₦airaland Forum

The country may experience another round of petrol scarcity soon if the naira continues to depreciate in value, particularly against the United States dollar, oil marketers have said.



The marketers noted that sourcing for dollars to import the product was becoming increasingly difficult, with most them turning to the parallel market for foreign exchange.

The oil marketers told our correspondent that they buy a dollar for as high as N280 at the parallel market, because it was not easy to get the greenback at the Central Bank of Nigeria’s official exchange rate of N197.

A major oil marketer, who spoke on condition of anonymity due to the sensitive nature of the issue, said, “Everybody is sourcing for forex; when you are lucky, you get it. But when luck is not on your side, you have to wait. Since the petrol import allocations usually lapse after three months, people often have the latitude to source for forex within the period. For example, the last allocations were given in December and so people had the latitude to source for the foreign exchange for about two months.

The official stated that the Deposit Money Banks were no more willing to give out Letters of Credit to oil marketers, except those who could provide guaranteed sources of forex.

When contacted, the Corporate Affairs Manager, Nipco Plc, an oil marketing firm, Mr. Taofeeq Lawal, told our correspondent that although the marketers were importing products, the fall in the value of the naira against the dollar was a serious concern.

The Nairausd had on Friday reported that the naira could weaken further on the back of rising dollar demand this week unless a major step was taken to inject liquidity into the system.

Source:http://www.nairausd.com/2016/02/dollar-scarcity-delays-petrol.html?m=1

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Exchange Rate Of Dollar To Naira,3rd Wednesday February 2016

http://www.nairausd.com/2016/02/exchange-rate-of-dollar-to-naira3rd.html?m=1

Exchange Rate for B Pound-Naira,3rd Wednesday February 2016

http://www.nairausd.com/2016/02/exchange-rate-for-b-pound-naira3rd.html?m=1

Exchange For Euro To Naira, 3rd Wednesday February 2016

http://www.nairausd.com/2016/02/exchange-for-euro-to-naira-3rd.html?m=1

I don't know for anyone but if l ask is Nigeria progressing regressing because before it was more than this figure.

By BusinessNews

First Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa have been named among the world’s top 500 banks. A new study conducted by the United Kingdom-based The Banker Magazine gave this verdict.



The 2016 The Banker and Brand Finance Top 500 Banking Brands report showed that First Bank retained its number one banking brand ranking in Nigeria for the fifth consecutive year.

First Bank moved up the scale by 16 places, rising from 336th position in 2015 to 320th this year.

The ranking was published in the February edition of The Banker magazine of the Financial Times Group in conjunction with London-based Brand Finance.

While GTB moved to 389 in the world from 417 in 2015, Zenith Bank dropped from 388 in 2015 to 392 in 2016.

UBA returned to the ranking in 447, while Access Bank Plc dropped from the 2016 ranking. Access Bank was ranked 496 in 2015.

A statement by the Country Representative of The Banker magazine in Nigeria, Mr. Kunle Ogedengbe, noted that First Bank’s brand value increased to $322m in 2016 from $300m in 2015 while that of GTB also increased to $243m from $213m.

A brand value is the licensing rate that a third-party would need to pay to use the bank’s brand.

The 2016 brand value of Zenith Bank increased to $238m from $235 in 2015 while UBA that made a return to the ranking since 2012 has a brand value of $198m. UBA’s brand value in 2012 was $121m.

According to The Banker magazine, of the five countries in Africa that made the ranking, Nigeria has the highest brand value increase of $249m.

Egypt moved up by $239m; Togo gained $134m while South Africa and Morocco lost $878mn and $213m respectively.

Globally, Wells Fargo of the United States of America retains the number one banking brand in the world for the fourth consecutive year and was followed by banks in China and the UK in the top 10 banks.

Wells Fargo’s brand value for 2016 is $44.1bn from $34.9bn in 2015.

The top 10 banks in the world are Well Fargo (USA); ICBC (China); China Construction Bank; Agricultural Bank of China; Chase (USA); Bank of China; Bank of America; Citi (USA); HSBC (UK); and Barclays (UK).

The Banker, in its 90th year, is said to have a robust coverage of global finance and banking publication from the group of Financial Times Newspaper which is regarded as the most influential newspaper in the world.

Source: http://www.nairausd.com/2016/02/four-nigerian-banks-among-worlds-top-500.html?m=1

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How true is this. Because a hungry human or group can lie

Deborahj:
The part of Cameroon closer to Bakassi speak English.
In fact I have coupled of friends from the English language speaking part of Cameroon, with their accents you will think they are from Nigeria.

Cameroon is a bilingual country

This is very nice.

U are right sir

Nothing can be hidden under the sun forever.

Foundation built on lies need more propaganda structure of lies to sustain it.

To APC fan, U need to hide your face in shame

MrAwePresident:
WE ARE NOW AT $1 - N295 as an online purchase today

WERE, HOW, WHEN, WHICH PLATFORM.

Change.

warrenweste:
its going to crash by the end of the month

hmmmm. let pray something good start

BY NSE ANTHONY-UKO
The consumer price inflation stood at 9.6 per cent year-on-year in December, up 0.2 percentage points from November, and still above the Central Bank of Nigeria’s upper limit target of nine per cent, the National Bureau of Statistics said yesterday.



The agency said that the increase in the headline index was driven by higher prices within key divisions which contribute to the index, particularly imported food items and drinks, as well as clothing and footwear and transportation as a result of intermittent PMS supply shortages.

Food price inflation accelerated to 10.6 per cent year-on-year in December from 10.3 per cent in November.

All major food groups which contribute to the Food sub-index increased at a faster pace during the month with the exception of the Milk, Cheese and Eggs group, the NBS said.

Inflation had risen to 9.4 per cent in November after a drop to 9.3 per cent in September, moving further out of CBN single digit target band.

According to analysts at Financial Derivatives Company Limited, who say inflation is expected to rise to 9.5 per cent, exchange rate pressure, intermittent fuel scarcity, policy uncertainty and trade restrictions contributed to a higher consumer price index in December.

“Increased demand due to seasonal festivities resulted in higher food prices. Furthermore, the fuel scarcity that spilled over from November led to a spike in transport fares.”

Likewise, analysts at Standard Chartered Bank say sampling shows a 0.64 per cent rise in inflation, noting that items subject to foreign exchange restrictions, such as rice and tomato paste recorded the highest price gains with price increases of between nine to 18 per cent between June and December 2015.

Meanwhile the Nigeria’s inflation rate climbed to the highest in more than two years in September as food prices surged, exceeding the central bank’s target for a fourth month.

Emefiele has so far resisted calls to ease the foreign-exchange controls and devalue the naira despite criticism from investors, businesses and fellow members of the Monetary Policy Committee. The naira has averaged 198.99 per dollar since the restrictions were imposed in February.

The core inflation rate, which excludes agricultural products, fell to 8.9 per cent in September from nine per cent in August, the statistics office said.

Food inflation accelerated to 10.2 per cent from 10.1 per cent.

source: http://www.nairausd.com/2016/01/high-foods-drinks-import-raise-december.html?m=1

Exchange Rate for B Pound-Naira, 18th January 2016
http://www.nairausd.com/?m=1

Exchange Rate for Euro-Naira, 18th January 2016
http://www.nairausd.com/?m=1

Seriously CBN need to be straight forward with what they are doing.

Please what Minister of Economy has to say about Nigeria dwindling economy.
If you have had any information of what she said about our economy or NAIRA FALLING.

Please post a link, thanks

Exchange Rate for B Pound-Naira, 14th Thursday 2016


http://www.nairausd.com/2016/01/exchange-rate-for-b-pound-naira-14th.html?m=1

Happy New year

Exchange For Euro To Naira, 14th Thursday 2016

http://www.nairausd.com/2016/01/exchange-for-euro-to-naira-14th.html?m=1

Happy New year

Exchange Rate Of Dollar To Naira,14th Thursday 2016

http://www.nairausd.com/2016/01/exchange-rate-of-dollar-to-naira14th.html?m=1

ozoigbondu:
Bubu

Change

By BusinessNews Staff on January 14, 2016

The Managing Director of the International Monetary Fund, Christine Lagarde, said on Tuesday that Nigeria was under severe economic stress.



Lagarde, who was on a four-day visit to Nigeria last week, stated this at a farewell symposium for the Governor of the Central Bank of France, Christian Noyer, in Paris.

According to the IMF boss, Nigeria and Cameroon are among countries in the world that are battling with poor economy and slump in oil prices.

She said, “So, why focus on emerging and developing economies? It is worth remembering that these countries are home to 85 per cent of the world’s population. Today, emerging and developing economies account for almost 60 per cent of the global GDP, up from just under half only a decade ago.

“On current forecasts, the emerging world will converge on advanced economy income levels at less than two-thirds the pace we had predicted just a decade ago. This is cause for concern. Clearly, the 85 per cent matter for the global economy.”

Lagarde added, “Many commodity-exporting emerging and developing economies are under severe stress, and some currencies have already experienced very large depreciations. We have all seen it in Latin America, and I saw it first-hand last week in Nigeria and Cameroon – two countries that are hit hard by lower oil prices and domestic fragilities.

“So, where does this leave economic policy? And what can the other 15 per cent of the global population do for global growth and to help emerging and developing countries adjust to the new global environment?”

The IMF boss called for stronger global financial safety net and a framework for safer capital flows.

Lagarde stated, “I have many times called for economic policy upgrades in our member countries. But beyond putting individual countries’ houses in order, there is more that needs to be done. We need a policy upgrade at the global level.”

Source:http://www.nairausd.com/2016/01/nigeria-under-severe-economic-stress.html?m=1


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kennyman2000:
Good one from world bank..

Hmmmm

By Sulaimon Salau

THE latest report by the World Bank as projected that Nigeria’s economic growth index would hit 4.6 per cent in 2016, even as it expected that economies would pick up in other oil exporting countries, on the assumption that oil prices will stabilise.




The group, in its January 2016 Global Economic Prospects obtained by The Guradian yesterday, also noted that weak growth among major emerging markets will weigh on global growth in 2016, but economic activity should still pick up modestly to a 2.9 per cent pace, from 2.4 per cent growth in 2015, as advanced economies gain speed.

The Sub-Saharan African region is forecast to accelerate to 4.2 per cent in 2016 from 3.4 per cent in 2015 as commodity prices stabilize. Economic activity will vary across Sub-Saharan Africa, with consumption growth remaining weak in oil exporting countries as fuel costs rise, while lower inflation in oil importing countries helps boost consumer spending.

Nigeria is forecast to expand 4.6 per cent after growing by 3.3 per cent last year while South Africa is expected to advance only modestly to 1.4 per cent growth from 1.3 per cent in the year just ended,” it noted.

The report described simultaneous weakness in most major emerging markets as a concern for achieving the goals of poverty reduction and shared prosperity because those countries have been powerful contributors to global growth for the past decade.
“Spillovers from major emerging markets will constrain growth in developing countries and pose a threat to hard-won gains in raising people out of poverty,” the report warns.

World Bank Group President Jim Yong Kim, said: “More than 40 per cent of the world’s poor live in the developing countries where growth slowed in 2015. Developing countries should focus on building resilience to a weaker economic environment and shielding the most vulnerable. The benefits from reforms to governance and business conditions are potentially large and could help offset the effects of slow growth in larger economies.”

Global economic growth was less than expected in 2015, when falling commodity prices, flagging trade and capital flows, and episodes of financial volatility sapped economic activity.

World Bank noted that firmer growth ahead would depend on continued momentum in high income countries, the stabilization of commodity prices, and China’s gradual transition towards a more consumption and services-based growth model.

Developing economies are forecast to expand by 4.8 percent in 2016, less than expected earlier but up from a post-crisis low of 4.3 per cent in the year just ended. Growth is projected to slow further in China, while Russia and Brazil are expected to remain in recessionin 2016. The South Asia region, led by India,is projected to be a bright spot.

World Bank Group Vice President and Chief Economist Kaushik Basu, said: “There is greater divergence in performance among emerging economies. Compared to six months ago, risks have increased, particularly those associated with the possibility of a disorderly slowdown in a major emerging economy.
“A combination of fiscal and central bank policies can be helpful in mitigating these risks and supporting growth.”

Growth in the East Asia and Pacific region is projected to continue to slow to 6.3 per cent in 2016 from a slightly less-than-expected 6.4 per cent in 2015. Growth in China is forecast to ease further to 6.7 percent in 2016 from 6.9 percent in 2015.
Growth in Europe and Central Asia is projected to rise to 3 per cent in 2016 from 2.1 per cent in the year just ended as oil prices fall more slowly or stabilize, the Russian Federation’s economy improves, and Ukraine recovers.

Economic activity in Russia is projected to contract by 0.7 percent in 2016 after shrinking by 3.8 percent in the year just ended.

Source:http://www.nairausd.com/2016/01/world-bank-projects-46-growth-for.html?m=1

Twitter@naira usd

By Editor on January 12, 2016 12:58 am


FOR the world’s worst performing economies, no good will come from New Year’s resolutions to do better. For many, 2016 will only bring more disappointment, say economists surveyed by Bloomberg.



Oil-rich Venezuela will contract by 3.3 per cent this year, the worst forecast of any of the 93 countries in our analysis, followed by junk-rated Brazil, debt-laden Greece and commodities-ravaged Russia.

The club no one wants to join has some surprises. Among the nations with a 50-50 chance of two quarters of contraction is Taiwan. Its annual growth rate slow dramatically from 4 per cent in the first quarter of 2015 to minus 0.6 per cent in the third quarter due to a slowdown in exports to China.

Even with expected growth this year of 1.2 per cent, Ukraine, one of last year’s worst performers, is still at risk. Economists rate its chance of recession over the next 12 months at 60 percent, the third highest tied with Argentina.

Latin America
The outlook is dire for bottom-ranked Venezuela: from shortages of basic goods such as medicine to the collapse in the price of oil, which accounts for 95 percent of the country’s exports, the nation is looking at a third straight year of negative GDP. The opposition party taking over congress for the first time in 16 years offers brave investors a glimpse of good news.

The situation doesn’t get much better elsewhere on the continent. Brazil’s 2016 GDP forecast combined with last year’s drop puts the country in its deepest recession since at least 1901. Two major credit rating companies have already downgraded its sovereign debt to “junk” status.

Next door in Argentina, newly elected President Mauricio Macri is steering the country in a new direction to dodge economic catastrophe and prevent a drop in GDP this year. Sworn into office last month, he has already begun to implement measures aimed at bolstering growth and reigning in the country’s fiscal deficit.

Europe
Greece did not get booted from the euro and managed to recapitalize its struggling banking sector, yet 2016 is still full of challenges. The economy will shrink by 1.8 per cent, making the hundreds of billions of dollars Greece still owes that much harder to pay off. Serious debt relief will still prove to be elusive. Add to that the strain on its borders of migrants fleeing violence in Syria.

Russia will stay in negative territory after contracting about 3.6 per cent in the first nine months of last year, but will also turn the corner on what will likely be its longest recession in over two decades. Sanctions from the U.S. and European Union as well as low oil prices, which account for 40 per cent of the government’s budget revenues, took their toll.

Finland and Switzerland also made the expected list of 10 worst performers for 2016. The former suffers from its geographic proximity and economic reliance to Russia while the latter is still reeling from a surprise central bank decision to drop its currency cap, which crippled exports and tourism.

Asia
Deflation-pained Japan is forecast to grow one per cent this year, lagging behind many of its neighbors who made the projected list of 2016’s best performers. The country’s Cabinet recently approved a record budget for next fiscal year, betting that fiscal stimulus and labor market reform will boost growth.

Source:http://www.nairausd.com/2016/01/economies-that-may-perform-woefully-in.html?m=1

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Parts of my dreams will come to pass.

B. Will feasible


Love will flow on the air wella

EZEIGBO1OFIMO:
IMHO people should quit all these publicity stunts; if you want to give to the society do so without fanfare

Most of them are hypocrite.

Wow this is great.

Children of hate be like " che she don turn runs girl".

Hmmmm