Dollar scarcity hits banks

Banks are under pressure to meet customers’ foreign exchange (forex) demand amid scarcity of the dollar in the financial services sector.

This was the position of top bank executives who spoke yesterday at the “CEOS Roundtable: Banking & Oil Industries” organised by Bloomberg in Lagos.

The Group Managing Director/CEO, FirstBank of Nigeria Limited, Bisi Onasanya, said forex scarcity was making it difficult for lenders to immediately meet the demands of importers requiring the greenback for transactions.

Manufacturers are unable to fund the importation of their raw materials because of the scarcity of dollars. “Banks are not getting forex. Forex is drying up from the market. I sympathise with the CBN at this time and we cannot keep supporting the naira at this rate,” Onasanya said.

Onasanya said many manufacturers had huge cash, but no forex to buy. He attributed the scarcity to the go down in oil revenues, which is expected to drop from $84 billion in 2014 to $55 billion this year. The bank chief said there was little the apex bank can do to reverse the trend, except to partner with other regulators and promote the diversification of the economy.

Nigeria:National Assembly crisis: Buhari backs APC’s stand

The President spoke yesterday on the National Assembly crisis, saying he expected the All Progressives Congress (APC) lawmakers to toe the party’s line in the election of principal officers.

Senate President Bukola Saraki yesterday announced the names of principal officers and adjourned plenary till July 21.

President Muhammadu Buhari said: “The party did a straw poll – an open and transparent one – which should have been respected. There is no confusion about anything. The party did a process, the President had wished that the party would take that to the very end but that didn’t happen,” presidential spokesman Garba Shehu said.

I am still in LP but having discussions with APC – Ogboru

UGHELLI – DELTA State Labour Party, LP governorship candidate in the 2015 general election, Chief Great Ogboru has said though he is still a member of the LP, he is having discussions on a likely defection to the All Progressives Congress, APC.

Ogboru at Ughelli yesterday during the commissioning of a fuel station belonging to the Ughelli North/Ughelli South/Udu Federal Constituency House of Representative candidate of the Labour

Breaking News in Nigeria:Taxi drivers baricade Kaduna/Abuja flyover, protest against police harassment

Photos: Taxi drivers baricade Kaduna/Abuja flyover, protest against police harassment

Taxi drivers in Kaduna state this morning barricaded the Kaduna-Abuja flyover to protest against what they say is police harrassment in the state. More photos after the cut..

Al-Bashir: Why South Africa May Leave ICC Eustace Dunn

South Africa is set to reassess participation in International Criminal Court over the recent attempt to arrest Sudan leader, Omar al-Bashir, in the country.

This is coming from the criticism a South African court made against the government for letting the Sudan’s President leave the country despite an International Criminal Court arrest warrant. In line

Saraki outsmarts APC, Ali Ndume nominated as Majority leader

Senators of the All Progressives Congress, APC, North-East Caucus, have nominated Ali Ndume as the Majority Leader of the Senate, in defiance of the party’s anointed candidate, Ahmed Lawan.

APC anointed candidates

Bala Ibn Na’alla was also nominated as deputy leader as aaginst the candidate of George Akume nominated by the party. This is seen as victory for loyalists of the Senate President, Bukola Saraki.

Recalled that Lawan as the anointed candidate of APC lost the senate presidency election to Bukola Saraki.

The nominations are subject to approval

- See more at: www.vanguardngr.com

Breaking News:Pakistan heatwave death toll passes 1,000

Pakistani relatives mourn the death of a heatstroke victim outside a hospital in Karachi on June 24, 2015
Karachi (AFP) - The death toll from a major heatwave in Pakistan passed 1,000 on Thursday, medics and welfare workers told AFP, with further fatalities expected.

Tinder is going public

 
Online dating is going public.
IAC/InterActive, the media conglomerate run by Barry Diller, is preparing to spin out its Match unit, which includes Match.com and Tinder.

Nigeria-David Mark Tenure Is The Most Corrupt

The All Progressives Congress on June 25 officially nominated Ali Ndume as the majority leader of the Senate, despite a party directive prescribing the role for Ahmed Lawan.

Ali Ndume

Premium Times adds that Bala Ibn Na’alla, a former House of Representatives member, was nominated as deputy leader, while Francis Alimikhena was nominated for deputy chief whip.
The nominations are subject to approval.

Breaking news:rench anti-Uber protests turn violent as cabbies burn cars

rench riot police stand next to an overturned car in Paris as taxi drivers protest against competition from taxi app Uber on June 25, 2015
Paris (AFP) - Protests in France against ride-booking app Uber turned violent on Thursday as taxi drivers burned cars and blocked access to airports and train stations.

Here's a super quick guide to what traders are talking about this morning

Via Dave Lutz at JonesTrading, here's a super quick guide to what traders are talking about before the market opens on Thursday. 

Good Morning! Equity Futures are in rally mode despite the see-saw nature of Greek headlines. While the S&P rebounds 50bp early, it’s interesting that the DAX isn’t

Nigeria Reps Crisis: House resume sitting, adjourn till July 21

Members of the House of Representatives resumed sitting after sanity was restored following the rowdy session that greeted the selection of principal officers.

The Speaker, Yakubu Dogara reconvened plenary and urged members to count themselves lucky to be chosen to represent their constituency. He later adjourned the House till July 21 while pledging that the crisis that rocked the House will be resolved.

New FLIR One thermal camera for iOS and Android lets you 'see' in the dark

 

The alien hunters in the 1987 film Predator helped make thermal imaging a household term. In the movie, the aptly named Predators could "see" their human prey — even in the dark — by using their thermal vision to detect the heat signatures they emitted.

Arnold Schwarzenegger: The majority of people in Hollywood said I'd never make it as an actor

 

Arnold Schwarzenegger is one of the biggest action stars of the '80s and '90s known for roles including "Conan" and "Terminator."
So it's hard to believe anyone could tell him he would have never made it in Hollywood, but Schwarzenegger says that's exactly what happened to him.

Breaking News:Torrential rainfall claims two Lives in Kano,Nigeria

Heavy rainfall in Tudun Wada Local Government Area of Kano State have claimed two lives and destroyed cash crops worth millions of Naira.

The Chairman of the Local Government Council, Ibrahim Nayola, who confirmed the incident to newsmen in Kano, said the rain which lasted for many hours caused flooding and destroyed many buildings.
Mr. Nayola said he had already visited the affected areas to assess the magnitude of the damage caused by the downpour.
He sympathized with the victims and expressed sadness over the incident describing it as an Act of God.
He also urged the victims to be patient as efforts were being made to provide them with relief materials to alleviate their suffering.
He said the council had already informed the state government through the Ministry for Local Government for possible assistance to the victims.

Nigeria-Uproar in House of Reps over leadership crisis

The crisis rocking the House of Representatives took a different turn, Thursday as members physically exchanged blows.

Read more@thenationonlineng.net

Breaking News-Footballer Cavani sent off for slapping Chile defender who 'inserted finger into his anus' (photos)

Why would you insert your finger inside another man's anus? That's what Chilean defender Gonzalo Jara did yesterday during a match with Uruguay. He patted Uruguay star Edinson Cavani on the butt then inserted a finger into his butt. Cavani turned and flicked a hand into Jara's face, who fell on the

Nigeria-International Drug Trafficking Syndicate Busted

The National Drug Law Enforcement Agency (NDLEA) arrested a popular businessman (names withheld), alleged to be a leader of an international drug trafficking syndicate.

Ahmadu Giade, the chairman of the NDLEA

The 37-year-old suspect allegedly recruited and sponsored couriers to China, Malaysia, Turkey and Italy.

Pacific's tiny Pitcairn Island legalises same-sex marriage

 
© AFP Graphic -Map locating the Pitcairn Island in the Pacific, which has legalised same-sex marriage, according to official documents
Wellington (AFP) - Tiny Pitcairn Island, a one-time hideout for the infamous HMS Bounty mutineers with a population of just 50, has legalised same-sex marriage to help bring the remote community into the modern age.

How I got delivered from masturbation addiction - Tosin Silverdam

Tosin Silverdam is the guy with feminine look that I have featured here a few times. He writes on how he got delivered from masturbation. Read below...

Obama shuts down heckler who tried to interrupt him during speech at the White House

President Obama shut down a heckler who tried to interrupt him during a speech at the White House Wednesday evening, then had her removed from the room.

Australia's version of SOPA is now law: Why didn't anyone stop it?

On January 18, 2012, black banners appeared across hundreds of websites from Google to Tumblr. On Wikipedia, visitors saw a message that read "Imagine a World Without Free Knowledge."
After a grassroots movement across America demanded Internet companies take a stand against two site blocking laws proposed by the U.S. government, the influential sites told their millions of users to contact their elected representatives, and posted links to petitions and protest marches. According to Twitter, 2.4 million tweets relating to the laws were sent that day. The bills were pulled not long after.