₦airaland Forum

Housing:
How will a jihadist appoint a Pastor as his coordinator. The SGF is a Pastor from Adamawa State. A bigot will always seek opportunity. All what we need is results. How has your fellow tribesmen appointed in the past better your lots? As for me positive results is what matters most.

Your so called pastor is the Apc vice chairman North East. Please deceiving yourself

QueenEdna:
i am for real, just my Opnion. I think i have a right to it. Tanks.

Then go and get yourself educated though I know you're entitled to your ignorance

Lol

QueenEdna:
Thats the same thing GEJ did, he appointed 80%of Naija Deltans in top key positions in Govt during his admintration, anybody in dt position would do same, so please drop the sentiments Α̲̅Ω̴̩̩̩̥d̶̲̥̅̊ lets hope this ones appointed would lead Naijerians to the promised land..

Are you for real or just showing your ignorant self?

simpleseyi:
I have covered my face with with my palms. This is too shameful. I think I will ask for the refund of my donation to APC campaign fund. This is not funny again. What is this nah? I think I need a psychiatric evaluation. Se na me dey mad or na Buhari dey craze?

Good morning

From the incoherent blabbing of the EFCC spokesman, the agency has something to hide. He is sounding so irritated

Speaking from both sides of the mouth, what a trade mark

God bless his soul

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.vanguardngr.com/2015/08/banks-in-dilemma-over-idle-5bn-deposits/#sthash.npoK1F5t.dpuf

elujah1:
I don't agree with him on that, as long as no one was convicted and sent to jail. A sacked minister is now a senator.

And Fashola that committed the same offense is about to be made a minister. See your life! You guys double standards stinks to high heavens

Go and unite Tinubu and Fashole first before talking about the proudly 5%

When some of us stated that this monetary policy will stifle growth and lead to closure of companies, we were tagged wailing wailers by the never do wells of Apc. Now , the chicken is gradually coming home to roast. If a whole MTN can be badly affected like this what hope does small enterprises have. Obviously Buhari's 100 days in office is wasted

kulikuli26:
The allegations seems endless. LASG should stop this media war and do the right thing if they believed Fashola corruptly enriched himself with our resources. Ambode should act responsibly for once by either stop this "media propaganda" or send a petition to EFCC to do the needful on Fashola. You can't continually show us the "wrongs" committed by a former public officer and refuse to do anything about it, yet you want to claim you are guided by constitution.

Please this advise should be reserved for PMB

Naija finally going to the dogs

doctokwus:
They did get the concept, conceivers,board members and cost estimate right;those much NOI admitted.
Admitted SR got wrong the part they made it sound like d Hosp will soon be commissioned,but @least if anybody or organisation had any plan of using corrupt funds to finance the Hosp or wants to use it as a means of laundering money,now the heat is being turned on,they would have been stopped.

Are you not really ashamed of yourself? How low can you descend to earn ur useless pay.

owobokiri:
Na their propoganda style. The keep repeating an obvious lie till folks start believing that as truth. Who in this country doesn't know the role Akunyili played in jonathans emergence??

God bless that wonderful woman's soul and may she rest in peace

Beremx:
Go and ask my father!

you be real case. Happy Sunday

4Play:
I have a simple question for you partisan propagandists. You must have noticed that the High Commissioner was speaking in the present tense, why haven't we implemented the things he's requested like signing the agreement as I have noticed that Madueke is no longer in power?

God bless you. Wanted to ask same question? Since mrs Madueke is no longer the oil minister, what stops Buhari from signing the same agreement if it is really beneficial to Nigeria's interest. Fools abound everywhere especially on nairaland

PassingShot:
Silly illiterates!

This news has been reported here before and we pointed out your idiocy then.

1st, second quarter represents April, May and June.

Jona was in charge for the greater part of that quarter (two of three months).

Lastly, the report only tells a slow down in job creation in comparison with previous performance. It's clearly not that there have been job losses as some half baked here are making it seem.

More importantly, a slow down in job creation is a feature of all new governments as they use their first few months to chart a new direction for their regime. The fact that Nigeria was practically in comatose makes our own case worse.

Get quality education instead of wasting away your life wailing.

But you were one of those that credited the so called increase in power supply to Buhari's body language? Now this and you're complaining. Like I always say, you Apc guys are the worst of hypocrites

UrennaNkoli:
Too bad. But that of lagos is understandable.

What!!!! Please tell me you're joking. A former Federal capital with high IGR and very poor infrastructure. You guys are something else in your hypocrisy

vivaciousvivi:
By the time I was graduating, I had my doubts father Edeh was a true man of God o. I still do.

Is he still a Rev. Father? Because if he is still one then, no wonder Jesus wept in the bible

vivaciousvivi:
By the time I was graduating, I had my doubts father Edeh was a true man of God o. I still do.

Is he still a Rev. Father?

vivaciousvivi:
And I thought things were tough while I was there.
Guess things have gotten way worse!
Back then, the fear of "aunty philo" was the beginning of supreme wisdom. And when Father chancellor comes avisiting...the whole campus becomes like a ghost town. The forced morning jogs, no off-K (off campus) living, shaved beards and God help u if u are seen with a member of the opposite sex late at night!
That school needs to be shutdown for a spell

So ashamed of the school management. The scam going on there is unbelievable; Many lives ruined physically and psychologically. From Father Edeh to the so call Rev. Sisters needs to be jailed. Tufiakwa!

socialmediaman:
How does NBS generate these statistics without synchronized identification systems and databases between employers and government? This same organization said there were only 24,000 businesses in Nigeria in 2013.

By the way, in the first quarter, I guess the 469,000 was referring to INEC ADHOC staff, that's the job created?

But you never asked these questions when we were told the same body language caused increase in power supply, the same body that they said caused the refineries to start working. Be sincere for once bro

opalu:
Body get language?

Please help me ask Liar Mohammed, Punch and Apc peeps

*Job creation drops massively
*Oil & Gas, Cement industries score zero
AS President Mo-hammmadu Buhari begins action on his campaign promises one of the key promises, job creation, appears to have become further worsened as a high powered report indicates a sharp drop in that major economic front in the second quarter 2015 (Q2 2015), covering his first month in office.
Buhari
Buhari
In the Q2 2015 total number of jobs created in the economy was just 141,368, a massive 70 per cent decline from 469,070 jobs created in the economy in the first quarter 2015 and also 45.5 per cent decline against the position in the corresponding quarter of 2014.
Two of Buhari’s key campaign promises were anti-corruption and job creation which earned him massive voter supports that pull the victory at the pools in March 2015 presidential election.
The President has since inception of his regime on May 29, 2015 embarked on further measures to stem and stifle corruption especially in the oil sector, but no visible action has been taken on job creation and general economic framework.
A job creation report released yesterday was a result of the survey by the National Bureau of Statistics (NBS) in collaboration with the Office of the Chief Economic Adviser to the President, National Planning Commission and the Federal Ministry of Labour & Productivity.
The objective of the quarterly survey is to track the number of jobs being created in the economy within a given period of time, provide multi-sectoral and policy relevant data on the employment-generating sectors, seasonality in employment and the labour market.
In the formal sector, the report shows of that 51,070 new jobs were generated, representing 36.1percent of total jobs generated in the Q2 2015. This is a decline of 61.6percent (79,871) jobs when compared to the first quarter of 2015 and a 35.2percent decline when compared to the same period in 2014.
In the informal sector in Q2 2015, an estimate 83,903 new jobs were created compared to 332,403 new jobs in the Q1 2015; this signifies a 74.8percent decrease between the two periods. The informal sector typically consists of jobs generated by individuals or businesses employing less than 10 or those businesses operating with little or no structures such as those in Agriculture and Wholesale and Retail Trade.
But in the public sector of the economy, there was a 11.7 percent (669) increase in the number of jobs created making 6,395 new jobs generated in the public sector in the Q2 2015.
The jobs generated in the public sector represents 4.5percent of the total jobs generated during the reference period.
A major highlight of the report is that oil and gas industry had zero new jobs in the period under review despite all the cash flow in the industry. The other industry that scored zero in job creation report was the cement industry.
It is also heart warming that the highest job creation was recorded in the education sector which employed 17,124 persons during the period despite the lean resource allocation, total neglect and poor remuneration in the sector.
Also in the top employing sectors are Manufacturing with a total of 7,781 new jobs, Agriculture sector with 7,650 new jobs and Accomodation and Food Services with 4,694 new jobs.
The Quarterly Job Creation survey is a nationwide survey, covering all 36 states of the federation including the Federal Capital Territory (FCT). A sample of 5000 establishments was taken across the country covering all sectors of the economy. This round of the survey, for which estimates are being reported, achieved a response rate of 92.3 percent from the establishments selected in the sample, which is highly commendable.
- See more at: http://www.vanguardngr.com/2015/08/shocker-for-buhari/#sthash.hD4z5NOI.dpuf

And the propaganda continues

Welcome to Naija

This can only be from Biafra land.

Light situation getting worse. Shame on Phcn

Buhari is very corrupt and time again will prove me right. Most of his followers are so so gullible and naive. Things in Nigeria are getting worse with no policy direction and he is busy deceiving them on a bogus fight against corruption while he is corruption personified . Sorry guys, you've entered one chance