Forex scarcity: Banks cut customers’ limit on forex spending

Following the continuous reduction in foreign exchange supply by the  Central Bank of Nigeria (CBN), commercial banks have also notified their customers of a drastic reduction in their forex limit.
The new development implies that customers’ annual and daily limit on the use of their ATM cards and online transaction forex-denominated transactions have been drastically limited.
The CBN has been rationing dollar supply to banks, importers and Bureau de change in a desperate bid to curtail the nation’s foreign exchange reserves which has  continued to deplete and currently standing at about   $29bn.
The Naira in the last two weeks has maintained steady decline against major foreign currencies like the Dollar, the the British Pound Sterling and the Euro, with the Naira testing over N275 to the Dollar at the close of business last friday.
The cut by the banks on customers’ card spending in foreign currencies ranges from the annual $50,000 allowable  by the CBN to as low as  $5,000.
Skye Bank Plc, in an email notification which was also recieved by this reporter  slashed its international card spending limit from $50,000 to $12,000 annually, a maximum of $1,000 monthly and $100 daily.
Finding from our reporter also revealed that Standard Chartered Bank  notified its customers that from January 1, 2016, they will not be able to use their Naira de-nominated ATM cards for transactions that are de-nominated in foreign currencies, either locally or when they travel abroad. The bank blamed the development on  the limited foreign exchange supply in the financial market.
Reacting to this development, Barrister Ken Ukaoha, National President of the National Association of Nigerian Traders described the development as unfortunate.
He said: “the CBN is making it increasingly impossible to do anything outside the boundaries of this country. What has happened since the introduction of all the draconian restriction by the CBN is that we have moved from bad to worst which simply implies that what ever we are doing is simply not working.”
Kingsly Ibaji, an operator of a travel agency said: “what the CBN and the commercial banks are doing is to kick us out of business and completely destroy the hospitality business.”
Professor Ikechukwu Kelekume , a development economist with the Pan Atlantic University  in an exclusive interview with our reporter warned that the actions of the CBN is encouraging the breeding of an underground economy.
He said: “ people are piling up  their funds and routing them through the boarders in an apparent bid to find alternative ways to survive.

SOURCE: DAILY TRUST

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Fashola addresses the press, reveals his plans to revitalize Power, Housing and Roads projects

Minister of Power, Works and Housing, Babatunde Fashola, today addressed a press conference in Abuja where he reeled out his plans for the revitalization of Power, Works and Housing projects in Nigeria. He said the focus on roads is to complete those already at some level of completion.

According to him, 200 road contracts were stopped and revitalizing them would bring 20,000 jobs. Regarding power, Fashola said efforts are on to improve on National output. He said the Ministry of Petroleum is constructing new pipes to transport gas to power generation company. This construction could be concluded in 15 months and would potentially add 2,000 megawatts to the current power situation. Fashola added that government would support local manufacturing of meters as an opportunity for entrepreneurship.

“We have more power generation than is been transmitted. The Transmission Company of Nigeria says it has 142 transmission projects on-going; 45 of them at 50% completion, 22 of them can be completed within a year. This will improve power. We need to reconfigure our roots for us to be able to install solar panels.”he said
On government plans to construct 40 blocks of 12 flats per block, in each state of the federation, Fashola said“this will give 480 flats per states. States will however, have to provide 5 to 10 hectares of land for the project. Government priority is on refinancing the outstanding 200 road contracts before we bring in new contracts”.

On climate he said:

“Nigeria made pledges at the climate change conference COP 21 and we pledge to fulfil these agreements. However, it will be in accordance with national priorities. Government is standing down slowly but surely to allow the economics of supply and demand to take place.

SOURCE : http://nigeriana.org/

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The Oldest Person With Sickle Cell Disease In The World, Alhaja Asiata Onikoyi-Laguda Clocks 90 | Read Her AMAZING Story!

Photo Credit – SCD Journal caption

At 90, Asiata Onikoyi-Laguda is believed to be the oldest person with sickle cell disease in the world.

She was born in November 1925, the same year as Margaret Thatcher, first female British prime minister and Malcolm X, the African American civil rights activist. At that time, the average life expectancy of children born with sickle cell disorder was just five years, but she has defied the odds to live up to 90.

Due to the high level of illiteracy at the time of her birth, she was never diagnosed with sickle cell. She endured years of pain, which kept her away from school till she was 12 years old. Her pain was so severe and frequent that she would beg God to let her die. After primary school, she enrolled at Queens College Lagos, where she met her husband Bolaji Alakija, who later became a doctor.

She did not know she had the sickle cell disease until after she had given birth to five of her six children. Her husband, Dr Alakija, gave her pills including folic acid to take every day, but kept the nature of her illness away from her for a long time. Dr Alakija had 10 wives and 27 children, when he died, she married Alhaji Laguda, but she never had a child with her second husband. She is the second of four children born from AbdulYekeen Ishola Onikoyi, a prince of the Onikoyi ruling house, and Aishat Alake Onikoyi from Kudeti, Ibadan. In spite of her illness, she has outlived her parents, husbands and siblings except one.

According to SCD Journal, in spite of the disease:

– She is under no dietary restrictions whatsoever: eats salt, eggs, meat, sugar, fried food, etc as she likes

– Her blood pressure hovering around 160/90

–  She has performed the holy pilgrimage to Mecca 13 times and Umrah half a dozen times

– She observed the annual 30-day Ramadhan fast until she was over 88 and pressured to discontinue by her children

– She reads Bible, Quran everyday with glasses but moves around without glasses

– She takes public transport in super-c,haotic Lagos

– She gave birth to six children, all by normal delivery. When only son passed away in August 2014 aged 59, she accepted the will of Allah but prayed, “Please let the rest of the children you gave me outlive me.”

SOURCE: http://woman.ng/

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