₦airaland Forum

NavierStokes:
APC believes GEJ and Iweala inflated the size of the economy, but then decide to borrow based on a debt to GDP ratio of 12[-]. Their hypocrisy and villification of the previous administration is revealed with each passing day.

How l wish most Nigerians understand the hypocrisy of this administration

Welcome to change, Nigerians

Welcome to Mr Buhari government

Baroba:
Please what's the street market for sterling..

I don't know much about bank

By BusinessNews Staff

Nigerian bank customers who are planning to use their payment cards for shopping via Point of Sale terminals in malls and make hard currency withdrawals via Automatic Teller Machines overseas are in for a shock!



Reason: Deposit Money Banks in the country have cut the amount that their customers can spend using their debit and credit cards abroad by between 70 and 90 per cent.

Investigation by our correspondent revealed that from the first week of December, majority of the banks in the country had made drastic cuts to their customers’ card spending in foreign currencies from the annual $50,000 allowed by the Central Bank of Nigeria to between $5,000 and $15,000.

The amount include all spending by Nigerian customers abroad, either through ATM cash withdrawals or purchases made via PoS terminals in shopping malls, and purchases made in Nigeria through online or e-commerce sites but whose payment is denominated in foreign currencies.

The development means that Nigerians planning to travel overseas during this Yuletide season will be limited in their spending, while those who buy products through e-Bay, Amazon.com and other e-commerce sites from within the country will also be limited to a few items.

According to findings by our correspondent, Ecobank Nigeria Plc has reduced its limit from $50,000 to $5,000, with a maximum of $500 monthly and $100 daily expenditure.

Skye Bank Plc, in a notice to its customers via email, also slashed its international card spending limit from $50,000 to $12,000 annually, a maximum of $1,000 monthly and $100 daily.

Wema Bank Plc also slashed spending on its payment cards from $50,000 to $10,000 annually, $1,000 monthly and $100 daily.

Although other banks have yet to confirm their new international card spending limits, findings by our correspondent revealed that the new limits for most of them ranged from $5,000 to $15,000 annually, and $500 to $1,000 monthly.

It was also gathered that many Nigerian banks were owing MasterCard Incorporated and Visa Incorporated several hundreds of millions of dollars in outstanding settlements for international card transactions by their customers due to the scarcity of forex in the country.

It was gathered from reliable banking sources that the CBN could not sell enough dollars to the banks to settle obligations incurred by their customers from the use of Nigerian issued payment cards overseas.

A top bank executive familiar with the development, who spoke to our correspondent on condition of anonymity, explained, “When Nigerian bank customers use their cards overseas, either to withdraw foreign currencies or buy things in malls via the PoS, or buy thing online here in Nigeria but with payment in forex, Visa or MasterCard settles the payment on behalf of the Nigerian banks most times. They later pass the bills to us, which must be paid in dollars.

The banker added, “We cannot get dollars from the CBN; we have to source for the greenback from the interbank market; even at a high price, it is still scarce. The CBN is rationing dollars because the external reserves are depleting fast. The central bank is giving priority to only mature obligations and Letters of Credit.”

However, the Director of Communications, CBN, Mr. Ibrahim Mu’azu, said, “The CBN is operating within the limit and guidelines. Any bank that have issues should inform the CBN officially.”

But the Head of Corporate Communications, Skye Bank, Mr. Rasheed Bolarinwa, said the cut in the international spending limit of its customers was not unconnected to the scarcity of dollars in the system.

Visa and MasterCard declined to comment on the banks’indebtedness, saying the matter was a private affair between them and the banks.

Source:http://www.nairausd.com/2015/12/scarcity-of-dollar-cause-customer.html?m=1

Twitter@nairausd

Facebook@IfyAn ify

Rossikk:
Your title should read "being", not "been".

Thanks , no one is above mistake

Oh! God how will l begin

First and foremost who is an entrepreneur?
According to English Dictionary, an Entrepreneur is a person who organised and operate a business venture assumes much of the associated risk.

Why Entrepreneurship is the quality of been an entrepreneur.

Now from the above you have already understood what entrepreneurs mean.



Now from the risk involved in starting up a business, can this risk prevent you from success or will this stop you from going after your dream. Looking at the society we find ourselves. Don’t you think this is the time for you to plan ahead of tomorrow. With the number of unemployed youth roaming the streets of the country searching for job or is it after retirement or what will sustained you till you die. I know you don’t want to be under he/she for some period of time.

Now is the best time for you to start up something that you can say this is my sweat after many years to come. Believe me you will love it(Entrepreneurship) after you reading this.

Why Entrepreneurship

1. You have start up something.
2. In life you have already started from somewhere
3. You learn how to grow patient, hope and understanding.
4. You are a boss and your authority will respected inside and outside(you know what l mean)
5. Your name will be known and it written somewhere.
6. You are a helper to the society at large.
7. You create employment opportunities.
8. You are a role model to other.
9. Believe me when you succeed, your life will be full of laughter.
10. You will keep looking good after retirement.
11. Retirement will be fun.
12. You create ideas and innovate.
13. No one knows everyone anyone in but you
14. Your name will be mentioned like real men (Dangote,Bef,Slok,Alakija,etc)
15. The strength of your establishment will be entitle to you and no one else.
16. You will be versatile.
17. You have your freedom.
18. You learn more.
19. You will not be satisfied (a real entrepreneur knows this)
20. The government need you
21. The world will look for
22. After you are gone, the world will still mentioned your name.
23. People that don’t know you will want to know.
24. People will want to be like you.
25. You will continue to aspire greatness.
26. You will learn to appreciate what little things mean in life
27. And people will appreciate you.

Oh! God bless my hustle so I will be.


28. Opposite sex will run after you
29. You will learn to be charitable
30. You solving some of the world problem.
31. You will have the experience.

Note l am not in anyway discouraging those who don’t have the entrepreneurship spirit.
If you don’t have the zeal, passion, please go and buy share in a well financially established company for future purposes.
Love the spirit.

REMEMBER”INFORMATION IS POWER”

Everyone anyone be wise

Written by IfyAn

Source:http://www.nairausd.com/2015/12/beauty-of-been-entrepreneur-in-society.html?m=1

Twitter@nairausd

Follow me on Facebook IfyAn ify

APC and pictures are like bread and butter

Naira Depreciates To N270/dollar In Parallel Market

https://www.nairaland.com/2806429/naira-depreciates-n270-dollar-parallel

Chanchit:
This one weh every politician now wants a lawyer in their family,are we missing something?

It seems you don't understand

talktimi:
let me ask Ifa

From the authority bestow on you are permitted

olaboy33:
next we hear is hw much GEJ stole again ............baba time waits for no one..take the bold steps now

Na true yarn you yarn

talktimi:
GEJ should be impeached, he have destroy our economy. Sai Baba

Are you still at sleep or in coma

Exchange Rate Of Dollar To Naira,17th Thursday December 2015

http://www.nairausd.com/2015/12/exchange-rate-of-dollar-to-naira17th.html?m=1

Wonderboy1:
seriously getting bad for Nigeria economy.....


#change indeed.

Welcome to change

Exchange Rate for B Pound-Naira, 17th Thursday December 2015

http://www.nairausd.com/2015/12/exchange-rate-for-b-pound-naira-17th.html?m=1

Oh! God how will l begin

First and foremost who is an entrepreneur?
According to English Dictionary, an Entrepreneur is a person who organised and operate a business venture assumes much of the associated risk.

Why Entrepreneurship is the quality of been an entrepreneur.

Now from the above you have already understood what entrepreneurs mean.



Now from the risk involved in starting up a business, can this risk prevent you from success or will this stop you from going after your dream. Looking at the society we find ourselves. Don’t you think this is the time for you to plan ahead of tomorrow. With the number of unemployed youth roaming the streets of the country searching for job or is it after retirement or what will sustained you till you die. I know you don’t want to be under he/she for some period of time.

Now is the best time for you to start up something that you can say this is my sweat after many years to come. Believe me you will love it(Entrepreneurship) after you reading this.

Why Entrepreneurship

1. You have start up something.
2. In life you have already started from somewhere
3. You learn how to grow patient, hope and understanding.
4. You are a boss and your authority will respected inside and outside(you know what l mean)
5. Your name will be known and it written somewhere.
6. You are a helper to the society at large.
7. You create employment opportunities.
8. You are a role model to other.
9. Believe me when you succeed, your life will be full of laughter.
10. You will keep looking good after retirement.
11. Retirement will be fun.
12. You create ideas and innovate.
13. No one knows everyone anyone in but you
14. Your name will be mentioned like real men (Dangote,Bef,Slok,Alakija,etc)
15. The strength of your establishment will be entitle to you and no one else.
16. You will be versatile.
17. You have your freedom.
18. You learn more.
19. You will not be satisfied (a real entrepreneur knows this)
20. The government need you
21. The world will look for
22. After you are gone, the world will still mentioned your name.
23. People that don’t know you will want to know.
24. People will want to be like you.
25. You will continue to aspire greatness.
26. You will learn to appreciate what little things mean in life
27. And people will appreciate you.

Oh! God bless my hustle so I will be.


28. Opposite sex will run after you
29. You will learn to be charitable
30. You solving some of the world problem.
31. You will have the experience.

Note l am not in anyway discouraging those who don’t have the entrepreneurship spirit.
If you don’t have the zeal, passion, please go and buy share in a well financially established company for future purposes.
Love the spirit.

REMEMBER”INFORMATION IS POWER”

Everyone anyone be wise

Written by IfyAn

Source:http://www.nairausd.com/2015/12/beauty-of-been-entrepreneur-in-society.html?m=1

Twitter@nairausd
Facebook IfyAn ify

Exchange For Euro To Naira, 17th Thursday December 2015


http://www.nairausd.com/2015/12/exchange-for-euro-to-naira-17th.html?m=1

ogb5:
Kai Buhari

Guy you toooo much.

*As CBN cuts supply to BDCs by 66%

By Babajide Komolafe

The Naira Wednesday depreciated further to N270 per dollar at the parallel market, following reduction of dollar sales to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN).



Vanguard Investigation revealed that from N260 per dollar at the close of business on Tuesday, the parallel market exchange rate rose sharply to N270 per dollar in Lagos, indicating N10 depreciation.

But in Abuja, the parallel market exchange rate rose from N262 per dollar to close at N273 per dollar, indicating N11 depreciation.

BDC operators, who confirmed this development to Vanguard, said that the sharp depreciation was due to further reduction in the weekly dollar sales by the CBN.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe to Vanguard that though the CBN increase the number of BDCs it sold dollars to from 1,170 last week to 2,270 this week, it however reduced the amount of dollars sold to each BDC by 60 percent from $30,000 to $10,000.

According to Mr. Harrison Owoh, Chief Executive Officer, H.J Trust BDC, the decision of the CBN aggravated the demand situation in the market.

“There is huge volume of unsatisfied demand in the market. We had to turn down lots of request for dollars because of there is no dollars to sell to them”, he told Vanguard.
An Abuja based BDC operator, who spoke on condition of anonymity told Vanguard, “The dollar is selling at N273 in Abuja this evening. It was N262 in the morning. We are surprised at the pace of depreciation, because we can’t explain why it just went up by such margin in one day”.
Commenting on this development, Director, Corporate Communications, Central Bank of Nigeria (CBN), Ibrahim Mu’azu said that the reduction in dollar sales to BDCs is part of the demand management of the CBN in the foreign exchange market. He said that the depreciation of the naira to N270 per dollar is a speculative reaction to the development.

“The rate is not sustainable”, he said. “This is because there are still other windows for end users to buy dollars at lower rate. They can buy dollars at the official rate from the deposit money banks, and from Travelex inside the airport. So by the time people know about these alternatives, the reaction in the parallel market, and the exchange rate will calm down.”

Further investigations reveal that the naira also depreciated heavily against the British Pounds. From N365 per Pounds at the close of business last week, the parallel market exchange rate rose sharply to N385 per Pounds at the close of business yesterday.

In addition to the reduction in dollar sales by CBN, foreign exchange supply from autonomous sources is thinning due to hording. “People are hording their dollars in anticipation of further depreciation of the naira, while some are demanding higher exchange rate before they sell,” said the Abuja based BDC operator.

The anticipation of further depreciation is been driven by speculations that the reduction in dollar sales by the CBN might be followed by outright cancellation of the weekly dollar sales programme which was introduced in 2006. “The naira will hit N300 per dollar, if the CBN cancels the weekly dollar sales, projected the Abuja BDC operator.”

Recall that last week the CBN introduced revised guidelines for BDCs which tightened regulation of BDC operations.

Among other things the apex bank banned BDCs from having branch directing them to close all their branches within 90 days.

The new guidelines also banned BDCs from having business relationship with street currency hawkers, saying it would revoke the operating license of any BDC with business relationship with street currency hawkers.

Source: http://www.nairausd.com/2015/12/naira-depreciates-to-n270dollar-in.html?m=1


Twitter@nairausd

Follow me on Facebook@ifyan ify

Information: Few Dollar To Hit The Market Soon

https://www.nairaland.com/2805804/information-few-dollar-hit-market

Information: Few Dollar To Hit The Market Soon

https://www.nairaland.com/2805804/information-few-dollar-hit-market

Ccl alasticlala
Barcanista
Modath
Obinoscope

DLuciano:
who cares?

Haven't you had of inflation

goodmorning40:
Wetin that one come mean, will it bring down exchange rate

Possibility of Dollar to Naira rate to go further higher

Information reaching Nairausd from a reliable source said that CBN sold few dollars on the16th of Wednesday December 2015 as normally done once a week. Lesser than the normal $30,000 Weekly sales

No reason was made, and few BDC operators made returns today.

We don’t know if it will continue next week or next year but brass up as CBN is up to a new rules.

REMEMBER"INFORMATION IS POWER”

Source:http://www.nairausd.com/2015/12/information-few-dollar-to-hit-market.html?m=1

Twitter@nairausd

Follow at Facebook ifyan ify

It seems Lai Muhammad is Amaech mentor

Lexxyla:
Nationwide problem i guess cos its much of the same in Ekiti.
What i still don't understand is why they are increasing the electricity tariff. How they expect me to keep paying for darkness is beyond me.

Welcome to APC administration

Op next time type am as he yarn , no de twist am for ur own sake

No wonder the west you them like controlled robot

What is this country turning into, especially the northern part of the country.

Nigeria wake up