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LAGOS — Indications emerged, yesterday, that banks in the country are now in a dilemma on what to do with an estimated $5 billion that is currently idle in their vaults.

1000-naira-notesBanks, it was gathered, have their vaults full of dollars that they do not know how to dispose them. It is funds they can neither lend to other banks nor sell to CBN, and the only option open to them is to sell.

Bank foreign exchange officers, who spoke to Vanguard. said that as of today, no bank will buy dollar from anybody. The source said it is not for any other thing but the fact that the banks have more than enough in their vaults.

The dollars being sold by banks for BTA and PTA, they say, have no direct relationship with the foreign reserve, hence the marginal increase in the nation’s external reserve despite continued downward trend in crude oil prices.

Vanguard gathered that banks have been pleading with the CBN to allow them sell off their dollar holdings when the apex bank could not supply enough dollars to fund customers’ request for BTA and PTA. It was learnt that when the CBN finally gave its nod recently, the banks immediately called on their customers and the public to buy Basic Travelling Allowance from designated banks.
Vanguard learned that there is more than $5 billion within the economy that are still in the hands of individuals outside the banking system.

It also learned from top bankers that before the general elections, there was scarcity of foreign exchange in the banking system and that banks were allocated about $30,000 for sale to customers that requested for BTA, which was grossly inadequate for most banks.

He said immediately after the election, banks started receiving dollar deposits in millions per day. This, he said, was done mainly by politicians, who got dollars during the electioneering campaign, which resulted in banks’ vaults stocked with dollar deposits that can neither be given out as loans nor transferred as it would be regarded as money laundering.

A bank customer, who used funds from a domiciliary account to support his ward’s visa application before the glut of the dollar in the system, said the bank made it clear it could not transfer the fund from the child’s domiciliary account to the parent’s account after the visa was secured.

The parent said the bank added that if the child travels abroad, the fund cannot be withdrawn by the parent even if the child had already signed a withdrawal form for the parent’s use when the money is needed.

Banks refuse to accept dollar cash deposits
Banks are now refusing to accept any form of dollar cash deposits and even insist that transfer from one domiciliary account to another in the same bank will be regarded as a form of cash deposit that regulators will frown at.

According to them, the rules are now very stringent and no bank wants to be on the wrong side of the law. In one of the banks, Vanguard learned that no local bank will undertake to do transfer for Nigerian parents whose wards are in schools abroad which accommodation are not directly linked to the school.

Nigerian banks, they added, will also not do a third party transfer. Unfortunately for many Nigerian parents whose wards are enrolled in masters’ programmes in the United Kingdom, many universities in the UK do not provide direct accommodation for second degree students and such students have to contract accommodation with property owners.

Situation worrisome

The situation has become worrisome to many as those who attempted to change huge sums at the unofficial market were given rates they considered ridiculous.

A roadside forex dealer told Vanguard that they do dollar exchange transactions for desperate Nigerians at the rate of between N198 and N203 to the dollar whereas they sell at N225 to the dollar.
Vanguard gathered that many parents with genuine need of transfer to pay for student accommodation in London are desperately looking for alternative means.

A parent, who spoke to Vanguard, said the new policy has created a new form of business for some Nigerians living abroad who are now exploiting the situation. He said that those who have pounds and are living in London sometimes do agree to help pay for student accommodation but ask for an exchange rate of N358 to the dollar.

It will be recalled that the Central Bank of Nigeria, CBN, recently proscribed acceptance of forex cash deposits by banks operating in the country.

Forex market now segmented into four layers
Reacting to the ban, Managing Director, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, in his monthly economic news and views entitled, “Market versus Economy,” presented at the Lagos Business School’s executive breakfast meeting, said: “The forex market is now segmented into four layers. The differential between the segments will widen as the ability to move between segments becomes more difficult and risky.

“The desperation for electronic dollars will push that market to N250. Cash dollars will be at N240. The magnitude of the currency value adjustment will be dependent on when the subsidy is removed.”
He listed them to include the interbank foreign exchange market (IFEM), the BDC rate, rate at which exchange proceeds are converted into Naira and electronic transfer rate.

He said: “The electronic transfer rate and the cash rate were the same before. But now, banks will not accept dollar cash again. When I get dollars, for me to transfer it is going to be too costly.”

The CBN in an advertorial in several newspapers had, however, reiterated that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate. A statement from the CBN stated that already all the legitimate demands for such transactions through recognised channels have been fully met by CBN.

According to the statement, “the CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.

“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.

“Furthermore, holders of Naira-denominated debit and credit cards shall continue to have access to the use of their cards at ATM machines in any part of the world but subject to the annual limit of $50,000. ATM withdrawals shall continue to be a maximum of $300 per day.”

In a related development, Guaranty Trust Bank Plc (GTBank), informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300.



http://www.tessyonyia.com/2015/08/banks-in-dilemma-over-idle-5bn-deposits.html

President Muhammadu Buhari on Tuesday said the national identity card will compliment the permanent voter’s card in future elections in the country.
Buhari made the remark after he was registered for his national identity card by the National Identity Management Commission (NIMC) at the Presidential Villa, Abuja. According to him, the project will go a long way to confirm Nigeria’s population.

Buhari said:

I think this exercise is very important to confirm our population and those who are entitled to vote, that is those who are 18 years and above. It will complement the permanent voters’ card. So for those who want their votes to count from whichever party or constituency, they should ensure that they and their families are properly captured.
The Director General of NIMC, Chris Onyemenam, said the exercise is not a one off thing and has no time limit.
It is a continuous exercise. So every enrollment centre that we have established remain open forever, they are like banks’ branches. We are taking deliberate steps to ensure that enrollment centres are opened in each local government. In collaboration with MDAs, we are now extending it to universities. It will also be extended to primary schools and hospitals.
With the cooperation we expect from INEC, we are meeting INEC today, it will be extended even further.
Because of the records of births and deaths that are the primary responsibility of the Nigerian Population Commission, it will even become wider because there are more centres for the registration of births and deaths.
Once a centre is established, it remains there and people can go there and enroll at their convenient time. They will do the pre-enrollment first before going to any centre for the biometric data capture.


http://www.tessyonyia.com/2015/08/national-id-card-to-compliment-voters.html

Former Niger Delta minister, Godsday Orubebe has described Edo state governor, Adams Oshiomole as an ingrate, popular villa sycophant following the governor's recent criticisms of the Goodluck Jonathan administration. Orubebe berated Oshiomole while speaking with newsmen in Abuja yesterday.

Oshiomhole is an ingrate and a popular villa sycophant who is quick to switch allegiance to whomever is in power. Human memory is short. It’s unfortunate that Oshiomhole who should talk like a governor is today, biting the fingers (Jonathan) that fed him and seems to have forgotten in a hurry that he once cried around the former president for assistance and recognition"he said


http://www.tessyonyia.com/2015/08/oshiomhole-as-ingrate-popular-villa.html

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BBA star, Pokello, turned 30 yesterday and she uploaded this beautiful photo on instagram to celebrate her day she captioned it:

On my #30thBirthday feeling happy and Content. My life has come into a Full Circle and I feel at peace. My mistakes, trials and tribulations have made me a woman unbreakable but most of all a woman journeyed and arrived. I Came,I saw, I Conquered.

Happy Birthday Pokello!


http://www.tessyonyia.com/2015/08/pokello-stuns-in-new-photo-as-she.html

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If you are looking for an easy trick to improve your life and overall health, then look no further. Drinking lemon water first thing in the morning is a pretty simple routine to get into and will have tremendous effects on your overall health.
Since I started this simple and surprisingly healthy habit a few years ago, I definitely noticed the difference. Not only does the refreshing taste wake me up in the morning, it helps to kick-start digestion and finalizes my body’s natural detoxification processes… And lemons are packed with vitamin C, B, calcium, iron, magnesium, potassium, enzymes, antioxidants, and fibers.
According to the Ayurvedic philosophy, choices you make regarding your daily routine either build up resistance to diseases or tear it down.
So what are you waiting for to jump-start your day with this incredible easy morning routine. Its benefits are endless and I listed the 15 most important ones for you in this article.

1. Improves Digestion
Lemon juice has a similar structure to your stomach’s juices and helps to loosen and flush out toxins from the digestive tract. Lemon juice can help ease indigestion, heartburn, and bloating. It also helps to move your bowels in the morning, hydrates your colon, stimulate bile production, and infuses water in your stool.

2. Boost Immune System.
Lemon juice is rich in vitamin C, which helps strengthen the immunes system and fights cold and flu. But not only vitamin C is important for a good working immune system, iron is another important nutrient, and lemons improve the ability to absorb more iron from the food you eat.

3. Hydrates Your Body
It is important to stay hydrated. Especially during the summer months. Plain water is best, but many people find this boring and are not drinking enough of it. That’s where lemon comes into play to make things more interesting. So feel free to not only start your day with lemon water but drink as many glasses as you wish during the day to stay hydrated.

4. Boost Energy
Lemon water gives you an instant boost of energy and improves your mood right at the start of your day.

5. Promote Healthy And Rejuvenated Skin
Lemons are rich sources of antioxidants that prevent free radical damage. These free radicals are responsible for premature aging of your skin. Vitamin C helps to maintain your skin’s elasticity to prevent the formation of wrinkles and decrease blemishes.

6. Reduce Inflammation
Lemons have the ability to remove uric acid from your joints. Uric acid build-ups are one of the major causes of inflammation.

7. Weight Loss Aid
Although lemon water on its own is no weight loss miracle, it can definitely help you to achieve faster and long term results. Lemons assist in fighting hunger cravings, boost metabolism, and give you a stuffed feeling, making it less likely to snack in between meals.

8. Alkalize Your Body
Although lemons have a sour taste, they are one of the most alkalizing food sources on Earth. Too much acid can cause inflammation, obesity, and major diseases like cancer, diabetes and Alzheimer’s.

9. Cleansing Properties
Lemons help your entire body to flush out more toxins to prevent build-ups and damage to your cells, tissues, and organs. It stimulates your liver to produce more enzymes and work more efficiently. Lemon juice works as a diuretic to keep your urinary tract toxin-free and can also change the pH levels which discourage bacterial growth. This is very helpful for people who often suffer from UTI (urinary tract infection). And like mentioned before, lemons loosen and flush out waste from your digestive tract and cleanse your colon.

10.Antibacterial and Antiviral Properties
Lemons have antibacterial and antiviral properties. They help fight the flu, cold, and soothe a sore throat. Although people who drink their daily lemon water every day are less likely to get these in the first place.

11.Reduce Mucus And Phlegm
Lemon water helps to reduce mucus and phlegm formation. People who drink cow’s milk are often more sensitive for mucus production. So starting your day with lemon water can definitely help to lessen mucus if you’re not ready to go dairy-free.

12.Freshen Breath
Lemons freshen your breath and fight mouth bacteria. Although lemons are great for your overall oral health, avoid drinking or using it undiluted. The citric acid can erode tooth enamel, so don’t brush your teeth with it, but have a glass of lemon water instead.

13.Boost Brain Power
The high levels of potassium and magnesium show beneficial effects on our brain and nerve health. Lemon water can give you the boost you need to fight depression and stress. It creates mental clarity and more focus, making it a great drink for students or people with busy and stressful jobs.

14.Anti-cancer
Lemon’s antioxidants not only protect your skin from ageing, but also reduce the risk of several types of cancer. They are great in neutralizing acids as well. Cancer loves to grow in an acidic environment. Alkalizing your body may stop cancer cells to grow and may reduce the risk of getting cancer in the first place.

15.Get Of Caffeine
Many people are able to get off caffeine by replacing their morning coffee by lukewarm lemon water. It gives a similar energy boost to wake your body and boost energy as one cup of coffee would.

How To Make Lemon Water
Making lemon water is super simple. It takes less than 5 minutes of your precious morning time. Just squeeze half a lemon in lukewarm water. If you weigh more than 150 pounds, use a whole lemon.

Why use lukewarm (or room temperature) instead of cold or hot water to make this healing morning drink? Well, hot or cold water takes more energy to process, so your first glass in the morning should be lukewarm or at room temperature to slowly wake your body and kick-start digestion.

If you love the taste feel free to add more lemon water to your diet during the rest of the day, cold or hot. It adds up to your daily water need, is less boring than plain water, and adds tons of benefits for body and mind.

http://www.gistwithtessy.com/2015/07/reasons-why-you-should-drink-lemon.html

successful marriage requires falling in love many times, always with the same person
– Mignon McLaughlin

A good marriage is the union of two good forgivers
– Ruth Bell Graham

Happy marriages begin when we marry the ones we love, and they blossom when we love the ones we marry
– Tom Mullen

Each divorce is the death of a small civilization.
– Pat Conroy

Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time
– Thomas Edison

Marriage, ultimately, is the practice of becoming passionate friends
– Harville Hendrix

To get divorced because love has died, is like selling your car because it’s run out of gas

– Diane Sollee

Ultimately the bond of all companionship, whether in marriage or in friendship, is conversation
– Oscar Wilde

As for his secret to staying married, my wife tells me that if I ever decide to leave, she is coming with me
They say it takes a village to raise a child. That may be the case, but the truth is that it takes a lot of solid, stable marriages to create a village
– Diane Sollee

I am convinced that if we as a society work diligently in every other area of life and neglect the family, it would be analogous to straightening deck chairs on the Titanic.
– Stephen Covey
Divorce is like an amputation. Sometimes it’s necessary but it should be avoided if at all possible because it brings about a permanent disability
– Bill Doherty

Marriage, like a submarine, is only safe if you get all the way inside
– Frank Pittman

It is sometimes essential for a husband and a wife to quarrel – they get to know each other better
– Goethe

I like not only to be loved but to be told that I am loved; the realm of silence is large enough beyond the grave
– George Eliot

The goal is to have a conversation in a way so that you can have another conversation tomorrow
– Unknown

Marriage is our last, best chance to grow up
– Joseph Barth

Sex is a conversation carried out by other means. If you get on well out of bed, half the problems of bed are solved
– Peter Ustinov

For wherever you go, I will go,

And wherever you lodge, I will lodge,

Your people will be my people,

And, your God, my God

– Ruth 1:16

http://www.gistwithtessy.com/2015/07/check-out-these-best-marriage-quotes-of.html

Nicholas James ‘Nick’ Vujicic, 32-year-old Australian motivational speaker born without arms and legs, shared these adorable photos of his pregnant wife, Kanae, and their son, Kiyoshi, on Facebook.
And this is what he captioned the photos!

"Sharing with you the joy of our family in the excitement and anticipation of Dejan's arrival smile emoticon Thanks to our photographer Nicoletta Daskalakis we got some pretty awesome shots. Hope you enjoy these photos. Thanks for keeping us in your prayers."


http://www.gistwithtessy.com/2015/07/man-born-without-limbs-show-off.html


cc: lalasticlala ishilove

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