₦airaland Forum

Lalasticlala please help inform everyone

– The Nigerian Currency, Naira has crashed to N285 to a dollar at the interbank market following the new flexible exchange rate policy to be introduced by CBN – Nigerian Customs reacts to reports that it will begin to use the rate of N285 to the dollar for the calculation of duty on all imports from Wednesday June 1, 2016 – President Muhammadu Buhari gives the CBN the go-ahead to introduce flexibility in the naira exchange rate Despite the Central Bank of Nigeria yet to roll out the details of the new flexible exchange rate policy, which is a monetary system that allows the exchange rate to be determined by supply and demand, the nation’s currency naira has switched to N285 to a dollar at the interbank market, The Guardian reports. The policy, which throws naira into open market, paves way for one to walk into the bank and ask to buy forex at the market rate, hence, putting pressure on black market and Bureau de Change operators. Following the new flexible exchange policy to be adopted by the CBN, the naira has switched to N285 to a dollar at the interbank market. The new policy also means that banks and Bureau De Change (BDC) operators will have to source forex autonomously and sell according to market dynamics. The interbank rate had run nearly at par with the official at N199 per dollar and N197 per dollar respectively before the pronouncements on the new foreign exchange measure. The new rate represents about 43.2% increase from N199 to the dollar it previously traded, which according to analysts suggests that the market is gradually adjusting itself to the new direction, although the details are yet to be unfolded. However, a look on the apex bank official website, www.cbn.gov.ng has shown the naira is still pegged at N197. Meanwhile, reports that the Nigerian Customs department announced it will begin to use the rate of N285 to the dollar for the calculation of duty on all imports from Wednesday June 1, 2016, has been denied by the Service. Reports had emanated on some online news platforms, not NAIJ.com, that the Service had announced N285 per dollar for duty calculation as from 1st June 2016. But according to the Service, the responsibility of fixing official duty rates is the function of the CBN, hence the Service could not have been the one to announce a new official rate. A statement signed by Wale Adeniyi, the public relations officer for Comptroller-General of Customs, read: “The attention of the Nigeria Customs Service has been drawn to a misleading publication in some online platforms claiming that the Service has announced N285 per dollar for duty calculation as from 1st June 2016. “For the avoidance of doubt, the responsibility of fixing official duty rates is the function of the Central Bank of Nigeria (CBN) hence the Service could not have been the one to announce a new official rate as purported in the publication that gave no source. The extant rate issued by CBN which is still the basis for duty calculation is N197. “Nigeria Customs Service has not received any new rate from the CBN neither is it aware of any dissemination of contrary information on this subject matter. “The General Public is therefore advised to discountenance the misleading publication and continue to comply with the extant rates until such a time as may be deemed fit for review by the CBN.” NAIJ.com recalls that President Muhammadu Buhari has given the CBN the go-ahead to introduce flexibility in the naira exchange rate. Speaking in an interview on Nigeria Television Authority (NTA), Garba Shehu, the senior special assistant on media and publicity to President Buhari said: “The president is opposed to devaluing the naira, he has said so repeatedly. “He has given them leeway to introduce what he has called ‘flexibility in managing’ the currency’s value.” Buhari said at the weekend that he supported a stable currency, though he would keep “ a close look at how recent measures affect the naira and the economy.”

Factional national chairman of the Peoples Democratic Party, PDP, Senator Ali Modu Sheriff, has explained the drama behind his alleged removal from office by the party’s governors. Sheriff, who was reportedly ousted over a week ago by PDP Governors at the National Convention of the party in Port Harcourt, Rivers State and replaced by a caretaker national chairman, Senator Ahmed Makarfi, said that all the excuses being given by the Governors as reason for their plot to remove him were laughable and lack of any common sense. He denied telling anybody that he wants to be President in 2019, adding that he could not have offered the vice presidential slot to Ayodele Fayose, because he was familiar with the Ekiti State Governor’s antecedents and character. According to him, “I am eminently qualified to seek for the presidency of Nigeria, but I have never told anybody I want to be President, but even if I want to be I cannot offer such a sensitive position to a character like Ayo Fayose, who has exhibited gross disrespect for others”. Challenging any of the Governors, who alleged that he made promises to come up with evidence, the ousted PDP chair stressed that he is by far their senior, adding “I have done all these things they think they cannot do in the party, but I do not deserve the type of treatment they want to mete out to me”.

kenonze:
Why always Yoruba?

Was expecting to hear..... Chima, Nneka, Tompolo, Asari, Faruk,

or even chuks

nikkypearl:
I love his school bag!

well,I don't cos I'm a man u fan

Olamide badoo.. I didn't know he has a son

Yungwizzzy:
mcteeeew

yungwizzy you always criticize,I'll love to see your posts

You tried op,thumbs up.. Not everyone can do this

Add yours!

Yungwizzzy:
What's this one saying

stop,even if I'm not funny just stop. The joke is not for you

Finally they bring their bills and it reads 19500,you be like...

Haha,what a country. You wanted only double salaries and you were jailed,what of those selling 3 seed of tomatoes 400?

They have thesame type of lips

Sad news.. Whatever she did she didn't deserve that slaughter.. The best purnishment is to lock him up with the corpse of the woman in an air-tight room

My name is Oliver queen,after 15 years of hellish island...........

Since a guy at the background snapped her,I now know her profession

van Gaal is out,I don't know what this Buhari is waiting for.. Tomorrow makes it 1 year

As Tomatoes wan cost pass apple-pear for this country so,me I nor go talk anything now.. Maybe tomorrow I'll use watermelon for my stew

This man funny,even funnier than akpororo(a commedian)

Share when you find the 'MITSAKE' that's the mistake

Why are u lying,o my gosh,stop the fvckin lying

saintmark88:
Yeah inside a blacks mambas mouth is black, buh I dnt think u saw inside its mouth nah, so u cNt be so sure

that's not a python. Can a cobra be as long as that?

saintmark88:
How do u know its a black mamba, because it's black abi??

because inside its mouth might be black

Sugarhugs:
All this hoax news sef. Oya let me educate you.
Spiders live in dry places, gaining almost all of their water requirements from the prey that they eat. They are not attracted to water such as water in a kettle. Most kettles have a filter on the spout making it impossible for the spiders to creep in. Even if the spiders crawled into the kettle and died, venom does not seep out of the dead spiders. Venom will only cause a reaction when injected into the human body. It’s perfectly safe to ingest venom. If Venom was added to water in a kettle, the process of heating and boiling the water would destroy the venom, rendering it useless and ineffective. Violin Spiders do not alter their breeding rate due to changes in weather conditions, nor are they a health threat.

beauty with brain.. Thanks sis,we learn everyday

sobastical:
Ops! sorry I didn't grab venom ain't a bacteria. Good morning

thanks.. Good morning sir

sobastical:
Ops! sorry I didn't grab venom ain't a bacteria. Good morning

thanks