ed Morse, head of commodities research at Citibank, said at a recent symposium at the Council on Foreign Relations in New York.

Morse has suggested oil could fall all the way to $20 a barrel from the current $50. At that rock-bottom price, oil companies, faced with mounting losses, would stop pumping oil until the glut eased. Gasoline prices would fall along with crude, though lower refinery production, because of seasonal factors and unexpected outages, could prevent a sharp decline.

The national average price of gasoline is $2.44 a gallon. That's $1.02 cheaper than last year at this time, but up 37 cents over the past month.

Source>http://nairausd..com/2015/03/us-running-out-of-room-to-store-oil.html

Charpell:
What time of the day do you update?

Just be alert

Exchange Rate for Dollar-Naira, Wednesday 4th March 2015

CBN $1 N198

OFFICIAL RATE $1 N200.55

BDC $1 N224.2

PARALLEL RATE $1 N225


Location Matters For BDC Market & Parallel Market

It will be updated daily of conversion rate of DOLLAR - NAIRA.

Visit the site below for factors affecting DOLLAR To NAIRA Exchange

http://nairausd..com/

We pray so

The current scarcity of petrol in most parts of the country is expected to continue till next week, marketers told one of our correspondents on Monday.
fuel-scarcity

While the pump price of the product had risen to N120 per litre in most filling stations in the Federal Capital Territory, the few stations that had petrol in Lagos on Monday maintained the N87 per litre official price except in some remote locations where the attendants charged N100.

In order to eliminate the scarcity, the Federal Government has approved the payment of the foreign exchange differential to the marketers of the product.

Marketers said the supply promised by the Nigerian National Petroleum Corporation only got to them over the weekend and that it might take a week for the product to go round and cushioned the effect of the shortage being witnessed currently.

Product loading began on a slow note on Monday morning at depots in Apapa, Lagos but picked up later in the day, with one of our correspondents gathering that three vessels were offloading the product at the Apapa Port.

One of the marketers said, “Most of the vessels came in late on the weekend; but what I can tell you now is that three vessels are offloading as we speak.

“Cushioning the effect of the product shortage, which has resulted in queues in filling stations across the country, will be very gradual. It may not happen as quickly as Nigerians want it because for the major marketers, they have to receive the product in turns.”

The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, said the NNPC had already supplied 58 million litres of petrol to Lagos, with the major marketers getting 40 million litres, while the balance is for Nipco and Aiteo.

“The situation will ease up definitely; but what we want to tell Nigerians is that they should desist from panic buying of petrol,” he said.

Meanwhile Lagos and Ogun states experienced longer queues of desperate motorists at filling stations, as only few stations opened for business on Monday.

The queues worsened the traffic situation in most parts of the states, with large number of commuters waiting for buses at various bus-stops.

Obafemi said the lingering scarcity was caused by the inability of marketers to import petrol into the country since February due to the non-payment of arrears of subsidy claims amidst rising costs.

He said the Federal Government had yet to fulfil its promise to pay the first batch of marketers, adding that the marketers were not importing the product again because they had not money, and the banks were not ready to give additional loans when the ones earlier collected had not been repaid.

Petrol stations in Abuja sold the product at N120 per litre on Monday as the scarcity of the product worsened in the city, leaving hundreds of motorists stranded for hours on long queues.

But the Group Managing Director, NNPC, Dr. Joseph Dawha, described the rush for fuel by motorists as panic buying, adding that the Federal Government had put all that was necessary in place to ensure seamless supply of petrol

The GMD, alongside the heads of the Pipelines and Product Marketing Company, Petroleum Products Pricing Regulatory Agency and the Department of Petroleum Resources, said although there was enough stock to keep the country wet till April, the major challenge of non-payment of subsidy claims to the marketers and the differentials in foreign exchange rates had been addressed.

Explaining how subsidy claims by marketers and foreign exchange rates were inhibiting the supply of fuel, the Executive Secretary, PPPRA, Farouk Ahmed, said the Minister of Finance, Dr. Ngozi Okonjo-Iweala, had approved the payments for the foreign exchange differentials.

Ahmed said, “The PPMC has over 800,000 metric tonnes that arrived in the month of March, which is over a billion litres in terms of daily consumption. Now, the issue with the marketing companies has to do with LC (letters of credit) opening by the commercial banks.

They had issues concerning their payments, which has been addressed, but the minister and banks have started to open their LCs.

“But with regards to the foreign exchange differentials and the interest rates, which they were agitating for, the minister has already approved payments for the foreign exchange differentials and interest rate charges and the DMO has been told to come up with the final figure.

Last week Thursday, we issued a batch of about 17 marketers to the Finance minister for payment and we are still verifying the rest.”

Source:http://nairausd..com/2015/03/fuel-scarcity-to-last-till-next-week.html

The current scarcity of petrol in most parts of the country is expected to continue till next week, marketers told one of our correspondents on Monday.
fuel-scarcity

While the pump price of the product had risen to N120 per litre in most filling stations in the Federal Capital Territory, the few stations that had petrol in Lagos on Monday maintained the N87 per litre official price except in some remote locations where the attendants charged N100.

In order to eliminate the scarcity, the Federal Government has approved the payment of the foreign exchange differential to the marketers of the product.

Marketers said the supply promised by the Nigerian National Petroleum Corporation only got to them over the weekend and that it might take a week for the product to go round and cushioned the effect of the shortage being witnessed currently.

Product loading began on a slow note on Monday morning at depots in Apapa, Lagos but picked up later in the day, with one of our correspondents gathering that three vessels were offloading the product at the Apapa Port.

One of the marketers said, “Most of the vessels came in late on the weekend; but what I can tell you now is that three vessels are offloading as we speak.

“Cushioning the effect of the product shortage, which has resulted in queues in filling stations across the country, will be very gradual. It may not happen as quickly as Nigerians want it because for the major marketers, they have to receive the product in turns.”

The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, said the NNPC had already supplied 58 million litres of petrol to Lagos, with the major marketers getting 40 million litres, while the balance is for Nipco and Aiteo.

“The situation will ease up definitely; but what we want to tell Nigerians is that they should desist from panic buying of petrol,” he said.

Meanwhile Lagos and Ogun states experienced longer queues of desperate motorists at filling stations, as only few stations opened for business on Monday.

The queues worsened the traffic situation in most parts of the states, with large number of commuters waiting for buses at various bus-stops.

Obafemi said the lingering scarcity was caused by the inability of marketers to import petrol into the country since February due to the non-payment of arrears of subsidy claims amidst rising costs.

He said the Federal Government had yet to fulfil its promise to pay the first batch of marketers, adding that the marketers were not importing the product again because they had not money, and the banks were not ready to give additional loans when the ones earlier collected had not been repaid.

Petrol stations in Abuja sold the product at N120 per litre on Monday as the scarcity of the product worsened in the city, leaving hundreds of motorists stranded for hours on long queues.

But the Group Managing Director, NNPC, Dr. Joseph Dawha, described the rush for fuel by motorists as panic buying, adding that the Federal Government had put all that was necessary in place to ensure seamless supply of petrol

The GMD, alongside the heads of the Pipelines and Product Marketing Company, Petroleum Products Pricing Regulatory Agency and the Department of Petroleum Resources, said although there was enough stock to keep the country wet till April, the major challenge of non-payment of subsidy claims to the marketers and the differentials in foreign exchange rates had been addressed.

Explaining how subsidy claims by marketers and foreign exchange rates were inhibiting the supply of fuel, the Executive Secretary, PPPRA, Farouk Ahmed, said the Minister of Finance, Dr. Ngozi Okonjo-Iweala, had approved the payments for the foreign exchange differentials.

Ahmed said, “The PPMC has over 800,000 metric tonnes that arrived in the month of March, which is over a billion litres in terms of daily consumption. Now, the issue with the marketing companies has to do with LC (letters of credit) opening by the commercial banks.

They had issues concerning their payments, which has been addressed, but the minister and banks have started to open their LCs.

“But with regards to the foreign exchange differentials and the interest rates, which they were agitating for, the minister has already approved payments for the foreign exchange differentials and interest rate charges and the DMO has been told to come up with the final figure.

Last week Thursday, we issued a batch of about 17 marketers to the Finance minister for payment and we are still verifying the rest.”

Source:http://nairausd..com/2015/03/fuel-scarcity-to-last-till-next-week.html

Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, Tuesday, said the fuel crisis in the country has nothing to do with payment of outstanding subsidy claims to marketers.
fuel scarcity

The minister said these following speculations that marketers had held back supplies of Premium Motor Spirit (PMS) due to outstanding payment issues.

Speaking with journalists in her office, Okonjo-Iweala noted that contrary to some unfounded speculations, the queues are not related to payment issues.

“As Nigerians can attest, the Petroleum Ministry and NNPC (Nigerian National Petroleum Corporation) have worked very hard to reduce them (queues) to the barest minimum. We sympathise with Nigerians whose lives are being disrupted by the queues and assure them that we are working hard to end them as quickly as possible.

“The situation is due to a mix of factors, including disruption of pipelines and logistical issues and they are being attended to urgently,” he minister said.

Stressing that the government was taking payment of subsidy claims seriously, the minister recalled that the marketers were paid a total of N320.8 billion from the Excess Crude Account (ECA) in two installments last December.

She added that she held a meeting with the marketers last week where assurances and commitments were made on payment of the outstanding N185 billion balance owed to them.

To facilitate the payments, Okonjo-Iweala noted that the Debt Management Office (DMO) has issued Sovereign Debt Notes (SDNs) to cover N100 billion out of the N185 billion agreed upon as balance for the next payments. The Central Bank of Nigeria (CBN) has also given approvals for the banks to issue letters of credit (LCs).

“It is clear that while the union and most members have been cooperative, some of their members are not. Some of these people have even refused to open LCs to facilitate their payments. We salute the union and the members who are working hard to end this unfortunate situation. As for those who are working in the other direction, Nigerians should ask them what their motives are,” the minister said.

Source:http://nairausd..com/2015/03/payment-issues-not-cause-of-fuel.html

It

fatiaanu:
How is subsidy?
Repair our refineries and stop this importation of a thing.
All we need is a working refineries and not 1billion litres of imported fuel.

It's didn't start today for the call for functioning refinery.
Did you think the cabals will let it be. Mind you government officials are part of it.

From what we are going through, one can see that some problems in the country is not only from the government. The cabals have a hand in this.

The Management of the Nigerian National Petroleum Corporation (NNPC) on Monday began fresh measures to halt what it described as artificially induced petrol scarcity noticeable in some parts of the country.
Image result for oil price

To this end, the corporation said it planned to import more than one billion litres of petrol in March to address short fall in supply

Black market thrives as fuel scarcity hits Lagos. Photo: Bunmi Azeez

The Group Managing Director (GMD), NNPC Dr Joseph Dawha, in conjunction with the Chief Executive Officers of the NNPC subsidiaries, began detailed monitoring of fuel stations in Abuja.

Others in the exercise are the Executive Secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), Mr Farouk Ahmed, and the Managing Director of Pipeline Products Marketing Company (PPMC), Mr Haruna Momoh,

Also in the team was the Director of Department of Petroleum Resources (DPR), Mr George Osahon.

Dawha said the exercise was to checkmate hoarding and panic buying of petrol, particularly in Abuja, Lagos and its environs.

The GMD said there was enough petrol in the nation's stock to take care of the need of motorists.

He said as the supplier of last resort, the corporation was doing everything within its mandate to alleviate the avoidable hardship caused by the situation.

The Executive Secretary, PPPRA, said the problem was more of artificial because there were enough products.

" The problem we have is not really with the supply because there is enough supply .

"The PPMC has almost more than 800,000 metric tones that will be arriving in the month of March which is over a billion litres in terms of our daily consumption.

"Other marketers are also bringing in their cargo so by the end of the week, hopefully, everything will be clear.

"I think we should just encourage the people to desist from panic buying; things are going to be very okay," Ahmed said.

The Managing Director of PPMC said the corporation had more than enough of the products in the stock for the entire nation.

Source:http:http://nairausd..com/2015/03/nnpc-to-import-over-1-billion-litres-of.html

The Management of the Nigerian National Petroleum Corporation (NNPC) on Monday began fresh measures to halt what it described as artificially induced petrol scarcity noticeable in some parts of the country.
Image result for oil price

To this end, the corporation said it planned to import more than one billion litres of petrol in March to address short fall in supply

Black market thrives as fuel scarcity hits Lagos. Photo: Bunmi Azeez

The Group Managing Director (GMD), NNPC Dr Joseph Dawha, in conjunction with the Chief Executive Officers of the NNPC subsidiaries, began detailed monitoring of fuel stations in Abuja.

Others in the exercise are the Executive Secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), Mr Farouk Ahmed, and the Managing Director of Pipeline Products Marketing Company (PPMC), Mr Haruna Momoh,

Also in the team was the Director of Department of Petroleum Resources (DPR), Mr George Osahon.

Dawha said the exercise was to checkmate hoarding and panic buying of petrol, particularly in Abuja, Lagos and its environs.

The GMD said there was enough petrol in the nation's stock to take care of the need of motorists.

He said as the supplier of last resort, the corporation was doing everything within its mandate to alleviate the avoidable hardship caused by the situation.

The Executive Secretary, PPPRA, said the problem was more of artificial because there were enough products.

" The problem we have is not really with the supply because there is enough supply .

"The PPMC has almost more than 800,000 metric tones that will be arriving in the month of March which is over a billion litres in terms of our daily consumption.

"Other marketers are also bringing in their cargo so by the end of the week, hopefully, everything will be clear.

"I think we should just encourage the people to desist from panic buying; things are going to be very okay," Ahmed said.

The Managing Director of PPMC said the corporation had more than enough of the products in the stock for the entire nation.

Source:http://nairausd..com/2015/03/nnpc-to-import-over-1-billion-litres-of.html

I knew this will be temporally. After election more good news will be out.

xpac01:
Amenoo!!

Just a matter of time.

The naira firmed 1.13 percent against the dollar on the interbank market in thin trade on Monday, supported by dollar flows from Shell Petroleum Development Company of Nigeria (SPDC) and Eni.
Naira gains on dollar sales by oil firms

The naira closed at 199.7 to the dollar compared with 202 on the interbank market on Friday, dealers said.

Source:http://nairausd..com/2015/03/naira-gains-on-dollar-sales-by-oil-firms.html

Guys it seems you people don't understand how it's affecting USA company's badly. Read news please for better information expecially different sources. Thanks

[quote author=giantstrides post=31231877]It's harder to get shale oil, it's quite diff from the conventional means of getting oil, Right now only US companies have that tech.
www.technologyreview.com/news/412912/a-cheaper-way-to-draw-oil-from-shale/
[/quote/)
If I may ask were can shale be found in the world apart from USA. Please enlightened us brother. Thanks

Keneking:
Where is Dieziani? Mrs OPEC president?

She was elected the presidency recently, remember things just don't work like magic.

Charpell:
Trust me when I say it will rise.
The Americans are smart, they brought in shale oil to create the illusion that oil is surplus, their target is to crash oil prices

Different thoughts bro

yakubuomowumi:
APC LIE LIAR MUHAMMAD 
APC WITCHCRAFT BROOM CARRYING PARTY
APC CAUSING FUEL SCARCITY LIKE THIER MAYHEM.
The Schizophrenic demented sick Pa Buhari is a terrorist, deranged old brainless super clueless bastard
Apc is boko haram
Thiefnu.bu is a pedophile drug dealer and a cocain sniffer property seized in the usa for his drug deals.
Buhari can only be president in sambisa and shekau would hand over to him with his forged result. 
Osinbajo is fake and a loafer
Amechi and Fashola are errand boys
Ambode new recruit errand boy
Buhari boko haram spiritual head
Atiku and Thiefnu.bu boko haram sponsor

please this is not time for this. Our economy will be affected

This is serious oh!

Following the depreciation in value of the naira, banks that are yet to adopt Basel 11 banking regulations run the risk of customers’ loan default and may be forced to reduce assets size.
Image result for bank

The naira shed 8.3 per cent to the dollar on February, worse than a 6.9 per cent fall in November after the Central Bank devalued the currency by eight per cent in order to save its foreign reserves.

A herd of finance and economic analysts at an investment banking and research company, Capital Bancorp Plc, feared that due to devaluation of the naira, most banks run the risk of loan default, even as they believed that only banks that had complied with Basel 11 reporting standards would be safer.

“We are of the opinion that banks that fail to meet the Basel 11 reporting standards will be forced to either raise equity in a weak capital market or reduce their asset size,” the analysts said in a note over the weekend.

Basel II set up risk and capital management requirements designed to ensure that a bank has adequate capital for the risk the bank exposes itself to through its lending and investment practices. Generally speaking, these rules mean that the greater risk to which the bank is exposed, the greater the amount of capital the bank needs to hold to safeguard its solvency and overall economic stability.

In response to a questionnaire released by the Financial Stability Institute (FSI), 95 national regulators indicated they were to implement Basel II, in some form or another, by 2015.

The Central Bank of Nigeria (CBN) earlier set 2012 as the deadline for Basle II implementation. This takes into account the adoption of International Financial Reporting Standards (IFRS), recognised as the global standard for financial reporting
Source:http://nairausd..com/2015/03/bank-asset-at-risk-on-reduction-base-on.html

yomi007k:
Hmmm, not bad

you can contribute. Every one has his /her own opinion. Your ideas can change the world. Thanks

This job creation we are blaming the government agencies from my view everybody's should be involved so that you and I plus the government will be happy.

Charpell:
dizeni plans are worthless

Nigerian let pray we get out from this mess we are into .

[quote author=rildwanullahi post=31192716]There is light at the end of the tunnel for Nigeria [/quot]

We hope Nigerian have learnt their lessors.Diversification is solution to this no big deal about this.

Why we are in tough time like this is because we fail save for unforeseen circumstance like what is happening now.

And spending on unnecessary things plus evil government. Take a look at SAUDI for instance.

WITH opening times from 8am to 10pm every day, the target will be to get a minimum of 5,000 members for each sports centre at a monthly fee of N5000.00 for each member. I am sure that some people might argue that the fee is high but in comparison to the average amount of N15, 000 spent by a normal social drinker, every month shows that the N5,000 monthly fee will be easily afforded.
+
A friend mentioned to me that a privately built small football pitch in Lekki area of Lagos has been fully reserved and paid for by one of the oil companies for their staff recreational needs.

But the problem will be how to get the 5,000 members for each centre. This can be achieved through strategic location of the centres and then the involvement and encouragement of prominent Nigerians to use them.

These will include Nollywoood actors/actresses, top government functionaries and politicians, footballers and other sports men and women, top private sector managers etc. With regards to the location, it will be important for them to be located in areas close to the targeted population like in affluent areas.

Preferably, they should be located very close or adjacent popular parks or drinking joints. Using FCT for a pilot case, good areas will be near City Park in Wuse 2, in Maitama, Asokoro and Gwarimpa.

With N5000 monthly fee for one person for about 5000 members will give a monthly revenue of about N25 million.

In the transport sector, over 150, 000 jobs can be created through the detailed examination and strategic management of the public knowledge which was further affirmed by the president that majority of the accidents in Nigerian roads are caused by the carelessness of our drivers.

Innovating ways through which this carelessness can be reduced or eliminated can interestingly help create over 150,000 jobs.

At the moment, insecurity remains a big challenge in Nigeria. But it also provides an opportunity through which about 100,000 jobs can be created

As Nigeria is presently divided into six regions, the aim would be to create and build 6 ‘Regional Cities.

Next
Source:http://nairausd..com/2015/03/opinionjob-creation-yearly.html