₦airaland Forum

Exchange Rate for B Pound-Naira, 3rd Thursday September 2015

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

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Ibe Kachikwu has ruled out a possible sale of the nation’s refineries thereby putting to rest speculation about a possible privatisation of the assets by the president Muhammadu Buhari government.

Kachikwu who made the disclosure during an official tour of the Okrika Jetty and the Port Harcourt Refining Company Limited yesterday, affirmed that “the refineries would not be sold but joint venture partners with established track records of success in refining would be invited to support the running of the refineries in order to ensure efficiency.”

Source:http://www.nairausd.com/2015/09/nnpc-moves-to-unbundle-ppmc-says.html?m=1

Grassroot development will be of great importance in the country

Vice President Yemi Osinbajo regretted yesterday that even though Nigeria has recorded remarkable rise in oil prices, GDP and foreign reserves during the last three presidencies, unemployment has also remained on the rise at the same time.



This, he said, was a clear indication that such figures, including a rise in revenue by itself as were bandied by the administrations of former Presidents Olusegun Obasanjo, Umar Yar’Adua and Goodluck Jonathan does not create jobs or significantly put a dent to poverty levels in the country.

Osinbajo made this observation, while speaking at the ongoing 45th Annual Accounting Conference of the Institute of Chartered Accountants of Nigeria, in Abuja on the topic: “Repositioning Nigeria for Sustainable Development: From Rhetoric to Performance”.

He said, while there are indeed seemingly good growth figures, such figures “can be deceptive where the structure and quality of growth are not considered.

“So why are most (of our people) poor despite rising revenues and GDP growth? Our main revenue earners, the extractive oil and gas economy, do not by themselves create many jobs”, the VP noted.

He added that such is the “irony of a top-down economic model, when the major revenue earner is extractive and the value chain is poorly developed.”

Identifying the way forward from the present economic challenges, Osinbajo who made a comparative analysis of the previous administrations called for social sector investment – investing in the people, education, job creation, national school feeding scheme, conditional cash transfer and reflating economies of the States as indices that would boost the economy.

He added that these ideas had already been put in place by the Buhari administration, including the bailout package for the workers in the country, and some others are currently being worked out.

The Vice President, however, reiterated that education is the basics for economic development, saying “One of the most important interventions required in the education sector is capacity building to improve teacher quality.

“This programme is intended to drive teacher capacity development; boost basic education; attract talents to the teaching profession. Better educated population increase economic potential for productivity”, he noted.

Source : http:// www.nairausd.com

blackfase:
Id.iot person. And does ur so called stoopid legislators offer d same kind of deal, legislation u find in any of both countries? Why not compare them with India, or Peru, or any other country we hav a semblance of development with. Bas.tards! Need to stop here before I start hitting my head against d walls..... Nonsense!

Supported

mikolo80:
but to be honest WE voted for them

Let's bear it

sako28:
This ur rate was for 3 weeks ago.
Now dollar is btw 205 to 214. if Lucky u can buy dollar for 212 and sell dollar for 210.

Thanks bro for your information. I Am not the only one

sako28:
This ur rate was for 3 weeks ago.
Now dollar is btw 205 to 214. if Lucky u can buy dollar for 212 and sell dollar for 210.

Thanks bro for your information

Exchange Rate for B Pound-Naira, 1st Tuesday September 2015
http://www.nairausd.com/2015/09/exchange-rate-for-b-pound-naira-1st.html?m=1

Exchange Rate for Euro-Naira, 1st Tuesday September 2015

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

Exchange Rate for Dollar-Naira, 1st Tuesday September 2015


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

By Peter Egwuatu

Fitch Ratings has declared that Nigerian banks are operating in increasingly difficult conditions as this may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios. Fitch in its report released weekend said



“The sector outlook is negative in December. Gross Domestic Product, GDP figures for second quarter show weaker year-on-year growth of 2.4 per cent , down from 4 per cent in the previous quarter, the slowest quarterly growth rate for over 10 years.”

The volatile operating environment is highly important in determining ratings for all Fitch-rated Nigerian banks, keeping their Viability Ratings low, in the highly speculative ‘b’ category.

Nigerian banks are highly exposed to their domestic market and the economic slowdown will affect their performance. According to Fitch “Nigeria’s oil sector growth slowed in second quarter, 2015 and non-oil growth was just 3.5 per cent , down from 5.6 per cent in first quarter , 2015.

Part of this slowdown was caused by temporary fuel shortages, which caused industrial production and manufacturing output to contract. Lower oil prices, reduced government spending and restrictions on foreign exchange availability are also taking their toll on performance across the economy. Positively, agricultural output, construction, telecommunication services, internal trade and financial services continued to grow.”
Fitch explained that Nigerian banks have had to contend in recent months with the increased vulnerability of the oil and gas sector, pressure on the naira, the slower economy and tightening bank liquidity. “These are all credit negative for the sector. Since the beginning of August, public sector deposits, which represent around 8% of total system deposits, have exited the commercial banks and must be held at a single treasury account at the central bank. This adds pressure to liquidity.
No significant changes in economic policy have materialised following the change of government at end-March 2015, but until a new cabinet is formed and a clear policy framework is announced, uncertainty will weigh on the outlook” it noted. According to Fitch “Loan growth contracted in first half 2015 which is likely to translate to weaker bank financial metrics for the year.
We believe sector non-performing loans will rise 4above the central bank informal cap of 5 per cent , but below 10 per cent of total sector loans by end-2015. Regulatory capital adequacy ratios are likely to fall further due to lower earnings, weaker asset quality and a limited ability to raise capital. Tier 1 capital ratios could fall below 15 per cen for many banks, which is low by historical standards for Nigeria

Source:http://www.nairausd.com/2015/09/fitch-nigerian-banks-in-trouble-may.html?m=1

Twitter@nairausd

Tallesty1:
Hopefully before Friday it will equal a dollar

Kai! My people

Naira-Dollar
By Babajide Komolafe

The naira depreciated by N5 to N220 per dollar yesterday in the parallel market as dollar demand to fund Hajj pilgrimage and payment of school fees increased demand for the United States currency.



From an average of N215 per dollar at the close of business on Friday, the parallel market exchange rate rose sharply to N220 per dollar yesterday in Lagos and Abuja.
Confirming this development to Vanguard, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe stated, “The demand is very high and the buyers willing to pick dollars at any available price. Also the demand of dollars by importers is increasing at an alarming rate.”

Managing Director/Chief Executive, H.J Trust BDC, Mr. Harrison Owoh, said there is huge demand from those going for the Hajj pilgrimage. He noted that 66,000 people were approved for the Hajj while the Central Bank of Nigeria (CBN) approved maximum sale of $1000 to each pilgrim at N160 per dollar. But each of them needs about $6000 for the pilgrimage hence they are in the market to source for the balance.

A BDC operator in Abuja who spoke to Vanguard on condition of anonymity said there is also huge demand for payment of school fees abroad. He noted that recent restrictions on dollar deposit and withdrawal from domiciliary account, has compelled people with children schooling abroad to visit the parallel market to buy dollars or pounds to pay school fees.

It would be recalled that on August 5th, the CBN banned cash deposit of foreign currency into domiciliary accounts. In a circular signed by Mr. Olalekan Gbadamosi, Director, Trade and Exchange Department, CBN, the apex bank said that payment into and withdrawal from domiciliary accounts would be limited to transfers.

The circular stated, “In its continued efforts to stop illicit financial flows in the Nigerian banking system which aligns with the anti-money Laundering stance of the Federal Government, the CBN hereby prohibits from the date of this circular the acceptance of foreign currency cash deposits by DMBs.

“For foreign currency cash lodgements made prior to the date of this circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent. For the avoidance of doubt, only wire transfers to and from Domiciliary Accounts are henceforth permissible.

“The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognised channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for ‘visible’ transactions. By this circular, those who deposited foreign currencies into their accounts before the directive will now have to withdraw the cash as they are not going to be allowed to transfer the funds.”

Investigations however reveal that it is very difficult and expensive to source dollars into domiciliary accounts through transfers.

Besides the documentation requirements, such dollars are sold at N230 per dollar and above, making the parallel market with dollars trading below N220 last week, more attractive to buy dollars for such parents.

Source:http://www.nairausd.com/2015/09/naira-falls-to-n220dollar-as-hajj.html?m=1

Twitter@nairausd

mikolo80:
this legislative fool saying that spending 3% on 0.000001 % useless unproductive ppl is not having impact on our budget

That is were the problems come from

mundus:
Please what's the BDC exchange rate for today?

Urgent

Exchange Rate for Dollar-Naira, 31th Monday August 2015

http://www.nairausd.com/2015/08/exchange-rate-for-dollar-naira-31th.html?m=1

Exchange Rate for B Pound-Naira, Monday 31th August 2015

http://www.nairausd.com/?m=1

http://www.nairausd.com/2015/08/exchange-rate-for-dollar-naira-31th.html?m=1

Exchange Rate for Dollar-Naira, 31th Monday August 2015

Exchange Rate for Euro-Naira, Monday 33th August 2015

http://www.nairausd.com/?m=1

Nigerians don't be misinformed

Not surprised

Institute says it’s less expensive to maintain legislators in Nigeria than in US, UK
National Institute for Legislative Studies (NILS) says it is much more expensive to maintain legislators in the US Congress and the UK Parliament than in Nigeria.



Its director-general, Ladi Hamalai, who disclosed this in an interview with the News Agency of Nigeria in Abuja on Sunday, was speaking against the backdrop of calls for a massive cut in the remuneration of Nigerian legislators.

Hamalai said most of those calling for cut in the salaries and allowances of National Assembly members were not informed on how much it costs to maintain a parliament.

“If you go to the US, UK the salaries of legislators may not be much but the budget of maintaining a single legislator in the US Congress is much. Each legislator has a budget for maintaining the office; each legislator is entitled to about 18 aides. This is apart from the many committee staff and research staff that they have at their disposal.

“We calculated the salaries of the legislator in the US Congress plus his personal aides; just this two will amount to almost N254 million in a year. Now, this is exclusive of budget for maintaining the office. They also have claims, re-imbursables. You travel to do a town hall meeting – these are eligible claims. So, it is not really cheap maintaining the congress in the US. Let’s even look at the UK Parliament. By the time you calculate all the expenses, it will cost between N90 and N100 million to maintain a UK parliamentarian. They have personal aides of between eight and 20 depending on the importance of the legislator,” she said.

Hamalai allayed fears that the cost of running the legislature in Nigeria would not have a negative impact on the economy.

“One would say yes their GDP is much higher; they can afford it; then our criticism should not be that they do not deserve this amount of money (paid to them); maybe you look at the implication on the economy. Now if you even look at the wider implication on the economy, you (will) discover that the whole budget of the National Assembly is just 3 percent of the national budget.

“If you calculate it – you have over four trillion naira federal budget in a year; the National Assembly this year has 120 billion naira; this is even less than three per cent. So is it the three per cent that would have so much impact as to cause so much damage to the national economy? I don’t think so.”
Also reacting to the calls for the country to adopt a unicameral legislature as a way of cutting the cost of governance, she argued that that would amount to changing the Nigeria’s system of government.

She said that subscribing to a unicameral legislature could weaken the principle of Separation of Powers and make the executive arm of government dictatorial.

“We need a system whereby we will have good checks and balances. We need a strong legislature; we need a strong judiciary in this country to make sure that everybody does the right thing,” she said

Source:http://www.nairausd.com/2015/08/institute-says-its-less-expensive-to.html?m=1

Twitter@nairausd

Did you know that APC is part of Saint.

Lol irony

Why is it that APC like to talk and less action.

APC it should be the reverse

ok i see. How can i get the perfect planner that would never dissapoint

Do you handle social event? We are having our AGM soon

Ikiriye:
What do you expect them to do even the presidential election was part of the fraud that brought them to power.

They should bear the consequences

But according to APC supporters ,Amaechi is a Saint

Bialegend:
"If i am sleeping and i heard that there's a coup plan going on and i woke up and found out that it's a yoruba man that is planning the coup, i will go back to my sleep". True or false about the cowards?

Guy abeg this your joke strong pass Bovi own.

Kai! My people wetin dis guy mean

If truly PMB want to fight corruption. I think he first start with CRA.

To be sincere, whenever l read or hear anything about the Nigeria/Biafra war.

It pain my heart. But God de

I believe if there was a seer, there wouldn't have being anything called Nigeria.

Neglect of past leaders and poor management are to blame for this