Tuesday, September 21

Tag: naira

Finally Gtbank Bans Use Of Their GT Mastercard On Paypal, Facebook, etc
News

Finally Gtbank Bans Use Of Their GT Mastercard On Paypal, Facebook, etc

Everyday a Nigerian child wakes up, he/she is faced with uncountable life-threatening challenges that questions his existence and survival on earth. Yesterday comes the shocker news for all Nigerian small business entrepreneurs who have been relying on GTBank Mastercard for their international monetary transactions, as the last-man-standing bank rolled out a complete ban of all international transactions on their Naira mastercard, including USD ($) payments, which directly means that Nigerians can no longer send money using paypal EVEN if it is $1!), as GTB, which happens to be the only Nigerian bank that allowed Nigerians to spend a maximum of $100 on POS, foreign ATMS and websites, using their GTB Naira Mastercard. For those who may argue this, please kindly visit GTB official custome...
Naira Crashes To 516 As Dollar Scarcity Widens
News

Naira Crashes To 516 As Dollar Scarcity Widens

The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday . The naira plummeted at the parallel market from 510 /dollar on Wednesday to 516/ dollar on Thursday . Currency dealers on the streets of Lagos Island sold the greenback at 516 and bought same for 513. In Egbeda , a major black market centre in Lagos , the naira was sold for 516 and bought at 510. At the Murtala Muhammed International Airport, Lagos , the dollar was bought on the parallel market for 516 and sold at 513. On Wednesday , the local currency had closed at 507 against the greenback as acute dollar shortage continued to weigh on the currency market. The local currency traded at 507 /dollar on Monday and Tuesda...
London Returnees, Out To Impress Ladies, Misbehave After Bill Of 80k Arrives
News

London Returnees, Out To Impress Ladies, Misbehave After Bill Of 80k Arrives

Still in the spirit of Valentine, an eyewitness narrates how a group of London returnees embarrassed themselves over bill of 80,000 Naira. The bill from a date out with some girls in Lagos left them shocked and the "English speaking" guys started begging when the manager boldly confronted them after they initially refused to pay up.
NBCC To Boost Nigeria-uk Trade Volume Above N7.7 Trillion
News

NBCC To Boost Nigeria-uk Trade Volume Above N7.7 Trillion

Eyes promotion of local products as chamber turns 40 New initiatives mulled by the Nigerian-British Chamber of Commerce (NBCC) could drive trade volume between Nigeria and the United Kingdom (U.K.) above projected N7.7 trillion (£20 billion). The plan led by a ‘stern decision’ to promote made-in-Nigeria products, particularly non-oil goods as well as to harness the potential of Nigerians living in U.K. This could beat the projection that the trade volume between the two countries could hit £20 billion by 2020, the President NBCC, Dapo Adelegan, said while unveiling plans to mark the 40th anniversary celebration of the Chamber in Lagos. The plans are expected to aid the current administration’s drive to boost export of non oil products and boost the country’s foreign exchange earni...
Army Launches “Thank You For Your Service” Initiative
News

Army Launches “Thank You For Your Service” Initiative

The objective of this initiative is to continuously supply this Thank You For Your Service Bottled water to the Officers and Soldiers in over 80 Battalions (Basic Fighting Units) of the Nigerian Army. The estimated cost of providing water for a Battalion in is Ten Million Naira (N10,000,000.00) per month. The first scheme under this Initiative is the Water Project. The aim is to provide the Nigerian Army frontline soldiers with a continuous supply of 50 cl bottled water with a message that reads, “Thank You for Your Service”. This water is not for sale, as the cost will be borne by partners to the initiative. At launch of this Initiative, it gained supports from TETFUND, Nigeria Customs Service, Lagos, Ebonyi and Enugu State Governments, with commitments from Abia, Nasarawa, Pl...
Buhari’s Inconclusive Medical Vacation: Aljazeera Analyses The Fear Of The North
News

Buhari’s Inconclusive Medical Vacation: Aljazeera Analyses The Fear Of The North

Muhammadu Buhari's 'inconclusive' medical vacation Buhari's unclear health situation rings alarm bells for Nigeria's future. It was Ayodele Fayose, the Governor of Ekiti State, who first said everything under the Nigerian President Muhammadu Buhari was becoming inconclusive. That outburst - and Fayose has quite a litany of complaints against Buhari - came after Nigeria's electoral umpire declared the Bayelsa State governorship election "inconclusive" on the third day of the exercise. It was a happy ending for Fayose: Seriake Dickson, candidate of his party, won the election a month later. Actually, there was little to worry about in the first place. One year on, a crisis of monstrous scale and manifold consequences is brewing. Buhari is on medical vacation in the United Kingdo...
Nigeria’s $1 Billion Eurobond Oversubscribed By 7 Folds
News

Nigeria’s $1 Billion Eurobond Oversubscribed By 7 Folds

Nigerian government officials have successfully wrapped up sales of the country’s Eurobond, after a 4-city roadshow in the US and UK. Reports reaching Nairametrics suggest the $1 billion 15 year tenor Eurobond was oversubscribed by as much as 7 folds. This is fantastic news for Finance Minister Kemi Adeosun who has had to deal with issues surrounding her competency having been compared with her predecessor Okonjo Iweala. It is also good news for the embattled CBN Governor, Godwin Emefiele who has had to fight off criticisms of his exchange rate policy, a potential headwind in the success of the road show. It was alleged that his absence in the road show was deliberate. Although there was initial skepticism around the potential uses of the bond proceed, given the fact that the public ha...
January Inflation To Hit 18.64% Amid Rising Food Costs—fsdh
News

January Inflation To Hit 18.64% Amid Rising Food Costs—fsdh

A latest report released by FSDH Research has predicted a rise in Nigeria’s inflation rate for the month of January. In its inflation watch released on Thursday, FSDH stated that it expects the “January 2017 inflation rate (year-on-year) to increase further to 18.64 percent from 18.55 percent recorded in the month of December 2016.” Explaining reason for the expected rise, the report said it is due to “increase in the prices of food items and other non-food items as a result of the continued pressure on the value of the Naira.” It further noted that the “increase in the price of diesel which is predominantly used in production of goods and services will also contribute to the rising inflation rate.” The National Bureau of Statistics (NBS) is expected to release the inflation ra...
Naira Extends Stability At Major Forex Market, Exchanges At N498 To A Dollar
News

Naira Extends Stability At Major Forex Market, Exchanges At N498 To A Dollar

Lagos – The Naira on Tuesday continued to extend its stability against the dollar at all the major segments of the forex market. At the parallel market, the Naira exchanged at N498 to a dollar, while the Pound Sterling and the Euro traded at NN615 and N525, respectively. Trading at the Bureau De Change (BDC) window saw the Naira exchanged at N399 to a dollar, Central Bank of Nigeria (CBN) controlled rate, while the Pound Sterling and the Euro closed at N616 and N527 respectively. The Naira also remained stable at the interbank market as it traded at N305.25 to a dollar. Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said that the increase in the nation’s external reserves and the global fall in the dollar contributed in the Na...
Nigeria’s Effort To Secure International Loans Hit Deadlock – Daily Trust
News

Nigeria’s Effort To Secure International Loans Hit Deadlock – Daily Trust

• Govt has not submitted reform plans to World Bank - Sources • Lender has not been able to consider a loan yet - Sources • AfDB holds back second tranche of $1 bln loan - bank chief • Nigeria seeks to drag itself out of first recession in 25 yrs Nigeria's efforts to secure funds from international lenders to help haul it out of recession have stalled because it has not submitted the required economic reform plans, according to one of the banks and sources close to the matter. The government has been in loan talks with the World Bank for a year. It had told the lender it would present its proposed reforms to make the economy more resilient and attractive to investment by the end of December, according to Western diplomats and a Nigerian official who declined to be named as the...
The Surge In Ponzi Schemes More Likely To Choke MMM Than Media Frenzy
News

The Surge In Ponzi Schemes More Likely To Choke MMM Than Media Frenzy

There have been so much fuss about the MMM saga in Nigeria, with the media playing a major role. But the actual fact is that the main MMM killer is the surge of numerous Ponzi schemes with more promising reward with lesser risk. On my last count, i was able to identify over 10 schemes with mouth watering rewards with lesser capital. I will not be going into details about them. As it is well known that MMM promises just 30%, where as there are so many schemes that promises as much as 200% in less than 30days which are actually working for now. Many if these schemes require lesser capital, with greater reward. For instance, you have to PH as high as 1million Naira to make a minimum profit of N300,000 in 30days, but there are schemes circulating where u can make the same N300,...
Naira Stabilises At N497 To Dollar
News

Naira Stabilises At N497 To Dollar

The naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery. The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday. At the Bureau De Change window, the naira traded at N399 to a dollar, a rate it would maintain for the rest of the week, while the Pound Sterling and the Euro traded at N604 and N522 respectively. Trading at the interbank market saw the naira weakened further at N305.25 to a dollar, from N305 posted on Friday. Traders at the market said that while the scarcity of the greenback remained visible, there were strong indications that the Na...
Why Nigerians Will Become Poorer With Rising Oil Prices – Henry Boyo
News

Why Nigerians Will Become Poorer With Rising Oil Prices – Henry Boyo

Henry Boyo Crude oil price has steadily increased beyond $50/barrel after OPEC agreed to cut output by about 1.2 million barrels/day in November 2016. Nigeria’s export revenue prospects will consequently be boosted, if this price trend is sustained, particularly if restiveness is minimised in the Niger Delta. However, much against popular expectation, the more bountiful the export dollars, the bigger also will be our economic headache! President Muhammadu Buhari must be disturbed that the naira exchange rate has suffered so poorly under his watch, particularly after he promised parity between the naira and dollar, if he won the election. Unfortunately, the worst has yet to come, because, if crude oil price further rises while output remains favourable, the dollar will paradoxically s...
The Secret Of MMM’s Comeback
News

The Secret Of MMM’s Comeback

Prior to freezing accounts in December 2016, MMM Nigeria majored it's transactions on Naira, with less emphasis on bitcoin. With Naira exchange on the platform, Mavrodi and his team could only withdraw a little from the system as they don't have Naira accounts to GH into . But I bet with the advent of a more bitcoin based exchange, Mavrodi and his team will make a huge swoop in Nigeria by creating several fictitious account to 'GH' into.
Naira Hits N495/dollar As Forex Scarcity Lingers
News

Naira Hits N495/dollar As Forex Scarcity Lingers

The Naira on Thursday depreciated further at the parallel market, ebbing close to the projection of speculators, the News Agency of Nigeria reports. NAN reports that at the twilight of 2016, speculators forecasted that the Naira would exchange at N500 to a dollar. The Nigerian currency lost N3 to trade at N495 to the dollar at the parallel market, from N492 posted on Wednesday, while the Pound Sterling and the Euro closed at N597 and N515 respectively. At the official interbank window, the Naira closed at N305 to a dollar. Trading at Bureau De Change (BDC) window saw the Naira close at N399 to a dollar, while the Pound Sterling and the Euro exchanged at N600 and N510, respectively. Traders blamed acute forex scarcity for the spike in the exchange rate.
President Buhari States Reason Why He Was Removed From Office In 1985
Lifestyle

President Buhari States Reason Why He Was Removed From Office In 1985

Contrarily to what people think and why Pres. Buhari was removed from office, the President yesterday in his speech said the reason he was removed from office in 1985 was because he refused to take an advice from the IMF and the World Bank to devalue the Naira and increase prices of fuel and flour. He said this when he spoke at the Nigerian Army Guards Brigade Regimental Dinner. "I refused and gave my reasons and the next thing I knew I was removed and detained for three and half years. As a civilian president I will do my best and I’m telling you all these because you are part of the leadership of this great country and God willing we will remain great” he said. What are your assertions?
FG Budgets N1Billion For Public Relations And Media Lobby In 2017
Lifestyle, News

FG Budgets N1Billion For Public Relations And Media Lobby In 2017

Nigerians, be ready for several propaganda mercenaries that will be engaged to deceive you. They will be here on www.mycelebrityandi.com, facebook, twitter, TV, radios; many will write just to launder govt's image because they have been paid. Despite an economy in recession, the federal government plans to spend over one billion Naira on public relations and media lobby in 2017, a review of proposed allocations to the Federal Ministry of Information and Culture has revealed. According to the proposals submitted last month to the National Assembly by President Muhammadu Buhari, the ministry wants to spend one billion, three hundred and fifty two million, one hundred thousand and twenty three thousand, nine hundred and eight Naira (N1,352,123,908) on schemes to influence citizens’ opinio...
Ogenyi Onazi Donates A Million Naira To Super Falcons
Sport

Ogenyi Onazi Donates A Million Naira To Super Falcons

Super Eagles star Ogenyi Onazi has thrown his weight behind protesting African champions Super Falcons by donating a million Naira to them. A source close to the team revealed the Trabzonspor of Turkey midfielder showed concern about the ladies plight. “Onazi is a fantastic man and supported the Falcons with the sum of one million Naira, that really helped the ladies,” a source reported. “He also gave one of the injured players 200,000 Naira for her treatment. “He is a wonderful guy. I was aware some of the girls called him to complain about their plight and he helped them.” The Falcons have embarked on a sit-in protest at their Abuja hotel and also staged a protest march demanding for their entitlements to be paid. Several former Nigeria stars including Garba Lawal, Joseph Yob...
“You’re A Liar & You Were Conned Because Of Greed”, ABS Reacts To Ex-Miss Anambra’s Allegations
Entertainment

“You’re A Liar & You Were Conned Because Of Greed”, ABS Reacts To Ex-Miss Anambra’s Allegations

Abia State Broadcasting Service (ABS) director, Mr Uche Nworah has reacted to Miss Chidinma Okeke's allegations that she was pressured into making the now infamous sex video by organisers of the pageant. Miss Okeke had, in an interview with Nation alleged that the organisers were behind the blackmail video. In his statement, he says Miss Okeke is lying, everything that happened during her reign were all contractually stipulated, and she may have fallen victim to con men who tricked her into believing that she would win if she made a sex video. He also added she is a pawn in a 'larger politically motivated conspiracy.' There is an Igbo saying that the more you repeat a lie, at some point people may begin to believe that it is the truth. On this former Miss Anambra sex scandal, ...
Nigerians React To Picture Of A Made In Naija Top Which Costs N62,000
Entertainment

Nigerians React To Picture Of A Made In Naija Top Which Costs N62,000

With the recent recession, its advisable to buy Nigeria to grow the Naira but some Nigerians are not finding the price of this Nigerian made top funny at all. The green cold shoulder top by Fashpa Dara is reported to cost a whopping sum of sixty two thousand Naira. Some even said they wouldn't purchase it for 6,200 not more of 62,000Naira Una go buy??? See screenshots of some people's reaction below;
How we Can Crash The Dollar/Naira Disparity – Ifeanyi Ubah
News

How we Can Crash The Dollar/Naira Disparity – Ifeanyi Ubah

Nnewi-born billionaire and Managing Director of Capital Oil and Gas, Dr. Ifeanyi Ubah, has offered the President Muhammadu Buhari-led administration what he described as the solution to the biting recession, as well as crash the proliferating Dollar/Naira disparity in the foreign exchange market. Speaking at the World Youth Gathering, Holy Ghost Adoration Ground, Uke in Idemili North Local Government Area of Anambra State, Ubah lamented, stating that there was nothing wrong with the Nigerian economy. Rather, he pointed out the country’s lack of good economic managers as being responsible for the current economic plight. Recall that last February, Ubah had vowed on national television that if consulted by President Buhari, he could use his technical know-how to stabilize the Naira to a...
NPA Managing Director, Hadiza, Discovers Multi-Billion Naira Equipment Abandoned
News

NPA Managing Director, Hadiza, Discovers Multi-Billion Naira Equipment Abandoned

Nigerian Ports Authority (NPA) Managing Director, Hadiza Bala Usman, has stumbled on equipment worth billions of naira allegedly abandoned at the Continental Shipyard in Apapa, Lagos. Ms Usman made the discovery when she visited Lagos ports. Some of the equipment were allegedly abandoned by NPA when the ports were concessioned in 2006; others were said to have been abandoned as far back as 2010. The abandoned equipment include multi-million dollar floating dock, the slipway, two pilot cutters and vital shipping equipment. The floating dock, The Nation gathered, could provide over 2,000 jobs; the slipway and the others could provide about 2,500 jobs. A senior NPA official said: “The floating dock has not been operational since 2010. The then management said pump and valve malfun...
Billions of Naira Buried in Abuja Farm Are Currently Being Recovered – Dogara
News

Billions of Naira Buried in Abuja Farm Are Currently Being Recovered – Dogara

The speaker of the House of Representatives, Yakubu Dogara, has described the scale of corruption in Nigeria as unimaginable. Dogara said this while speaking at a meeting with newspaper editors in Abuja on Saturday July 9th. According to him, the antigraft agency is currently recovering billions of Naira that was buried on a farmland in Abuja “If I am just arrested, charged to court and maybe some money recovered from me and, at the end of the day, nothing happens, a lot of people may not be deterred in the future from engaging in corrupt practices. If you look at the massive looting of the treasury, I never could have imagined the scale of corruption that we are witnessing right now, where people took lot of money running into billions and buried them in farms. As we are speaking now...
IMF Lauds CBN Forex Policy as Naira Appreciates
News

IMF Lauds CBN Forex Policy as Naira Appreciates

The local currency gained N12, rising from 367 to 355 against the United States dollar at the parallel market on Thursday, a day after the Central Bank of Nigeria released the much-awaited foreign exchange market framework. Forex dealers and analysts said the naira-dollar exchange rate, which closed flat at 367 on Wednesday, started reacting to the new policy following a rise in the supply of the greenback at the parallel market on Thursday. The International Monetary Fund on Thursday said it welcomed the decision by the CBN to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances. The CBN had said on Wednesday that a market-driven foreign exchange market would commence on Monday, in the process aba...

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