₦airaland Forum

ijustdey:
this is heart attack for children of hate






they would not like to see this

easy

Can somebody show this to PMB

cc: Obinoscopy Lalasticlala

Nigeria has improved public access to budget information slightly over the past three years, according to the International Budget Partnership’s Open Budget Survey 2015.

The report, the fifth of its kind, was the comparative survey of budget transparency, citizen participation, and independent oversight institutions in the budgeting process.

Assessing 102 countries around the world, the 2015 Survey found that Nigeria was among the countries that had risen slightly on its Open Budget Index (OBI), which it stated, uses internationally recognised criteria to give each country a transparency score on a 100-point scale.

Nigeria's OBI score increased from 16 in 2012 to 24 in 2015.
According to the report obtained by THISDAY on Tuesday, this meant that citizens have improved access to the information they need to participate in decision making and hold the government to account.

"Nigeria's score of 24 on the 2015 Open Budget Index is higher than its score in 2012. However, the government of Nigeria has been inconsistent on which documents are made publicly available in a given year. Since 2012, the government has increased the availability of budget information by publishing the Citizens Budget and improving the comprehensiveness of the Executive's Budget Proposal, the Enacted Budget and Year-End Report.

However the government has failed to make progress in the following ways: not making the Mid-Year Review and Audit Report available to the public; publishing an Executive's Budget Proposal that only contains minimal budget information," the Researcher, at Civil Resource Development and Documentation Centre, Enugu, Ralph Ndigwe explained.
Overall, the Open Budget Survey 2015 found that 98 of 102 countries surveyed lacked adequate systems for ensuring that public funds are used efficiently and effectively. The 98 countries fall short on at least one of the pillars of accountability (transparency, public participation, and strength of oversight); 32 of these fall short on all three.

It noted that the widespread lack of strong budget accountability systems posed threat to the implementation of critical international agreements, such as the United Nations’ Sustainable Development Goals and the international agreement that is expected at the 2015 Paris Climate Conference.

On the first pillar of transparency, a mere 24 countries—less than one in four— score over 60 out of 100 on the OBI and thus provide citizens with sufficient information to enable them to monitor the government’s use of public money.

Source:http://www.nairausd.com/2015/09/report-nigeria-records-slight.html?m=1

Exchange Rate for Dollar-Naira, 9th Wednesday September 2015


http://www.nairausd.com/2015/09/exchange-rate-for-dollar-naira-9th.html?m=1

Exchange Rate for Euro-Naira, 9th Wednesda September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-euro-naira-9th.html?m=1

Exchange Rate for B Pound-Naira, 9th Wednesday September 2015


http://www.nairausd.com/2015/09/exchange-rate-for-b-pound-naira-9th.html?m=1

loomer:
Make we change our currency self

Funny

cc naijacutee, puskin,

Ask4bigneyo:
Which way Nigeria....?

That's business for you

The huge gap between the inter-bank and the Bureau De Change (BDC) segment of the foreign exchange market will further encourage unethical practices in the forex market, BusinessDay has learnt.



The premium between the BDC and the inter-bank foreign exchange market is about 21.72 percent, while the gap between the official rate and the BDC is about 23 percent.

This presents arbitrage opportunities for traders and the banks, despite the Central Bank of Nigeria (CBN) restrictions, says Ayodeji Ebo, head investment research, Afrinvest Securities Limited.

Analysts see the recent foreign exchange policies of the CBN as becoming less effective. The exclusion of certain items from participation in the official window will continue to spur demand at the parallel market.

Adelabu Adebayo, deputy governor, corporate services, CBN, noted in his personal statement at the last Monetary Policy Committee (MPC) that the most important concern is the lingering pressure in the foreign exchange market, despite the series of recent administrative measures, including the exclusion of a number of goods from the interban
This has invariably widened the premium between the interbank and the BDCs’ market to a phenomenal height of about 24 per cent.

Sarah Alade , deputy governor, Economic Policy Directorate of the CBN, also observed that the foreign exchange market is experiencing intense pressure, as the gap between interbank and bureau de change rates continues to widen, and the external sector shows deterioration in all vulnerability indicators.

Months of import cover of reserves which stood at 8.33 percent a year earlier, and declined to 7.10 at March end. Current account balance/GDP went from a surplus of 1.93 percent in Q3 2014 to a deficit of -3.39 percent at the end of first quarter in 2015.

The sustained pressure further buttressed the resonating clamour for an official devaluation of the naira, which will reduce pressure on the local currency, as well as boost Forign Portfolio Investment (FPIs) confidence, Ebo said in an emailed response to BusinessDay.

The nation’s currency on Friday depreciated in value across all markets segment, as a result of strong dollar demand. After trading on Friday, the naira weakened by N0.84k or 0.43 percent against the US dollar at the inter-bank market. It closed at N198.28k/$ compared to N197.44k/$ the previous day.

At the BDC segment of the foreign exchange market and parallel market, the local currency gained N2.00k/$ or 0.92 percent each as it closed at N220/$ as against N218/$ previously at the BDC segment. It closed at N222/$ on Friday from N220/$ the previous day at the parallel market.

Against other currencies, the naira closed at N245 against the Euro on Friday, as against N243 at the BDC segment and N247/Euro, compared to N245/Euro at the parallel market.

The naira traded the same against the British Pound Sterling, closing at N340 at the BDC segment while gaining N2 to close at N343 from N245 at the parallel market.

HOPE MOSES-ASHIKE

Source:http://www.nairausd.com/2015/09/huge-exchange-rate-gap-creates.html?m=1

Twitter@nairausd

Exchange Rate for Dollar-Naira, 7th Monday September 2015



http://www.nairausd.com/2015/09/exchange-rate-for-dollar-naira-7th.html?m=1

Exchange Rate for Euro-Naira, 7th Monday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-euro-naira-7th-monday.html?m=1

Exchange Rate for B Pound-Naira, 7th Monday September




http://www.nairausd.com/2015/09/rate-for-b-pound-naira-7th-monday.html?m=1

modelmike7:
With our new President, i believe we will be able to get 'some' back..............

This is what we keep sating not knowing the power is in our hands

BlackrulesDworld:
Untill we learn our to survive individually without depending on the western world before any good thing can come from this continent.
Right now we are vulnerable to external forces greater than ours.

Supported

BlackrulesDworld:
Ok

This is very bad for our continent.

iheanyiebeneze:
see things for yourself.

I don't understand.

By Omoh Gabriel
The continent of Africa loses over $50 billion dollars each year as a result of the illicit flow of funds, former president of South Africa, Thabo Mbeki told the meeting of the Group of African Governors affiliated with the World Bank and the International Monetary Fund, known as the African Caucus. “Africa faces the great challenge of large volumes of capital leaving the continent illicitly – money that our continent needs to address the challenges of development.





We, as Africans, have an absolute obligation to act on this to ensure that the rest of the world (the destination of these illicit movements of funds), by acting together, will help stop this drain of resources which belong to the continent that needs them so badly,” said Thabo Mbeki.
Mbeki is now head of the High-Level Panel on Illicit Financial Flows From Africa created by the United Nations Economic Commission for Africa and the African Union, which did exemplary work and analysed the magnitude of the problem on the continent, producing a report now known as the “Mbeki Report”.
The former President of South Africa maintains that it is possible to put an end to these issues with proper monitoring of the transactions of large commercial companies. Moreover, he points out that in order to combat this phenomenon interventions are needed from institutions such as tax authorities, customs, central banks, financial intelligence units for combating money laundering, audit and anti-corruption authorities and the police.
It is clear to Thabo Mbeki that there is also a need for appropriate legislation to give these institutions the mandate they need to cooperate in the fight against illicit capital outflows and so that countries can also cooperate at the regional level, given that some of these outflows move across shared borders.
“Our governments lose large amounts of revenue owed to the state due to the unlawful outflow of significant capital that we need for development,” he pointed out. Thabo Mbeki says that it is imperative to build the global architecture required for a focussed offensive to put an end to these illicit outflows, within the framework of UN processes, in order to avoid a piecemeal approach to the problem and to enable supervision by an appropriate UN body.


Source:http://www.nairausd.com/2015/09/illicit-flow-of-funds-moves-thousands.html?m=1

Twitter@nairausd

iheanyiebeneze:
This is good, but am better with my 20percent profit on weekly basis. ROI.

Please explain

Can somebody show this to PMB

cc: Obinoscopy Lalasticlala

The reforms effort of the immediate past administration of President Goodluck Jonathan may have yielded some dividend as Nigeria moved up five places in the latest ranking by the World Bank Group on the ease of doing business.



The World Bank ranked Nigeria 170th among 189 countries survey, this shows an improvement of 2.9 per cent on the 175 position it occupied last year.

Also, Nigeria was ranked 129 on the ease of starting a business (138 last year), on dealing with construction permits it was ranked 171 as against 168 last year. On registering property it remained 185th as it was the previous year.

The country however improved immensely on access to credit ranking as it moved from 125 in 2014 to 52nd position in the current ranking.
Nigeria fell by one basis point on protecting minority investors ranking as it moved from the 61st position last year to the 62nd position this year. On paying taxes, Nigeria was ranked 179 as against 177 in 2014.

The report showed that Singapore was the best country in the world to do business, while Mauritius remained the best in Africa with a ranking of 28.
New Zealand emerged second followed by Hong Kong. Denmark, Norway, United States, United Kingdom Finland and Austria were ranked the top 10 countries.

Haiti, Angola, Venezuela, Afghanistan, Congo DR, Chad South Sudan, Central African Republic, Libya and Eritrea were ranked the top 10 worst places to do business on the planet.

Tagged, “Doing Business 2015: Going Beyond Efficiency,” the report revealed that entrepreneurs in 123 economies saw improvements in their local regulatory framework last year.

Between June 2013 and June 2014, the report, which measures 189 economies worldwide, documented 230 business reforms, with 145 reforms aimed at reducing the complexity and cost of complying with business regulation, and 85 reforms aimed at strengthening legal institutions – with sub-Saharan Africa accounting for the largest number of such reforms.

The annual World Bank Group Doing Business report analyses regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and resolving insolvency.

The aggregate ease of doing business rankings are based on the distance to frontier scores for 10 topics and covers 189 economies.

The Word Bank said the distance to frontier score aids in assessing the absolute level of regulatory performance and how it improves over time.
“This measure shows the distance of each economy to the “frontier,” which represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005.

This allows users both to see the gap between a particular economy’s performance and the best performance at any point in time and to assess the absolute change in the economy’s regulatory environment over time as measured by doing business.

Economies, it added, were ranked on their ease of doing business, from 1–189 adding that a high ease of doing business ranking means the regulatory environment is more conducive for starting and operating local firms.
“The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2014,” it added.

[ThisDay]

Source:http://www.nairausd.com/2015/09/ease-of-doing-business-world-bank-ranks.html?m=1


Twitter@nairausd

Welcome to the the entity called Nigeria

This is getting serious.

To APC this is pay back time

Exchange Rate for Euro-Naira, 4th Friday September 2015



http://www.nairausd.com/2015/09/exchange-rate-for-euro-naira-4th-friday.html?m=1

Exchange Rate for Euro-Naira, 4th Friday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-euro-naira-4th-friday.html?m=1

Rate for B Pound-Naira, 4th Friday September 2015

http://www.nairausd.com/2015/09/rate-for-b-pound-naira-4th-friday.html?m=1

yanabasee:
Sai baba
Sai Dauran-slow poke
Sai I wail pass you
Sai naija on one chance
Sai I will probe the probables
Sai I have lied and will keep lying
Sai I be hypocrite
Sai I corrupt pass GEJ
Sai Amaechi cannot be probe
Sai Atiku is a saint
Sai OBJ is Allah's grandchild.
Sai

Meaning

Analysts have said that adjustment to the Nigerian economy is going to be painful and hard, as they called on Nigerians to change their appetite as well as their behaviour and be more patriotic towards locally produced goods in order to ensure stable exchange rate and conserve the country’s external reserves.



Stakeholders, who gathered at the 2015 seminar of the financial services group of the Lagos Chamber of Commerce and Industry (LCCI) held yesterday in Lagos, were concerned that Nigerians had an aversion to locally produced goods.

“What we need is patriotism. Do you want your country of the future as Malaysia did? It could be hard, it could be painful but there is no gain without pain,” Francis Ikenga, chairman, financial services group, LCCI, said.

Abimbola Olashore, CEO, Lead Capital plc, said naira devaluation was not necessarily the problem but there was need to focus more on diversification of the economy.

Source :http://www.nairausd.com/2015/09/analysts-foresee-painful-hard-economic.html?m=1

Twitter@nairausd

They brought this upon themselves

Despite the growing confidence in the new Muhammadu Buhari administration’ s commitment to security across the country, especially in the north eastern part, where Boko Haram, an Islamic sect is throwing bombs, investors in the tourism and hospitality industry are still scared of starting new investments or expanding their already existing investments there.



According to BusinessDay investigations, the lingering security situation has resulted in the winding up major tourism ventures in the region, while no international hotel brand is willing to do business beyond Abuja, assumed to be secured because of the federal government’s presence.

Moreover, northern Nigeria has lost over N7 billion in five years (from 2010 to date) due the continued insurgence, according to tourism experts and a report of the rate of business confidence in states across the country.

Within the five years, the experts noted that the region witnessed the lowest tourists’ arrival, unconcluded business visits, no opening of an international branded hotel, amusements parks and bars almost closed, government lost revenue, while social life was almost completely knocked down.

“If you add the aggregate of profit hotels would have made at a much better occupancy rate within the five years, the new ones that would have opened, the revenue from the parks, new bars and restaurants that would have opened, the revenue accruing to government as tax and would have been flourishing since the five years, the amount is over N7 billion”, John Enejo, an Abuja-based hotelier who converted his hotel in Jos to a private school due to low patronage, said.

The loss of revenue over the five years, according to Business Confidence Report, will continue, as no northern city made it to the top 15 alternative investment destinations in 2013, and 2014 except Abuja, as the northern region has over time, enjoyed the lion’s share of insecurity.

While Kano and Kaduna seem more peaceful, feasibility studies and investment advice do not encourage hospitality investors to look their way because of the vulnerability of the cities to surprise violent attacks.

The development results in willing investors pulling back, those who cannot wait till the security issues are resolved are fast moving to the southern part, especially Lagos, while the more ambitious investors are going further to Ghana, and Gambia.

The most affected by the worsening security situation is the private sector, which employs majority of the workforce in the sector. Also, amusement parks, wildlife parks, bars and restaurants, and especially, indigenous hotel owners, who before the insurgence recorded about 40 percent occupancy but are today at less than 20 percent occupancy in cities like Kano, Kaduna, Jos and Maiduguri, with Abuja partially affected.

Most hotels in the region are struggling to pay staff as patronage keeps declining with each bomb blast, while discounted rates hardly woo guests, despite the high operational costs.

Also, tourists and guests hardly visit for the popular festivals in the region such as the Kano Durbar and Argungu Fishing Festival, which draw tourists and is today, often cancelled on security considerations.
But the regret for Yahaya is that nothing is heard about two international hotel brands that showed interest in Kano and Kaduna.

But the situation in Jos, the Plateau State capital, is not different. The once thriving tour

Source:http://www.nairausd.com/2015/09/tourism-investment-lingers-in-northern.html?m=1

Twitter@nairausd

Exchange Rate for Dollar-Naira, 3rd Thursday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-dollar-naira-3rd.html?m=1

Exchange Rate for Euro-Naira, 3rd Thursday September 2015

http://www.nairausd.com/2015/09/exchange-rate-for-euro-naira-3rd.html?m=1