₦airaland Forum

LieDetector:
NDA made it clear their struggle won't go beyond the confines of the Niger Delta... The Yorubas should look closely. Their kinsmen are most likely responsible.

Would you believe anything those boys say?

I thought it is only workers that Fayose is owing salary, never knew he is also owing a blogger.

Adesiji77:
A major controversy has hit the new foreign exchange policy announced by the Central Bank of Nigeria, CBN, last week, a development which may have forced the apex bank to amend the policy, even before take-off. The flexible exchange policy is taking off today. Emefiele CBN Governor The controversial aspect was the Foreign Exchange Principal Dealers, FXPD, arrangement under which the apex bank said it would trade forex principally with about eight to 10 banks which it would register as principal dealers or FXPDs, who in turn would deal with other banks and traders.
Vanguard learned that about 13 banks shut out of the initial FXPD class have pressured the apex bank to either jettison the FXPD arrangement or accommodate more or all banks, a request the apex bank was said to have accepted as a compromise, thereby, jettisoning its initial criteria for admitting banks into the FXPD class. Consequently, the apex bank, Vanguard learned, had reversed itself by weekend, issuing FXPD license to 15 banks instead of maximum 10.

According to the CBN’s initial stipulations the FXPDs must meet two or three of the following criteria: Liquidity ratio of 40 per cent or more; shareholders’ funds (unimpaired by losses) of at least N200 billion; and foreign currency assets of N400 billion or more. A source in the apex bank told Vanguard that following protests by some non-FXPD banks, the apex bank had to open the class to all banks, asking them to apply. Moreover, the CBN had to soften the considerations in what it called “internal criteria” so as to enable more banks qualify and be admitted into the FXPD class.

There were also indications that more banks would come into the class as they qualify though CBN did not make the new criteria public. About eight banks are currently outside the FXPD class. According to banks’ reports filed with the CBN for full year 2015 and first quarter 2016 as well as other banking industry analysts’ reports, only about seven or less banks qualified under the criteria earlier given by the apex bank. One of the banks that couldn’t meet the previous criteria told Vanguard that though there was wisdom in the CBN’s FXPD initiative, it was coming with unintended consequencies regarding their competitiveness. According to them the business analysis of the FXPD arrangement indicated that it would go beyond foreign exchange businesses to impact other business segments where the FXPD banks would dominate the market, thereby creating an uneven playing field.

Ladies and gentlemen this is a very stale news as this was agreed and resolved since about 11am on Saturday
And contrary to this report, all the commercial banks are approved to register as primary dealer.
If you read this report very well, you will see that it is so so stale and not applicable anymore

Four girls, same height

Good for them.
They should take those mobile phones to a telecom company and playback every conversation in the phone, a lot more things might just be exposed

His own better naa, but I kind of not like the first picture.....There seems to be something wrong with that supposed mother-son pose

vizboy:
Sorry to ask but what about the ooni previous wife

Wait make I ask Ifa

Integrityfarms:
Why dont the Ooni and his team remove their caps when in the house of God?
God is a respecter of no man o! Adeboye better tell them the truth. Let them respect God!

shadrach77:
And he couldn't remove his crown in church? Na wah

Loolz, shows that tradition supersedes religion

paulsir:
There is no monopoly of conflicts,this is how it started out in Turkey.Turkey was 100 percent christians but just because they overlooked some things like these,turkey is now 90 percent islam.You need to guard what is yours.Osun belongs to all regardless of any religious affiliations.Can you allow christians to wear shoes into ur mosques too? We shd be tolerant to each other's believes.The problem is not everybody but aregbe that neglected looking for salaries but hides under religion and uses divide and rule tactics.

وَقُلْ جَآءَ الْحَقُّ وَزَهَقَ الْبَاطِلُ إِنَّ الْبَاطِلَ كَانَ زَهُوقاً
“And say: ‘The truth has come and the ‘falsehood’ has vanished away; verily, the ‘falsehood’ is (something) vanishing.”

I support this proposal for as long as they can wear the dress and enter plane from Lagos to Abuja
Or for as long as they can dress like that to their friend's wedding ceremony
And same thing is applicable to the church garment too

so many death this month of June especially of Yoruba actors

babosky2008:
You are making a big mistake in a dreamland.Have you ever heard of corporate conspiracy? This happened in the NSA. ..THE BANKING SECTOR, I can say it, the financial institutions will conspire to defraud Nigerians within 3 months of the kick off. They now see dz as an avenue to make up all the profits dt delude dm as a result of global oil crash. Mark my words, the financial institutions are only after profit making, they would end up selling the dollar above 400 b4 the ending of October. This people are very greedy and wicked, we are a nation dt imports almost 85%of our domestic needs. Remember, dz same ppl told government of Nigeria to stopped paying western union. moneygrams and others in foreign currencies, after paying you the naira equivalent. ..they sold your foreign $€£ at an exorbitant price .This is the beginning of recession, A kind of set up for PMB. .....Let's wait and pray for the best for our darling nation.

To some extent, I agree with you, but what you need to know is that corporate conspiracy can only happen in an oligopolistic market where there are few sellers and many buyers. At the moment all the commercial banks are approved to register as primary dealer, therefore forex now has a perfect market with many buyers and sellers and free market information. so what we are likely to see is a competition instead of conspiracy.
By end of October, I see dollar around 248-250 Naira, and that will likely be the equilibrium price

jublazer:
o.k by tomorrow we hope there will be no denying .......

it's a public knowledge already, what planet are you living in?

This is the best decision this government has taken since they assume power.
And I say congrats to all of us and welcome to a new Nigeria to begin on Monday.
Naira is already appreciating against the dollar (closed at N340 yesterday)
And I say just watch and see what will happen to the currencies on Monday
Within 2 weeks we will all see what will happen to the commodity prices including petrol
This bold step could have been taken a year ago, but as they say it is better late than never

It is not only price of tomotoes that has crashed oo,
Rice, Beans and most other items are also crashing

worlexy:
Arresting them won't achieve any concrete result, negotiations and reaching a reasonable compromise is the way out.

But they said they are not ready for any negotiation

Good one, but military Job nor easy oo, I hope they are well-compensated sha!

Newnas:
Thanks jare OP.

I kiss my wife regularly during Ramadan and caress her.

Caring for your wife is a big act of worship and I hope I'll get greater rewards for my kisses and spendings upon her in this month.

But I have some benefits to add;

# If you have sex during the nights then it would be easier to control yourself during the day and prevent unnecessary urges and fluids.

# Avoid excessive sex during the nights of Ramadan, this could make you feel dizzy and faint during the day, in an extreme case you could end up breaking the day's fast because you might not be able to continue.

# If you must have several rounds, ensure that you drink lots of water and eat very nourishing foods like vegetables, milks and beverages.

# If you know you can't control your urges, it's better for you to spend the day in the mosque or ask your wife not to adorn herself to help you concentrate.

May Allah increase us in beneficial knowledge.

Have you heard of this hadith before?
Iza Jawaza-L-Hittana Alal-Hittana, Faqod Wajaba-l-Guslu
Kissing and caressing in the day during ramadan, my broda, I think it is way way to far and should be avoided

I do not think it is advisable to kiss one's wife during fasting (at day period)
What is it that you cannot wait till after iftar?
Even after iftar, sex frequency should be at minimum during this one month
My brother, if you are not occupied with work, read, sleep, pray, read and read your quran.
Before you know it, the kissing will turn to sex during fasting
May Allah makes it easy for us oo

Min baadi Ilmin Wa tuqwo, Imrahatun Solihatun
Min baadi Ilmin Wa tuqwo, Imrahatun Solihatun
Meaning
Education first then marriage

Thank you

If nothing else, Ambode has provided solution to the much dreaded traffic on the almighty third mainland bridge. How many people have noticed that the bridge is now always free for return journey..

Fiwasayo:
That girl with a new child is quite young

and pretty too

bloodyBLOGGER:
you are viewing the issue sentimentally, that's why you can't seem to see that it's all an agenda unfolding.

First, aregbesola merged schools of different origin and beliefs. Why would a governor cancel an ancient land mark by bringing Islamic schools and merging them with Christian schools? The Muslim's that were used to wearing their hijab to school continued such which made the governor to ban it so as to seem like there wasn't an agenda.

Their next move was to go to court in the guise of fighting for their right knowing fully well they were going to be favoured judiciarilly cos the state government, who would be the defendant, would put up a weak defence. This led to the court favouring the Islamic people and hijab wearing, stating that it's is their religious right.

To show you that it is all an agenda, why would aregbesola threaten to expel any student wearing Christian robs or attire to school? Is it not also their Religous right as stipulated by Justice Falola? Why the preferential treatment if he wasn't part of the grand agenda?

There's no need for the CAN leaders to appeal the case cos they might not get a fair hearing. They have agreed for hijab to be worn to schools. So, Muslim's and the state government should allowed Christians and people of other religion to wear their religious attires if they do wish. Giving preferential treatment to the muslims is tantamount to saying they own the schools and the government. The law has been passed: Allow religious rights in schools.

cc beremx

You are a womanizer! why are you copying beremx?
On this matter. Please all those Christian students wearing church garments must ensure they wear the garment everywhere they go (including birthday parties and other events) if that is not done, then they are hypocrites.
Wearing hijab is a way of dressing for muslim women, why is it now bringing headache at this moment?

Thank God for your life ma broda. What a narrow escape, because the ear is just too close to the brain.

First of all, let us be very clear, nobody ever floats their currency willingly—you are always forced into it. An example was ‘Black Wednesday’ which forced the UK to float the Pound in 1992. It was painful and embarrassing but you won’t find anyone who wants to go back to pre-1992 here anymore.
Now that the CBN has been forced into a floating exchange rate, these are the immediate and future implications

This is good for governors and states. For April, the 3 tiers of governments hared a total of N281.5bn. We know that this money was changed from dollars at around N199 so working backward, this gives us $1.4bn that was available to share (some of the money is VAT which is in naira but let’s keep it simple). States and LGs got N144.2bn of that money or $725m if we work back to dollars. Now we know that the ‘real’ rate was around N350 at the time. But let’s say the interbank market settles at N310 when it opens, this means that the states and LGs would have gotten N225bn instead of N144.2bn they got. This is a big difference given that these states have been running around begging for money.

That said, a lot of these states are owing money in foreign currency for the foreign loans they have taken. To repay those loans, they have been converting their naira at the official N199 rate. Now they will also have to pay the interbank rate of N310 to buy their dollars. A state that has a lot of foreign currency loans will not see much of a difference from the new rate. But if you notice that your governor starts ‘carrying shoulder’ it might mean that your state doesn’t have too many foreign loans and is now ‘liquid’ as Nigerians like to say.

How about Alhaji Putin? Unless you have not been reading my blog closely, you must have noticed that Alhaji Putin is my guy. As I’ve been saying, he has been getting roughly $15m per week at N199 for months now. That party is now over. He too will now be buying at the interbank rate like everyone else and there will no longer be a special rate. Glory be. At the post-MPC press conference where CBN trailed the new ‘flexible’ policy, Godwin Emefiele hinted that there would be a ‘critical’ rate for ‘critical’ people. No mention was made of that today. Thank God.

What of the federal budget? This will help the FG in the way it helps states above. If nothing else, it will be easier for it to pay salaries now and spend money on anything else that does not require imports. Last week, the government announced the Home Grown School Feeding Programme. An initial N93bn has been budgeted for the programme. Given that this is a priority programme for the government and most of the costs are in naira (if not all), there should be more funds available for the government to pursue programmes like these.

Petrol nko? When the N145 price was announced last month, it was said to have been calculated using a rate of N285 to $1. This is Nigeria’s biggest forex expense so it will be sensitive to whatever the exchange rate is. So what if the interbank rate goes above that? It’s an interesting question. But, until foreign investors return from their holding formation outside Nigeria, CBN will still be the biggest source of dollars in the market. I suspect (this is just my guess) that the CBN will keep one eye on the fuel price when selling its dollars to those FXPD creatures. At any rate, a few days ago, the petrol marketers cabal were wailing in the papers that petrol demand has dropped by 40%. There is only so much Nigerians can take so any further price increase will be met by reduced demand by Nigerians. I imagine that everyone is now watching their petrol usage more closely. Very good. The business of smuggling petrol across the border to Cameroun and Benin Republic is also now dead as the dodo bird. As long as the government holds its nerves and minds its business, Nigerians should be able to deal with the marketers themselves.

Quite a number of Nigerian companies (mostly oil and gas) borrowed from Nigerian banks in foreign currency. It is one thing to borrow money when oil is $100/barrel, it is quite another thing to repay that same money when oil is $50/barrel. At the end of 2015, CBN said the total amount of bad loans in the banking system?—?where the borrower is not making repayments?—?was N650bn. A few days ago, CBN released updated figures up to the end of April 2016. The bad loans in the system are now a shocking N1.38trn. If CBN is openly confessing to N1.38trn, do you think the actual number is higher or lower? Don’t forget that banks have already written off some of these bad loans. First Bank reported an 82% drop in profits for 2015 mainly because it had to put N119bn worth of loans on standby to go bad. It has promised to sack 1,000 workers to balance the books. Some of these bank debtors with foreign currency loans were still managing to get dollars at N199. Now that they will have to pay market rate, the bad loans in the system can only rise. Which means more job losses at banks. You have to feel sorry for people who will lose their jobs. But some of these banks need to learn a hard lesson and there is no other way to do it than this way.

And inflation? Latest numbers from the Nigerian Stats agency shows that inflation is running at 15.6%. If the exchange rate goes up officially, surely this can only mean prices of things will go up further stoking inflation right? Well, it’s not that straightforward. The truth is that hardly anyone was getting dollars at the N199 rate anyway. Most imported goods are already priced at the black market rate. My hunch is that the dollar will settle at a lower rate than it currently is so this new rate might even lead to slightly lower prices. Nigeria is also a poor country so you can’t keep increasing prices and expect people to take it. At some point, people will find alternatives or just eliminate that demand. I will stick my neck out and say inflation will go down from here.

There is a huge backlog of forex demand that remains unmet. This amount has been growing for a while now and some say it is now between $6bn?—?$9bn. The most ‘popular’ group in this constituency are the foreign airlines who now have around $600m trapped in Nigeria. Once the market opens next week, it will be like opening prison doors for prisoners?—?these guys will inundate the market and increase pressure on the naira. Unless CBN has some special plan to meet this likely demand head on (sauces tell me they have), the exchange rate may spike before it settles later. Keep calm. Once the mess is cleared, things should settle down.

Even though CBN will be in VIP section selling dollars to the FXPD creatures, from time to time, it will wander out into the main club and sell dollars if it feels the rate is doing wan kain. What is a Nigerian forex policy without a new acronym? We now have something the CBN calls Secondary Market Intervention Sales (SMIS). That is, it will sell dollars directly to the main market where FXPDs and Non-FXPDs trade just to keep things stable.

If you need dollars, just go to your bank. If you want PTA or BTA or whatever you call it, just go there with your ticket and ask for it. If you need to pay school fees, just fill whatever form you need to fill. Those 41 items are still banned so if you want to import them, you will need to buy from the black market. But the days of dollar scarcity where you wanted PTA and couldn’t get it should be over. Whatever the supply of dollars is, the price will now reflect it. You will also see that export proceeds will ‘shoot up’. Those exporters who have been avoiding bringing back their export proceeds will now do so. So those export proceeds that have supposedly been collapsing, according to CBN, will be mysteriously revived now.

I’m Warning You

I’ve been telling a friend that President Buhari’s second coming to power was for him to learn economics and how markets work. One by one his shibboleths are tumbling down. Fuel subsidy has been forced out of his hands and now his beloved N199 to $1 has been taken away from him, too. The sad part is that this his education is quite expensive and Nigerians are the ones footing the bill.

We have now had 1 year of experiencing what government can do when it claims to have powers to control prices. We have seen what its like when one person is picking and choosing who should get dollars and who should not. President Buhari travelled the world speaking to the price of oil to rise. The price ignored him. Some of us ‘market fundamentalists’ have been calling for the government to let markets do their magic not because markets are perfect but because they are the best system we have to allocate resources fairly.

But some people never learn. So if and when exchange rates start to spike, you will start hearing these people making noise asking for government to come and ‘intervene’ to ‘control’ or keep market forces ‘in check’. The government has no such power and as such, it can only make a mess of things. You have my permission to issue such people a good and proper slap when they start calling on government. Let the slap ring and leave your hand on their face for good effect. Nigeria is marching towards a serious market economy. Anyone who looks back will turn to salt.

There are also those people who have turned twitter and facebook into a ‘live’ bureau de change?—?all they do is ask for the exchange rate everyday. You also have my permission to slap these people if they continue talking about the exchange rate everyday. I am not in Nigeria or else I would have done it myself. All those lies of ‘someone I know just changed money outside Iga Iduganran in Lagos for N400 to $1’ need to stop. You should now be able to see rates on your bank’s website or FMDQ’s website. Anyone who is worried about what the rate will be on 29th of August, is free to invest in a derivative to put their mind at rest.

All of this means that the government can now spend its time worrying about other problems aside the fx rate. Buhari’s ear problems should subside as well. You too have now been freed from spending your whole day watching exchange rates. You’re not a bureau de change. Face your work. What will be the price of the dollar next week when the market opens? I don’t know. The price will be the price. It will be what the market says it is.
http://abusidiqu.com/price-club-new-nigerian-naira-feyi-fawehinmi/

It is well with us in Jesus name

And this girl get fine face ooo, just that these boko boyz would have taken turns to browse her internet without mercy

Question: "What did Jesus mean when He said it is easier for a camel to go through the eye of a needle than for a rich man to get into heaven?"----(Matthew 19:24; Mark 10:25; Luke 18:25).

Answer: There are several schools of thought on what Jesus was referring to in saying it was easier for a camel to go through the eye of a needle than for a .......
But the most popular among the schools of thought is the theory that Jesus was referring to how difficult and impossible is it for the various states in Nigeria to meet up with those 23 conditions given by Federal Government for accessing bailout fund

Graphic

What a vanity life

And this man fit get wife and pikin for house ooo.

Shame on wemen!