₦airaland Forum

shakaTheZulu:
http://www.vanguardngr.com/2012/05/2015-ll-be-bloody-if-buhari/

I can see you more than CHANGE, you also need to give your life to Christ.

shakaTheZulu:
apc and terrorism are like beans and plantain

Eiya, you sound frustrated bro. You obviously need some serious CHANGE in your life. Now smile for me.

PDP Are Junk News are like 5 & 6.

If Una like make Una open 50 more junk news websites like the above. You have been found out.

I can add my own ten. Their lies brekete.

hopilo:
must you use dollars? abegi go buy with naira

But can you blame me for wanting foreign currency, when GEJ has mismanaged the country's economy so badly that Naira has no more value.

Even GEJ is bribing and sharing money in dollars and not Naira, after he and Okonjo have destroyed its value. Talk about a whole president eroding the value of his own country's currency. That ought to be treasonous.

Una see wetin GEJ dollar bribing/sharing spree don cause?

No more dollar for market again. Hian! But Jonathan why? ?

* Airlines unable to remit ticket sales
*Firms, individuals hoard forex on election concerns
*CBN: Hoarders are in for a surprise

Obinna Chima
Most firms in Nigeria seeking to utilise and remit US dollars overseas are finding it extremely difficult to purchase FOREIGN EXCHANGE due to the shortage of supply of the greenback in the economy, THISDAY has learnt.

According to findings, some firms now resort to the black market for dollar purchases. THISDAY also learnt that a lot of foreign airlines operating in the country are finding it a herculean task to convert revenue from their naira ticket sales to dollars, hence making it impossible for them to remit their earnings overseas.

The development has been attributed to the significant drop in FOREIGN EXCHANGE inflow as apprehension over the elections continues to swell.

In addition, oil companies which supply dollars to the interbank market have seen their earnings fall on the back of crashing OIL PRICES, and the little they have, they are unwilling to offload as concerns mount over the elections.

Owing to the development, individuals and firms have been holding on tightly to their dollar holdings in anticipation that the naira will depreciate.

However, CBN officials, who spoke to THISDAY yesterday, said companies that have been shorting the naira, because they expect it to sink further against the greenback, “are in for a surprise”.

“We know what is happening and we intend to flood the market with dollars. So those thinking that they can take advantage of the spread will be in for a shock,” said one central banker who did not want to be named.

Although the Central Bank of Nigeria (CBN) has been able to hold the naira at N197 to a dollar in the interbank market, a lot of firms and individuals holding dollars are not willing to sell, in anticipation that the naira value would depreciate after the elections. The naira sells for about N219 to a dollar in the black market.

Financial market analysts who spoke to THISDAY yesterday also confirmed the development.

The central bank exactly a month ago stopped the bi-weekly sale of foreign exchange through the Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS), effectively stopping the sale to manufacturers and oil marketing companies at the hugely subsidised official rate.

Following the scrapping of the auctions, the central bank had asked authorised dealers and members of the public to channel all demands for foreign exchange to the interbank market.

The naira has been trading between N197 and N198 at the interbank since the policy was announced.

A currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, who confirmed the shortage of dollars in the FOREX MARKET, said: “As we speak, the dollar is king. You don’t see dollars anyhow!”

Ezun explained that “a lot of people are actually going long on the dollar. That is, a lot of people are buying to keep, so they are shorting their naira. That is why the dollar is so scarce.”

He however pointed out that there has been a significant reduction in the volume of dollar supply in the country, especially with the drop in crude oil prices.

“The major source of inflow of forex into Nigeria has always been through crude oil sales, which has dropped in the last couple of months.

“Also, the inflow of foreign investment into the fixed income market has dropped because of the volatility in the market. Add to that autonomous sources, which are the oil companies that are always on the sidelines to support the central bank also, but are hoarding dollars,” he added.

Ezun however felt the central bank was doing the right thing by intervening in the market.

“The best the central bank can do is what it is doing presently. The CBN is always in the market. Today, there is transparency in pricing. For you to buy forex, there must be the underlying documentation. Those you see going to the black market, are those who do not have the necessary documentation to support legitimate purchases of dollars at the interbank market,” he said.

Also, the Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, attributed the scarcity of dollars to the fact that there is only one major supplier, the CBN, in the market.

He argued that foreign investors are also not active in the market presently because of mounting anxiety over the elections.

“So because of the apprehension about the elections, a lot of inflows are on hold and the level of demand for the dollar outweighs supply,” he added.

The CBN is scheduled to hold its second Monetary Policy Committee (MPC) meeting in 2015 next week and the market would be watching keenly for the decisions to be taken by the committee.

The MPC meeting will come up a few days before the presidential election which holds on March 28.

Amen o. Coz those serial PDP riggers will stop at nothing to steal the people's mandate. Jega, go on soun

Source please? Abi na anoda peppersoup joint gist Coz as we speak both Tinubu and Buhari are in Lagos at an interactive session meeting with Lagos artisans at Agidingbi. It's presently showing on TVC.

She can file a million suits but Nigerians know how far.

Calm down everybody. Buhari will win and GEJ will hand-over to him and heaven will not fall. GEJ isn't so stu.pid that he'd even think of hanging on to power after losing an election. Forget matter. So relax guys and keep calm.

chiomashine:
You wish

Why is GEJ also desperate to cling to power by any means necessary? Na im papa property?. We the voters will decide come March 28.

@Barcanista: Your own hypocrisy worse pass El-Rufai coz we are all privy to your flip-flop history.

Tonye Cole looks up to the heavens in mock prayer. “We can’t go back,” he says. “I can’t think of anyone who would say ‘we prefer it the way it was.’ We’ve come too far forward.”

Cole, a Nigerian businessman who has run Sahara Group, an energy and power group since 1996, is heavily invested in his home country. Over the last few years, his company has pumped millions into building power stations and transmission infrastructure, taking advantage of a rare period of economic liberalisation.


The dismantling of the power monopolies is one of the few unsullied triumphs of Goodluck Jonathan’s government, snapping decades of underinvestment and raising hopes among the public and business community that the acute electricity shortages that undermine growth in Africa’s biggest economy.

The fact that even that reform is being questioned shows how dimly Nigeria’s star has waned in recent months, as political turmoil, security failures and short-sighted economic planning weigh on domestic and international confidence.


A roadside restaurant features on March 12, 2015 a poster of main opposition All Progressives Congress (APC) presidential candidate Mohammadu Buhari in Lagos. Buhari, the 72-year-old candidate of the APC is in neck-and-neck with President Goodluck Jonathan in the closely fought election campaign, which initially was expected to be held on February 14, but rescheduled for March 28 due to security concern. AFP PHOTO/PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

Nigeria’s Independent National Electoral Commission announced that the elections – previously scheduled for February 14 – would be held back by six weeks, ostensibly to allow voters to register in the states currently gripped by a Boko Haram insurgency that has lasted six years and killed tens of thousands.


Boko Haram — which is trying to establish an independent state, run on its own interpretation of Shariah law, in the north of Nigeria — had threatened to disrupt the elections, and has shown no compunction over attacking civilian targets.

The Nigerian army had precious few successes in the field against the insurgents until recently, when a multinational force from Chad and Cameroon – alongside, reportedly, a few South African mercenaries – entered the fray. Before that,, who have routinely overrun major towns and, at times, captured materiel from government forces. Analysts are sceptical that the insurgency will be any more under control by the end of March

“It is obvious that the fight against Boko Haram is not going to happen cleanly in six weeks,” says Sebastien Spio-Garbrah, chief frontier markets analyst at risk consultancy Damina Advisors.

Supporters of President Goodluck Jonathan’s opponent, Muhammadu Buhari, have cried foul, claiming that the delay is a ploy to give the incumbent more time to skew the voting in his favour.

The race was always likely to be close, and Jonathan’s People’s Democratic Party, which has won every election since Nigeria’s return to civilian rule in 1999, had seemed to be losing ground to Buhari. High profile concerns about security and corruption, in particular, have undermined the PDP’s credibility.

Insiders fear that the military — which retains a significant role in public life in Nigeria — is in part behind the delay, and that its leaders have thrown their lot behind Jonathan in order to protect their financial interests.

Buhari, himself a former general, has promised a forensic audit of the Nigerian military’s expenditures, should he become president.


Nigeria’s constitution dictates that presidential candidates must win a majority of the popular vote and 25% of the vote in two-thirds of the states — an attempt to ensure that the victor must have a national mandate in a country which has longstanding religious and cultural divides. With the insurgency still raging, the election is unlikely to end with a landslide, and a close result is likely to lead to disputes.

“The problem is that I can’t see it producing a result that everyone agrees with,” Spio-Garbrah says.

“The postponement, while there were good reasons for it, it has poisoned the well. Even if Jonathan were to win, he would have a tainted mandate, because there would be a sense that he delayed the election to gain more advantage.”

Control Risks, a political consultancy, warned earlier in March that regardless of the result, political violence is likely.

The political crisis comes against a nightmarish economic backdrop for Nigeria. With upwards of 70% of the country’s government revenues derived from the oil and gas business, public sector spending will have to be cut dramatically following the global slump in prices.

In March, the government shifted the benchmark price oil in its budget down to $53 per barrel, down from $65. Capital expenditure will need to be cut, as will subsidies on fuel.

The currency, the naira, has been battered as a result. The Central Bank of Nigeria runs a dirty float, using oil funds to maintain a target rate of between N160-176 to the dollar. Trying to keep that peg in place has cost the country dearly. On just one day in February — Friday 13 — the CBN sold more than $400m to support the currency. Ultimately that has failed, with the naira stabilising at close to N200 to the dollar. On the black market, that is often higher, at around N214 to the dollar.

This has caused huge problems for companies who have borrowed in dollars but earn their revenues in naira.

Speaking privately, a number of senior Nigerian bankers and businesspeople say they are hoping for the best — but preparing for disaster. In the oil sector, executives say they have gone into survival mode, and several previous darlings of international investors have come close to the wall.


The government has had to slash billions in capital expenditure to try to plug the hole in its budget — meaning that there have been precious few pre-election giveaways, but equally slowing efforts to diversify and rebalance the economy by building infrastructure and encouraging import substitution.

With a new government taking up a weak or disputed mandate, an economy in need of reform, a moribund oil sector and stress in the banking sector, it is hard to find many positives in Nigeria’s immediate economic future. Cole, however, thinks the surprises will be to the upside.

“The international community, from an economic perspective, often reads Nigeria wrong,” he says. “The bottom line is that people have always underestimated the Nigerian economy and they have always underestimated the Nigerian people.

“When you ask Nigerian businesses, people who are invested in Nigeria today, who are going through an economic blip during this political transition, most of them are certain that they will overcome whatever is going on. It’s a readjustment of reality. Life continues.”

From: http://www.forbes.com/sites/peteguest/2015/03/18/is-nigeria-heading-for-an-economic-crisis/

mikeansy:
Una don start again

When he ends up in court they will say

"He is being persecuted for rejecting interim VP"

He is innocent until proven guilty in a court of law. A PDP packaged propaganda documentary is not proof and won't stand as evidence in the law courts

Visit Okija shrine to carry sacrifice into the 'Evil forest'.

Abi naw? PDP Just dey frustrated coz na you package this opposition wey dey threaten their hold on power. That right there is your greatest sin, not any alleged corrupt practices.

FA FA FA FOWL! - in Chief. Zebrudaya's voice.

ilugunboy:
But he has not allowed that as an hindrance but has gone ahead to make his life fsr better than that of FFK.......

While we may not be in a position to determine the vessel through which we come to this world......we can determine how our life turn out to be.....Ameachi beat him hand down.

While he thinks he is mocking Ameachi.....he is actually mocking most of Nigerian elites including President Jonathan that came from very very humble background....

Meanwhile he is lying....Pa Enahoro moved the motion for the indepencd of Nigeria......his own Father... Fani life ended ingloriously.

It shall be well with you for this. I endorse this message.

Wemori:
WE?? You and who?
My friend, park well ooo..

GEJ till 2019

Let me clarify. I meant WE Nigerians in the majority. Of course GEJ has your likes, but sorry to burst your bubble, you are in the minority.

donphilopus:
The Spokesman for Jonathan's Campaign Group, FFK, is at it again. He said his dad moved a motion for the Independence of Nigeria, while Amaechi's dad was a palm wine tapper.

Below is the sceenshot:

https://m.facebook.com/story.php?story_fbid=10153125871737210&id=62188827209&_rdr#10153126448897210

And so? Aren't palm-wine tappers human beings? Listen, your father's ignoble record is in the public domain. Another dose of garbage from a deranged drug-addicted lunatic.

SeverusSnape:
... Elected to be the president of Arewanistan, with capital in Sambisa forest.

Listen, you don't have to vote for him, that is fine. But he has enough voters that will realize that objective of electing him into office. This is a movement, it's not just about Buhari. The Nigerians masses OWN this movement.

janus05:
Right from the days of pre-independence, the British established that it was easier to manipulate/control the northerners more than any other tribe in Nigeria . It wasn't a coincidence they handed power over to abokis @ independence.

Whether they back him or not, Nigerians are the ones who will decide who will lead them in 9 days time. GEJ hasn't helped his own case, and we have already decided on GMB. Case closed.

SeverusSnape:
What does Buhari know about economy?... Absolutely nothing!, You didn't devalue the Naira, right?...Oya, Come and stabilize world oil price let's see. Nonsense!!!

Wait till March 28 when he is elected into office. Then we all will witness his different approach. Obviously the current system isn't sustainable. It's just not working. Why reward failure? Vote APC. Vote Buhar/Osinbajo 2015.

No brainer. Everyone everywhere is feeling the pains of the hardships being inflicted on this country by this administration.

Hardship does not discriminate whether you are Yoruba, Igbo, Fulani, Efik, Kanuru, or Urhobo.

stigman:
6000 prayer warriors.

Fixed No need thanking me.

garrix8:
Jonadunce will end up like Gbagbo.

The signs are getting clearer.

Nyesom Wike should get ready to coordinate the feeding of Jonadunce and Sheepopotamus during their incarceration.

Ah! Please noooooooo! Please don't mention Patience and prison in the same sentence, before she freaks out.

OilGas:
According to them, they were acting by divine intervention from God who told them that Buhari would be the next president of Nigeria, pointing out that they were not bribed by anybody to support Buhari, PM News reports.
The pastors under the aegis of Christians for Governance, Pastors For Change have also declared seven days praying and fasting for God to grant the All Progressives Congress (APC) presidential candidate victory at the poll.
The pastors, drawn from various churches, such as the Redeemed Christian Church of God, RCCG, Anglican, Orthodox, among others have openly endorsed Buhari and Prof. Yemi Osinbajo, his running mate at a news conference in Ikeja, Lagos.
Addressing the news conference, Bishop Kayode Williams, National Coordinator, Christians for Good Governance, said: “We want to observe seven days of special prayer on the seven mountains in the Southwest political zones comprising six states to pray for the victory of Buhari and Osinbajo in the 28 March presidential election.
“We are using this opportunity to call on all pastors who believe that the time has surely come for change in Nigeria to exhort, mobilise, instruct and direct all our members from our churches, numbering 186,000 churches in the Southwest zone to adhere to this divine instruction from God.
“We shall intensify our intercessory prayers to God so that there will be peace in the nation and that the election will be free, transparent and peaceful. We are asking our archbishops, evangelists, elders, deacons and deaconesses to join hands and make sure that the prayer programme is very successful.”
He noted that the present leadership had failed the nation, adding that Nigerians had hoped for improvement in various sectors but nothing has been done and that is why the group is calling for change.
“No one can do the same thing and expect different result. Nigerians must therefore get a change in baton. It appears that many people at the top do not feel what an ordinary Nigerian feels: No job, no money, no light, health problem, sorrow and frustration everyday due to massive corruption at the top. All these must change. Nigerians deserve good life in the midst of all the resources that God has endowed us with,” Williams stated.
Speaking on the N7 billion bribery allegation against the Christian Association of Nigeria (CAN), he denied knowledge of any money collected, but added that every rumour has an element of truth.
The movement is being supported by Rev. Moses Iloh, Archbishop Magnus Atilade, Ayo Opadokun and many other bigwigs in Christendom.
In February 2015, the Rivers State Governor, Rotimi Amaechi, had alleged that the Peoples’ Democratic Party (PDP) bribed some Christian leaders with N6bnto campaign against Buhari. This was trailed by controversies. A pastor named Kallamu Musa Dikwa, who claimed to be the Executive Director, Voice of Northern Christian Movement, also alleged that some pastors received the sum of N 7 billion,and not N 6 billion said by Gov Amaechi.
CAN however debunked these allegations, saying it is a complete lie and just one of the many evil plots to dent the image of CAN’s leadership as well as to rubbish its integrity.

Kindly include the source sharp sharp for fast transition to the FrontPage. Thenx.

alfred5:
Interview with DW? And i ask APC which one is DW?

Can yuou please give up Yutube section of this interview?

APC, shame on you people!

If you don't know the German equivalent of the BBC then you need some serious exposure bro, upgrade pls.

Choi! Military intervention in governance in today's Nigeria is Dead-on-Arrival. GEJ had better not try it o.

PDP and thuggery are like 5 and 6.