₦airaland Forum

In this article, Nathaniel T. Olufemi argues that the recent interventions of the Central Bank of Nigeria governor, Mr. Godwin Emefiele to support the naira are working with impressive results for the economy

“The fact that we have done this consistently for almost four to five weeks should tell everybody or those who doubt the strength of central bank to sustain this policy that they are taking a risk and they will lose in this bid to want to place a wrong bet on the direction that we are going.” Mr. Godwin Emefiele, Governor Central Bank of Nigeria.

The series of bullish interventions in the past six weeks by the Central Bank of Nigeria have successfully stamped a significant level of stability in the foreign exchange market after an extended period of volatility. This is commendable work by the leadership of the apex bank. Most deserving of the plaudits is the Central Bank Governor, Mr. Godwin Emefiele who has since the start of the foreign exchange crisis canvassed for a more context-sensitive approach to handling the crisis. He took the right initial steps of putting the country’s interest first and rallying critical stakeholders against the idea of taking hook line and sinker the prescriptions of western interest groups and international financial organizations for the full float of the naira.

Emefiele’s refusal to go with traditional prescriptions in dealing with the crisis and insistence on applying practical homegrown strategies within the context of our economic peculiarities may not have delivered results as early as many wanted.

Yet today the measures are indeed working and the results are not in doubt. Roughly three weeks ago, one dollar exchanged for a whopping N550 in the parallel market. Today, the story has changed significantly. In the past few days the exchange rate has come down by about 12% and now ranges between N370 to N385 to a dollar. This means that on the average, the naira has gained about N165 to the dollar in value. This is impressive. And it is looking as if things might improve even further. What makes this intervention different is that it has not only halted the continued fall in the value of the naira into dangerous territory, but also reversed the negative trend to a positive trajectory of sustained recovery. It marks the end of a painful period of high exchange rates

Read @http://www.nairausd.com/2017/04/emefieles-support-for-naira-is-working.html

Read full article on https://www.thisdaylive.com/index.php/2017/04/05/emefieles-support-for-the-naira-is-working/

Trust me come 2019 he still be elected because majority have some their rights for a mare token.

Financial inclusion, cashless projects may suffer Banks to blame for parallel market rate rebound CBN to inject to more forex this week
There are concerns over the fate of the nation’s financial inclusion project as the first phase of planned full implementation of the accompanying cash-less projects take full course today.

Although slated for April 1, which falls on the weekend, the full take off of the policy will begin today as financial institutions, markets and all corporate activities resume weekly operations.

As the new phase in the nation’s payments system begins, it is either the stakeholders have understood the rules and play by it or react negatively due to perception, with attendant effects on the overall goal of deepening financial inclusion.

Already, analyst said the move is timely and all about using various alternate channels for transactions aside from cash and has nothing negative to do with financial inclusion.
Meanwhile, the surprised rebound of speculators and the parallel market rates at the weekend, which closed at N394/$, against N375/$ on Wednesday, has been blamed on defiance to rules by some banks.

The development came just as Central Bank of Nigeria (CBN) sustained its dollar intervention in the market for more than five weeks, after it took a new policy direction to liberalise further the foreign exchange market.

According to the schedule of the cash-less policy drive, Lagos, Ogun, Abia, Kano, Anambra, Rivers states and the Federal Capital Territory has taken off.In these states, individuals can only withdraw or deposit money to the tune of N500,000 in a single bank account per day without charges.

This means that any withdrawal above N500,000 to N1 million will attract two per cent charge; between N1 million and N5 million, three per cent; and above N5 million will get 7.5 per cent charge.

On the other, deposits above N500,000 will attract 1.5 per cent charge; between N1 million and N5 million, two per cent; and above N5 million, three per cent.For corporate organisations, only withdrawal and deposit of N3 million will be without charges.

Deposits between N3 million and N10 million will get two per cent charge; above N10 million to N40 million, three per cent; and more than N40 million will be charged five per cent.On the other hand, withdrawals between N3 million and N10 million will be charged five per cent; above N10 million to N40 million, 7.5 per cent; and more than N40 million will be charged 10 per cent.

Meanwhile, the second phase will take off on May 1, comprising Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau states.Dispelling the fears of derailing financial inclusion projects, Executive Director, Finance, BGL Captal Limited, Femi Ademola, said the rural mass target in financial inclusion has no N500,000 daily transactions to make.

According to him, those with such amount are already in the financial system and have access to multiple channels of payment, which are free and without limit.“The policy is just about letting people do transactions without physical cash. That is where the world is going. You have chque, Point of Sale, transfers through ATM, mobile phone, Internet banking, even the latest USSD code. These are without charges. There is no discouragement and there is nothing to fear,” he said.

However, a reliable source from the apex bank told The Guardian yesterday that Nigerians are beginning to find out where the real problems are coming from, if banks at this point would have the audacity to tell wicked lies about CBN’s supply of forex to them.

“How can banks refuse to sell forex to retail segment now? How can they prove the claim that there is not enough supply for the retail segment? It is just that they cannot do as it pleases them. But they will hear from us soon,” the source said.

The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, at the weekend, told journalists that banks refused to sell the dollars as directed by the apex bank and lamented the reversed fortune of the naira at N394/$, more than 10 per cent depreciation. “CBN’s knack for last minute solution in recent times is the reason for the misfortune of the naira at the foreign exchange market.

“It is evident that the injection of liquidity to the interbank market rather than the BDC sub-sector is not effective and transparent for sustained exchange rate convergence and unification.

“About 20 banks get $80 million weekly for invisible transactions, while $20 million weekly is shared among 3000 CBN licensed BDCs nationwide. The banks will not help in this matter and transparency cannot be assured,” he said.

CBN, in a statement at the weekend, laid credence to Gwadabe’s claim, when it confirmed the worrisome development that some customers seeking to buy forex for business/personal travel allowances, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them.

While the apex bank refuted the insinuations, which held down the free flow of forex in the liberalised retail segment of the market, it now urged any customer not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees to call 07002255226 or send an email to cpd@cbn.gov.ng, with the name and branch of the non-cooperating bank.

He warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users.Similarly, there are strong indications that CBN is set to inject more fund into the foreign exchange market with a view to ensuring liquidity in the interbank market and crashing the parallel market rate.

This is in addition to the planned increase in sale volume to the bureau de change operators from $8,000 to $10,000 dollars per week. The move by the apex bank seems to be returning calm among traders against earlier apprehension over the ability of the CBN to sustain the intervention.

Source :http://t.guardian.ng/business-services/money/anxiety-as-withdrawal-deposit-charges-begin/

Yorubasgreat:
This mayor head dey there...

Can I come and kidnap your brain

Love this. But why are Muslim acting this way.

generalbush:
You are excused!!

Are you sure

generalbush:
Pardon?

Excuse me

generalbush:
T for toto

Crase Don De start

It should be use for experiment

NovusHomo:
All contemporary Nigerian "artists", (singers actually) are over-rated. But then, every culture or country has its own Stars.

My brother You spoke my mind.

What work for Adamu may not work for Kayode

For this recession Peson won add more salt.

Hmm l live this to Nigerian army is Sambisa to dicide

In short Nigeria and Nigerians should declare state of emergency on itself plus majority of it citizens.

Na God know wetin He go do

D

A lot of strange things are happening in the world.

Acidosis:
Bros I still dey oo...

What's your main handle?

Back then l wasn't a registered member but a regular visitor

MayhorE:
I love raw onion and eat it from r eating sake ignorant of this things

You can type that again

Though l know few importance of onions

And wait again ACIDOSIS you still de this forum or is it my eyes that is deceiving me.

Long line time ( old Nairaland members)

Forgotten many monikers. But if I see some l will likely remember

Wait are you guys surprised. It just like saying other centuries have a better governing law than now.

Read more

Besides nothing is hidden under the sun

Sijo01:
Strict parents raise the best lairs!

No doubt

Truth be told, some rules our parents set on our when will were young affected us psychologically and this is the major reason we behave differently when we are far away from them especially University.

Though positive and negative effects.

I know this generation will be different from others

orbgoblin:
If I hear say the youths wise. Na them foolish pass. They support people they know nothing about and only get to know them on wikipedia of all places

True talk

If he is found guilty of any wrong doing then the law should do the needful.

Youth remember that they are one of the major cause of the problem of the nation.

Forget about been APC, PDP, IGBO, YORUBA, HAUSA,SOUTHERNAL etc.

Be wise Nigerians

Beautiful and nice info. As the sight (eye ) is one of the senses and delicate organ in the body.

Trust me many we agree to be dumb or deaf than to be blind.

But no one any missing sense of the body.

Maduawuchukwu:
Aregbesola is in the league of their Ibori,Alamesigha and Peter Odili in terms of stealing but the APC press have white-washed him the same way they keep on whitewashing a man whose only achievement as Governor was properly taxing a state which already had a well-established tax Base.

Are you he is the only current governor

Scream:
They stole all we earned, borrowed and stole it again...heartless rulers

All na game plan

greatnation2:
Osun IGR is far bigger than all southeast states put together, least in poverty in the whole of Africa according to coneheads, you and I saw pictures of IDP camps spring up left and right, charity organizations donating arms to Osun people few months after the incidents, they are now pushing their propaganda as least poverty state, what I now understand about their propaganda, nature has ways of disgracing them with their lies

Tell me something

CarlosTheJackal:
Osun will never finish paying that debt in 75years to come. Why would a state like Osun ever support restructuring because they always need FG allocation to survive

True talk but Osun state is not the only state most states at in a state of near coma

Ugomba:
What did osun do with the huge money borrowed?
Oshogbo is looking like a pit toilet, very backward state.

To alleviate poverty.

Yobe, Anambra least owing

Lagos, Delta, Osun and Akwa Ibom led the total debt profiles of state governments as at December 2016, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).

It puts the four states total debt at N1.262 trillion representing about 38 per cent of debts owed by the 36 states of the federation, which NEITI put at N3.442 trillion.

The breakdown shows that Lagos was indebted to the tune of N603.25 billion, Delta owes N331.95 billion, Osun and Akwa Ibom owe N165.91 billion and N161.23 billion respectively, as at 2016.

This was contained in the third edition of NEITI Quarterly Review, a researched publication of NEITI, which focuses on Federation Account Allocation Committee (FAAC) disbursements in 2016.

The publication with facts and data from the National Bureau of Statistics, Office of the Accountant General of the Federation, FAAC and Debt Management Office, is consistent with the mandate of NEITI on monitoring of fiscal allocation and statutory disbursement of revenues due to the three tiers of government.

NEITI’s legitimate interest in the debt profiles, revenue generation and management in Nigeria is as a result of the fact that over 70 per cent of the revenues involved are derived from the extractive industry.

From the NEITI Quarterly Review currently in circulation, states with high debt burden include Benue indebted to the tune of N49.15 billion; Edo N94.54 billion; Enugu N57.56 billion; Ekiti; N67.3 billion and Kano with N81.05 billion. The Publication further disclosed that Katsina was indebted to the tune of N30.03 billion while and Ogun owes N103.75 billion, as at 2016.

The review shows that Yobe and Anambra states have the least debt burden of N11.74 billion and N20.60 billion respectively as at the end of 2016.

The NEITI publication expressed concern that the total indebtedness of N3.342 trillion by the 36 states represented 55.15 per cent of the 2016 budget of N6.06 trillion and 45.8 per cent of the 2017 budget estimates of about N7.3 trillion.

On internally generated revenue (IGR), Lagos and Rivers states ranked highest with N301.2 billion and N82.1 billion generated by the respective states in 2016. Nasarawa State was the least in internal generated revenue with N2.09billion.

This was followed by Ogun, Delta, Kano and Edo states with IGR records of N56.3 billion, N44.9 billion, N34.5 billion, N20.7 billion respectively. The review noted that ratio of IGR to budget was very low in most states except Lagos state that recorded more than 45 per cent of its 2016 budget from IGR.


Source. http://t.guardian.ng/news/lagos-osun-delta-akwa-ibom-lead-states-n3-4tr-debt-profile/

naturefellow:
baba no ask Google or academic counsellor, na @officialefcc. Certified attention-seeker!

You can type that again

ShinnBet:
Narrow is the way...

All of you church going religious beings are being led by the nose to your graves by the devil.

No problem. I have experienced negative things done by those in authority but that wouldn't stop from going to church.

We are all human.

ShinnBet:
Peter's Denial and the Cock-Crow at Dawn

All four Canonical Gospels state that during Jesus' Last Supper with his disciples, he predicted that Peter would deny knowledge of him, stating that Peter would disown him before the rooster crowed the next morning. Following the arrest of Jesus, Peter denied knowing him thrice, but after the third denial, heard the rooster crow and recalled the prediction as Jesus turned to look at him. Peter then began to cry bitterly. This final incident is known as the Repentance of Peter.

Lay practitioners of the religion now widely confused as Christianity are familiar with this piece of Christian literature which they fail to see beyond the immediate literal events.

The Denial of Peter goes beyond a single event or just with Peter. The Denial of Peter warns of the corruption of the Church of Christ which Jesus had ordained Peter as its head. Jesus also earlier warned Peter to be wary of the devil's intent to use him to destroy his Church on earth.

The Denial of Peter is actually a prophetic prediction of how the devil will corrupt the Christian movement and thus overtake Peter as its head.

The first denial refers to the Catholic Church which has so perverted the original tenets and teachings of Christ by creating an occult-hood of Satan worshiping homosexual priests bowing to the roman fertility goddess while celebrating the death of Christ.

The second denial is the Protestant movement which broke off from the debauchery of the decadent catholic fold but will later become equally as corrupt as the same Order it extracted itself from. The Lutheran, Baptist, Presbyterian and Anglican Order represent this second denial of Christ by the Church .

The third and final denial represents the modern day church movement such as the diabolical spiritual Order and the profiteering Evangelical movement of the false Christian religion.

The Cock crow signifies a new dawn and thus a return of Christ back on earth to restore His Church.

The profiteering evangelical movement and the diabolical Spiritual Order of Christianity are thus the last vestiges of the false religion of Christianity being peddled by the devil himself to deceive the gullible sheep.

Catholicism is thus a satanic order

Bro please have you had any bad experience with with the church or anyone in higher authority before because if I can guess something bad most have happened.

Beside you interpreted the gospel in your own way.