₦airaland Forum

INTROVERT:
i don't agree with 10

Mine happen Nov2013, I just graduated. A lady I became friend with on facebook since 2011 Amaka a graduate of mass comm UNN(not real name)exchanged number and ever since then, She has been calling like kilode that kept me wondering and ask myself questions like "is this how relationship is" not minding the fact that have not met her in person both enjoy most of our conversation. I started returning her calls and we became love birds that she always end our normal conversation to wish she knew where I stay @first I shivered because I do run things with my neigbors, we r 12girls and 2guys in my lodge. How will sharon, chinenye act seeing Amaka both nevertheless I still went ahead to give Amaka my description which she came, I made move on her but she was like forming hard to get for 1 full week "conji wan kill me" I started running away from my room just to avoid Amaka.....

HungerBAD:
.

XLR8R:
.

The fixing of petroleum products’
prices is denying the country
investment in the downstream sector of the oil and
gas industry and depriving Nigerians certain benefits
from the country’s petroleum resources, industry
stakeholders said on Thursday.

The Federal Government currently regulates the
prices of Premium Motor Spirit, otherwise known as
petrol, and kerosene, and subsidises their prices to
enable Nigerians to get the products at the regulated
prices.

The regulated price of petrol is currently N87 per litre
while that of kerosene is N50 per litre. But the
products are sold above the regulated prices in parts
of the country, despite government’s subsidy.

The Group Managing Director, Nigerian National
Petroleum Corporation, Dr. Emmanuel Kachikwu, in
his address at the National Association of Energy
Correspondents’ conference in Lagos, said, “Subsidy
creates distortions in government revenue
distribution as a result of round-tripping and
unnecessary carry-over of expenditures every year in
a way that is difficult for government to control or
sustain.”

He noted that subsidy accounted for 20 per cent of
the Federal Government budget in 2013.

Kachikwu, who was represented by the acting
Managing Director, National Engineering and
Technical Company Ltd, Mrs. Bola Ashafa, said,
“Deregulation policy is essential to the
transformation and growth of the downstream sector
of the oil and gas industry.

“Speedy implementation of this policy in Nigeria
would go a long way in encouraging inflow of private
sector and international investment; ensure that
Nigerians derive fair deal from the abundant
petroleum resources in the country through fair
product prices for consumers and full cost recovery
and reasonable margins for operators.”

He said the implementation of the policy would
entrench efficiency in product usage; product
availability and effective competition among
investors, hence putting an end to product shortage.
He, however, said critical enablers such as security of
the product and distribution infrastructure must be
assured to guarantee the availability of the petroleum
products at affordable prices.

The NNPC boss said, “We are fully committed to
reforming the existing refineries and boosting
domestic petroleum product supply. Currently all the
refineries have been re-streamed but are yet to attain
optimal capacity.

“Removal of price control mechanisms is deemed
imperative to ensure full growth of the sub-sector by
allowing private stakeholders to complement the
government efforts in developing the industry.”

He said the NNPC would continue to maintain
stability in the supply and distribution of petroleum
products nationwide to avoid energy crisis.

According to him, the corporation has enough stock
of petrol to service the country for 25 days at a
national consumption rate of about 40 million litres
per day.

“Unfortunately, the stock is not immediately available
across the 21 depots in view of the challenges facing
the distribution pipelines facilities,” he said.

The Chairman and Managing Director, Mobil Oil
Nigeria Plc, Mr. Tunji Oyebanji, said, “What we are
talking about is deregulation of the prices; for the
prices to be determined by market forces,” but that
“there has to be government regulation in terms of
standard and quality.”

He noted that there was a time in the country where
prices were not fixed by the government.

According to Oyebanji, the lack of full deregulation
generates uncompetitive climate and lack of
investment and innovation.

He said, “We are looking for a sustainable industry
where pricing is liberalised, leading to steady supply,
increased profitability, large-scale investment in
refineries, increased competition, and an industry
where technology plays a role. But currently there is
no incentive.”

He said the government had yet to pay them their
subsidy arrears.

On his part, the Director-General, Lagos Chamber of
Commerce and Industry, Mr. Muda Yusuf, decried
what be called the absence of clear policy direction
from the government with respect to the oil and gas
industry.

According to him, there are people who want to
invest in the industry but who are being discouraged
by lack of a clear policy direction.

“It is important that we quickly deregulate the
downstream sector to attract investment,” Yusuf said.

The Managing Director, NIPCO Plc, Mr.
Venkataraman Venkatapathy, said the move from a
regulated market to deregulation should be done in a
phased manner, adding, “We must take a holistic
approach rather than one pre-determined solution.”

The President, Petroleum and Natural Gas Senior
Staff Association of Nigeria, Comrade Francis
Johnson, said, “As a labour union, we are not averse
to deregulation but that the focus of deregulation
should be based on local production rather than
importation.

The Federal Government has not appealed against the ruling of Justice Gabriel Kolawole of the Federal High Court in Abuja, which dismissed a suit seeking the extradition of the Ogun-East Senator, Buruji Kashamu, to the United States of America to face illicit drug charge, findings by our correspondent have shown.

Since it was an interlocutory ruling and not a judgment on the main suit, the government ought to have appealed against the ruling which was delivered on July 1, within 14 days.

Our correspondent learnt that the Federal Government, through the Ministry of Justice, has only appealed against two separate judgments of the Lagos Division of the Federal High Court which had stopped the Office of the Attorney-General of the Federation from going ahead with the extradition proceedings already instituted against the senator before Justice Kolawole.

Justice Kolawole had, in his ruling on July 1, dismissed the extradition suit on the grounds that his court lacked jurisdiction to entertain it since the judgment of the Lagos division of the court nullifying the proceedings had not been set aside by any appellate court.

Justice Okon Abang of the Lagos division had, on June 8, 2015, nullified the extradition proceedings instituted before Justice Kolawole in the Abuja division of the court on the grounds that the suit was commenced in contravention of some subsisting court orders which had exonerated Kashamu of culpability in the alleged crime in the US.

Justice Abang’s order nullifying the proceedings was affirmed by Justice Ibrahim Buba in a ruling on June 23, 2015.

Our correspondent’s findings showed that the Federal Ministry of Justice had appealed against the two judgments by Justices Abang and Buba.

No official of the ministry was willing to offer information on whether or not the office of the Attorney-General of the Federation had appealed against Justice Kolawole’s ruling, which quashed the extradition suit.

However, a senior lawyer with the case but who asked not to be named because he was not authorised to speak for the ministry, confirmed the outcome of our correspondent’s search at the registry of the Abuja Division of the Court of Appeal that no appeal had been filed against Justice Kolawole’s ruling.

One of the lawyers in Kashamu’s legal team, Mr. Babs Akinwumi, also on Thursday confirmed that there was no pending appeal against the ruling.

“They (the Federal Ministry of Justice) have not appealed against the ruling. If they have appealed against it, they would have served us with their notice of appeal. Up till now, we have not received copies of their processes in the office, where they usually serve us,” he said.

According to Akinwumi, going by the provisions of the law, the ministry ought to have filed an appealed against the court’s decision within 14 days since the ruling was interlocutory and not a ruling on the main suit.

He said if it was a judgment on the main suit, then the appellant would have up to 30 days to file an appeal against the decision.

When contacted, the spokesperson for the Federal Ministry of Justice, Mr. Charles Nwodo, said he did not have information on the case.

But justifying the ministry’s refusal to appeal against Justice Kolawole’s ruling, our source said the ministry hoped that it would win its appeals against the judgments of Justices Abang and Buba, and that would clear the way for a fresh extradition application to be filed.

“Their (the ministry’s) strategy is to get the judgments from Lagos set aside and if they (the ministry) are able to achieve that, they will then file a fresh extradition application,” the source said.

The immediate past Attorney-General and Minister of Justice, Mr. Mohammed Adoke, had filed the application on May 28, 2015, upon a United State Government’s request asking the Nigerian government to submit Kashamu for extradition.

The then AGF stated in the application, FHC/ABJ/CS/479/2015, that Kashamu, described by the US government as being also known as Alhaji and Kashmal, was a subject of a one-count second superseding indictment in criminal case No. 94 CR 172 filed before the Illinois court on May 21, 1998.

An affidavit deposed to by the Assistant US Attorney for the Northern District of Illinois, Diane MacArthur, attached to the extradition request from the US government, was said to be dated April 27, 2015.

By the US government’s charge against him, Kashamu allegedly conspired with others to intentionally import “and did import into the United States” quantities of mixtures containing heroin between 1992 and 1995.

The offence for which Kashamu is allegedly wanted in the US is said to contravene Section 952(a) of Title 21, United States Code, and punishable under Section 960 of the same law.

The penalty for the offence on conviction under the law, according to the charge, is an imprisonment of not more than 10 years or a fine of up to $10m in the case of an individual or both.

The Accident Investigation Bureau on Thursday
released the official list of passengers and crew
members onboard the Bristow Helicopters’ chopper
that crashed into a lagoon in Lagos last Wednesday.

The official list, often called passengers’ manifest,
contained the names of the 10 passengers and two
flight crew members that were aboard the ill-fated
Sikosky S76 C+ helicopter that crashed in the
Oworonsoki area of Lagos on August 12.

The AIB had confirmed that the pilot, co-pilot and
four passengers died in the unfortunate incident
while six passengers survived.

The six survivors are currently receiving treatment at
the hospital, while the bodies of the six dead victims
had been deposited in the mortuary.

The names are; Ita Ekpeyong, Joshua Emekeme, Dolu
Ebiejuara, Onoriode Onojete, Chukwuma Erise and
Solomon Udeh.

Others are Chidi Ukwunta, Iniala Opaimi, Chris Abua,
Chukwudi Onah, Joseph Wyatt (Captain), and Peter
Kayode Bello (Co-Pilot).

According to the AIB, the survivors are Joshua
Emekeme, Dolu Ebiejuara, Onoriode Onojete,
Solomon Udeh, Iniala Opaimi and Chukwudi Onah,
while others died in the crash.

The AIB in a statement accompanying the
passengers’ manifest on Thursday said the Sikosky
S76 C+ helicopter crashed into the lagoon in
Oworonsoki area of Lagos shortly before landing at
Murtala Muhammed Airport, Ikeja, Lagos.

The statement by the AIB spokesman, Mr. Tunji
Oketumbi, recalled that the helicopter marked 5N-
BGD and operated by Bristow Helicopters had
departed SEDCO oil platform offshore en-route Lagos
airport.

Meanwhile, the family of the late co-pilot on
Thursday held a funeral mass for the deceased in
Calabar without the corpse.

As early as 10am, family members and friends had
gathered at the Margaret Ekpo International Airport
in Calabar, the Cross River State capital, to receive
the corpse but they had to leave around 3.pm for St.

Patrick’s Catholic Church in the Ikot Ansa axis of the
metropolis, when it became obvious that the corpse
would not arrive from Lagos.

No reason was given for the delay in bringing the
corpse.

At the church funeral service, which commenced at
about 3.30pm, tributes poured in for the late Capt.
Bello
Delivering his homily at the funeral mass, Rev. Fr.
Patrick Corcoran, who took his Bible reading from
John 14:1-6, advised Christians not to allow their
hearts to be troubled, but to have faith in God.

Corcoran condoled with the family and urged them to
be thankful to God that their son died as a Christian.

After the church service, the parents of the co-pilot,
Mr. and Mrs. Peter Bello, refused to speak with one
of our correspondents.

But the father had during the service said, “We thank
God that in the last 26 years, we shared wonderful
times with you. We thank God for your life and all it
meant to us. We can only live with these memories.

“We are confident that God has better plans for us
because He is a good God. Lord, help us to know you
more. All we wish and pray for is that your death
brings others to know who God is. God is sovereign.

We love you, we miss you. Rest in the bosom of the
Lord.”

The company’s Lagos Base manager, Captain Ayo
Oni, in a tribute said, “He was never late for flights,
never had an excuse not to fly…it was his passion,”
he said.

A relative of the deceased, Mrs. Femi Bello, said that
death took the `young pilot’ too early when his
services were most needed at Bristol.

She prayed for the repose of the soul of the late pilot.

A family friend, Mrs. Theresa Okon, said that the late
Bello was a celebrated pilot who devoted adequate
time to his job.

The funeral mass attracted dignitaries including
politicians, businessmen, top civil servants, service
chiefs, and others.

The deceased was supposed to have been interred at
the Hawkins Cemetery in Calabar after the funeral
mass.

Okies27:
. His inability to appoint ministers is a phlebotomy,social anomie,moral putrescence and political erebusism bordering on harum scarum and satiating the dramatic proclivities that Nigeria is a political cinematography.

largehead:
Who get BlackBerry charger abeg?

melzabull:
You are a FOOL!

ona2:
I must say, he speaks the truth. I was hoping for a job at a new company. But after two weeks that they didn't call me, I called the office. The man told me that we were the ones asking for change, now change has come and we say there is no job. The mother company of that office is an oil and gas firm. I guess they were using illegal money to fund the new company. Now that the money is no longer coming in, they are stranded.

A former Chairman of the Economic and Financial Crimes Commission, Mr. Nuhu Ribadu, on Wednesday alleged that a lot of investments being done in the country were from funds earned through illegal activities.

He also identified illicit financial activities such as terrorism financing and money laundering as a major challenge affecting the country’s quest for development.

Ribadu spoke in Abuja at the 2nd Anti-money laundering/combating financial terrorism stakeholders’ consultative workshop organised by the Association of Certified Anti-Money Laundering Specialist.

He said Nigeria had yet to maximise its potential owing to terrorism financing and other money laundering activities, noting that the trend was making the country to lose huge funds.

He said. “Everything that is wrong about Nigeria has to do with dirty money. If you can follow it, get it back and punish these people, then you have cured the problem of Nigeria.

“When I look around, I see a lot of investments done with dirty money. Government needs help in identifying and arresting these people. Though it may seem like a daunting task, with professionals like ACAMS, Nigeria is poised to achieve this.”

Ribadu said there was a need for collaboration between relevant stakeholders to fight money laundering and curb terrorism financing.

He called for the building of a strong anti-graft institution to spearhead the fight against money laundering, adding that the restructuring of the banking sector had helped to restore confidence in the Nigerian economy.

He said, “In 2003, Nigeria was on the blacklist of most developed countries especially the US for money laundering.”

Renowned law scholar and leader of the Concerned Igbo Leaders of Thought, Prof. Ben Nwabueze, has criticised President Muhammadu Buhari for delaying the appointment of ministers into his cabinet.

The Senior Advocate of Nigeria described Buhari’s refusal to appoint ministers over 80 days after taking office as a reflection of Buhari’s military personality.

He said this was why former President Olusegun Obasanjo (also a former soldier) failed to appoint ministers on time as well.

He stated that the country’s constitution does not allow the President to govern the country for more than two months without ministers.

Nwabueze, in an article titled, “Constitutionality of President Buhari Ruling Nigeria For More Than Two And Half Months Without a Council Of Ministers: The Concerns of the Igbo Leaders Of Thought,” a copy of which was sent to The PUNCH on Wednesday, said the President was expected to consult with “various executive bodies” before presidential actions.

According to the professor of law, it is not likely that anyone other than a retired army general and former head of a military government would ever think of ruling the country for more than two and half months without ministers, knowing full well that the governmental system established for the country by the constitution does not permit him to do that.

“And yet, knowing his antecedents and the influence they must have on him, Nigerians elected him as ‘civilian’ President in the March 2015 election. His election cannot but portray Nigerians as incapable of learning from past experience, a people lacking the degree of political maturity and sagacity required for the successful working of constitutional democracy,” Nwabueze added.

The article read in part, “Since his inauguration on May 29, 2015, as elected ‘civilian’ President of the Federal Republic of Nigeria, Muhammadu Buhari, a retired army general and former head of the military government, has been ruling the country for more than two and half months without ministers.

“The President ruling for more than two and half months without ministers is really incredible, but, incredible as it is, we Nigerians, as a people, ought to have foreseen it from our experience of the dictatorial way former President Obasanjo who, like President Buhari, is a retired army general and former head of the military government, rode roughshod over the constitutional limitations on his powers.”

san316:
English teacher. You also made a mistake. It is GUARD not guide. Smh

Koolking:
All ailment seem to have a common symptom. Even Ebola and AIDS have the same symptoms. Methinks, this is the reason all drugs have side effect. Doctors prescribe drugs on assumptions, not on a known ailment.

kingarizona1:
Very Educative but Op one is missing#_____ S_ex

In humans, the liver is very important because of the
numerous functions it performs. Scientists say this
vital organ, being one of the largest in humans,
detoxifies the body by ridding it of harmful
substances, while it also produces the biochemical
substances that are necessary for proper digestion of
food.

The presence of a healthy liver in the body is what
makes the blood what it is, experts say, as the liver
produces the albumin – a major component of blood
serum.

A General Practitioner, Dr. Daniel Ogunboyejo, says
when a woman is pregnant, in the first three months,
the liver is the main site of red blood cell production
in the foetus. And even after the baby is born, this
organ produces the hormone that plays an important
role in the child’s growth and continues to aid the
building up of organs and tissues in adults.

Ogunboyejo also notes that when a person’s blood
pressure becomes low (hypotension), the liver,
working in tandem with the kidneys, produces
angiotensinogen – a hormone that is responsible for
raising the blood pressure when activated by another
enzyme (renin) that is released when the kidney
senses low blood pressure.

Experts say the liver is thought to be responsible for
up to 500 separate functions, usually in combination
with other systems and organs. And that is why they
conclude that this organ is necessary for survival, as
there is no way to compensate for its absence in the
body in the long term.

Scientists say the liver is basically the ‘body’s filter.’
The function of the liver is to process medications,
alcohol, and other such chemicals and toxins and
remove them from the body. “Therefore, anything
you put into your body will, at some point and in
some form, pass through the liver,” Ogunboyejo
warns.

[size=14pt]Liver destroyers[/size]

At a media briefing about Hepatitis C, a specialist in
hepatology, gastroenterology and endoscopy, Dr.
Aderemi Oluyemi, warns that numerous activities can
jeopardise the liver, leading to damages that are
sometimes irreversible unless the patient goes for
liver transplantation – an extreme and expensive
procedure that is not available in the country.
How can you damage your liver? These ways…

[size=14pt]Abusing anabolic steroids[/size]

Many people, especially athletes, body builders and
weight lifters, use anabolic steroids without
supervision by a competent physician. Yet experts
say these synthetic variants of the male sex hormone
(testosterone), if used regularly and for a long
period, can raise the risk of developing liver cancer
as well as some other cancers.

It can also result in liver tumours; the liver may be
enlarged, become deep red in colour and fragile.

“It may also lead to haemorrhagic cystic
degeneration of the liver – a rare condition that
requires urgent surgery,” Ogunboyejo notes.

[size=14pt]Unguarded antibiotics, painkiller use[/size]

Many of the over-the-counter drugs that we use
casually without consulting the doctor affect our liver
the way we don’t imagine, Ogunboyejo says.

For instance, physicians say drugs used to treat
epilepsy (anticonvulsants), cholesterol-lowering
drugs (statins), acetaminophen (painkillers) and
isotretinoin (used to treat severe acne) all have
terrible effects on the liver.

Worse still, a study published in the journal
Gastroenterology also shows that of all types of
prescription drugs, antibiotics are the ones most
likely to cause liver damage.

Ogunboyejo laments that in most cases, people don’t
just take these drugs in isolation; rather, they may
combine two at a time. For instance, it isn’t
improbable for people to take a combination of
antibiotics and paracetamol. “In which case, you
increase your risks of liver damage exponentially,”
the doctor warns.

The physician therefore counsels, “If you have
recently finished a course of antibiotics, or if you
have been taking them long-term, it is vital to ask
your doctor for a liver function test to determine the
health of your liver.”

[size=14pt]Uncontrolled diabetes[/size]

According to Diabetologist/Medical Director,
Rainbow Specialist Medical Centre, Lekki Phase 1, Dr.
Afokoghene Isiavwe, people who are diabetic are
more likely to develop liver damage than people with
normal blood sugar level.

“More than people probably realise, diabetes has
terrible effects on the liver. That is why I recommend
that every diabetic has a blood test and ultrasound to
check on the health of their liver annually,” she
advises.

She adds that the closer you are to a healthy body
weight, and the closer to normal your blood sugar
level is, the better your liver’s health.

[size=14pt]Impure water, alcohol use[/size]

What is the source of the water you drink? For the
average Nigerian, we source our water from
privately-owned wells or boreholes, which may not
be bad enough if the wells are up to standard depth
and the water sweet, odourless and colourless.

However, many people don’t know the ‘texture’ of
their water, which may be hard or soft.

A study carried out by Scottish researchers show that
those who drink ‘soft’ water and who also consume
alcohol risk developing Alcoholic Liver Disease – a
major killer.

Soft water is water which has relatively low
concentration of calcium carbonate and other ions. It
lathers with soap easily and contains few or no
minerals such as calcium or magnesium ions.

The study author/liver transplant surgeon, Prof.
Roger Williams, says those who drink soft water are
exposed to the risk of liver damage because such
waters contain lower levels of magnesium – the
mineral that helps to protect the liver from the
effects of alcohol.

But even on its own, Alcoholic Liver Disease occurs
after years of heavy drinking, says a nutritionist, Dr.
Tobi Lawrence. “Alcohol can cause inflammation in
the liver; and over time, scarring and cirrhosis can
occur. Cirrhosis is the final phase of alcoholic liver
disease,” she counsels.

Lawrence notes that the longer the time you have
been using alcohol, the higher your chances of
getting liver disease go up.

“It is also based on the more alcohol you consume,”
she warns; advising that even those who claim to be
moderate drinkers can still have damaged liver if it’s
a habit they persist in for a long period.

[size=14pt]Smoking[/size]

Smoking is harmful to virtually every organ in your
body. Scientists say there are over 60 chemicals in
cigarette smoke, all of which have the potential to
affect and disturb all parts of the human anatomy.

These chemicals prevent the liver from performing
its main function by making it to age and become less
efficient at removing toxins from the body.

[size=14pt]Fatty foods[/size]

Lawrence says foods that are processed and contain
lots of preservatives, fats and cholesterol can cause
the liver to become clogged with fat residue. Avoid
processed, deep fried or fatty foods such as sausage,
bacon, corned beef, etc., to allow the liver to unblock
itself and regenerate its cells.

[size=14pt]Symptoms of liver damage[/size]

Symptoms of liver diseases include weakness and
fatigue, weight loss, nausea, vomiting, and yellow
discolouration of the skin (jaundice).

Summer1:
lolzz, you re being nice to me right now because You're trying to encourage me to continue wooing you, thanks to your looks.. so what do you think about me or better still,How do I look? you like?

SUGARBEE:
And who says it ain't me?

INTROVERT:
ha


. better to have this kinda wedding and have peace and love in the family than have a society wedding that eventually crashes from scandals....

Cutehector:
Breaking news!

Naira rises to 1naira against 1 dollar



Now op, this I wat I want to hear..!

President Muhammadu Buhari hinted
yesterday that he would gladly reverse or
abandon some economic policies he
inherited from past administrations if doing
so would lead to the creation of more jobs
for Nigerians.


Accordingly, he has directed the Ministry of
Industries, Trade and Investment, and that
Finance, as well as the Central Bank and
other relevant government agencies to
evolve, before next year’s budget, new
policies to boost domestic manufacturing.

Buhari, who stated this at a meeting with the
executive members of the Manufacturers
Association of Nigeria (MAN) in the
Presidential Villa, Abuja, lamented that the
textile industry that employed about 320,000
people in the past only has about 30,000
now.

Presidential spokesman, Mr. Femi Adesina,
quoted Buhari as saying in the meeting: “We
are in difficult times economically, but we’ll
continue to do our best for manufacturing
to pick up. We must begin to behave as if we
have no oil at all.

“We will gladly have policy somersaults if it
will mean more jobs, particularly for youths.
I campaigned on three major planks: to
effectively secure our country, provide
employment through revamping the
economy, and wage a relentless war against
corruption. I intend to keep faith with these
promises.”

Expressing regret at the dwindling fortunes
of the textile industry, the president said, “It
shows the carelessness of past governments
if almost 300,000 people lose jobs in a single
sector. We have a clear idea of how we can
stimulate employment and we will work very
hard to do so.”

Earlier, MAN president, Dr Frank Udemba
Jacobs, had appealed for a review of policies
that were stifling the manufacturing sector.
He told the president that a robust
manufacturing sector was essential to the
country’s economic wellbeing.

The naira appreciated against the United States dollar
at the parallel market on Monday to 217, from 221
recorded on Friday.

The naira rose on the back of weak demand for the
dollar at the foreign exchange markets.

Forex traders linked this to an improved dollar
liquidity occasioned by the sustained sales of the
greenback by the Central Bank of Nigeria.

Reacting to the rising fortune of the local currency,
the Acting President, Association of Bureau De
Change Operators, Alhaji Aminu Gwadabe, said, “The
market has started feeling the effect of the dollar
sales by the central bank in the last two weeks and
tight measures introduced to prevent cross boarder
currency trafficking.”

The CBN had increased the frequency of dollar sales
to the BDC operators two weeks ago to twice-weekly
from the usual once a week previously in a move
meant to increase liquidity in the market and support
the local currency.

Traders said bank customers were no longer willing
to hold dollars after the central bank banned dollar
cash deposits into domiciliary accounts.

“We expect to see more rallies in the market if the
central bank could sustain its support for the naira,”
Harrison Owoh, a bureau de change operator said,
Reuters reported.

The naira was unchanged at the official interbank
market at 197 to the dollar, where the CBN has
maintained a tight control by pegging it to the rate of
197 to the dollar
The naira had weakened on the parallel market to as
much as 245 to the dollar last month, on persistent
dollar demand after central bank limited importers’
access to dollars on the official interbank market to
buy a wide range of goods, in order to save the
external reserves.

The local currency later rebounded to 216 at the
parallel market as Deposit Money Banks started
rejecting cash deposits in dollars a few weeks ago.

The naira had, however, weakened to about 223 last
week before rising to 217 on Monday
Analysts expect the naira to continue rising, saying it
is good for the economy.

The Head, Investment and Research, Afrinvest West
Africa, Mr. Ayodeji Ebo, had said that the gains made
by the naira was good for the economy, adding that it
would help the CBN to gauge the true value of the
currency in the event of a possible devaluation in the
near future.

“If there is a convergence between the interbank and
parallel market, the CBN may possibly review its
restrictions imposed on the forex market,” he added.

A currency analyst at Ecobank Nigeria, Mr. Kunle
Ezun, said if the trend continued, the naira might rise
to as much as 200 against the dollar.

SUGARBEE:
Who the hell cares..
If they like they should cut off their penis for public display that's their business...