Naira falls to 230, dollar supply dries up

These are definitely not interesting times for the nation’s economy, particularly the national currency, the naira, no thanks to the depleting reserves and the subsequent banning of importers of 41 items from the foreign exchange market by the Central Bank of Nigeria.

Barely 10 days after the CBN stopped forex sale to importers of rice, textile and 39 other items, the naira on Wednesday crashed to 230 against the United States dollar at the parallel market, down from 218 recorded on June 23 when the new forex rule was introduced.

The policy, which has pushed huge forex demand from the interbank (official) market to the parallel (black) market and the Bureau de Change retail segment, has led to artificial scarcity of dollar and other major foreign currencies as operators now hoard them in anticipation of higher prices.

The naira had fallen to 220, 223, 226.5 and 228 against the dollar in the past one week.

Black market and BDC operators, however, told our correspondent that serious dollar liquidity squeeze was already hitting the market and operators were no longer in possession of huge stock of forex to meet rising demands, especially from the importers of the banned items.

Using the CBN figures, analysts had estimated that about $5.7bn quarterly forex demand was being transferred from the official interbank market to the black market.

“The situation is getting critical now. There is serious dollar liquidity squeeze in the market now. The demand is overwhelming and both the black market and the BDC segment can no longer meet the demand,” a black market operator told our correspondent on Wednesday.

“The market is very volatile now as a result of the restrictions placed on about 41 items by the central bank. Most importers are now patronising the parallel market to source their dollars,” the head of a BDC, Mr. Harrison Owoh, told Reuters on Wednesday,.Meanwhile, the Association of Bureau De Change Operators has written to the CBN asking it to intervene in the dollar scarcity in the parallel market and the BDC segment to save the naira from crashing further.

In the letter, a copy of which was obtained by our correspondent, the association expressed its readiness to work with the CBN to stabilise the market.

The letter, signed by association’s President, Alhaji Aminu Gwadabe, and Executive Secretary, Uduma Cletus, advised the CBN to increase its weekly forex sale to the BDCs from $30,000 to $50,000.

The body also asked the central bank to reintroduce the autonomous market where it could sell about $100,000 to the operators.

Gwadabe told our correspondent that it was expedient for the CBN to increase its forex sale to the BDCs in order to stabilise the naira.

Some analysts believe the naira may hit 240 against the dollar in the coming days.

However, the naira traded at 198.95 to the dollar at the interbank market on Wednesday, according to Reuters.

The central bank had lowered its exchange rate peg to N196.95 to the dollar on Tuesday from N196.90 last week

Also, a trade of $735.74m went through on Nigeria’s interbank currency market at N198.45 on Wednesday, Thomson Reuters data showed.

Market sources said a foreign client had sold dollars to a bank in Nigeria. Total interbank market volumes stood at $1.12bn on Wednesday, far higher than typical trading sessions since the central bank introduced a naira peg in February.

Meanwhile, the CBN has reminded dealers and banks that their dollar cash sale for six items, including schools fees, insurance premium, basic travel allowance and monthly mortgage should not exceed $5,000.

In a new circular dated July 1, 2015, the CBN also warned banks not to sell forex to the importers of the 41 items that were banned from the forex market last week.

stay motivated

Building great businesses, achieving massive goals and rising to the top of your profession doesn't just happen by accident. It happens through a ridiculous work ethic and consistently showing up every single day.

Here are 20 quotes to help motivate you to hustle like never before:

1. "You can't have a million-dollar dream with a minimum-wage work ethic." -- Stephen C. Hogan

2. "When I was young, I observed that nine out of 10 things I did were failures. So I did 10 times more work." -- George Bernard Shaw

3. "If you have an idea of what you want to do in your future, you must go at it with almost monastic obsession, be it music, the ballet or just a basic degree. You have to go at it single-mindedly and let nothing get in your way." -- Henry Rollins

4. "Give your dreams all you've got and you'll be amazed at the energy that comes out of you." -- William James

5. "Many people think they want things, but they don't really have the strength, the discipline. They are weak. I believe that you get what you want if you want it badly enough." -- Sophia Loren

6. "Put your heart, mind, intellect and soul even to your smallest acts. This is the secret of success." -- Swami Sivananda

7. "If a man is called a street sweeper, he should sweep streets even as Michelangelo painted, or Beethoven composed music, or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and Earth will pause to say, 'Here lived a great street sweeper who did his job well.'" -- Martin Luther King, Jr.

8. "All life demands struggle. Those who have everything given to them become lazy, selfish and insensitive to the real values of life. The very striving and hard work that we so constantly try to avoid is the major building block in the person we are today." -- Pope Paul VI

9. "Talent is cheaper than table salt. What separates the talented individual from the successful one is a lot of hard work." -- Stephen King

10. "God gives every bird its food, but He does not throw it into its nest." -- J.G. Holland

11. "Much good work is lost for the lack of a little more." -- Edward H. Harriman

12. "The difference between try and triumph is a little umph." -- Marvin Phillips (or an unknown author)

13. "The person who is waiting for something to turn up might start with their shirt sleeves." -- Garth Henrichs

14. "Those at the top of the mountain didn't fall there." -- Marcus Washling

15. "If you feel you are down on your luck, check the level of your effort." -- Robert Brault

16. "You're either changing your life or you're not. No waiting for this or that or better weather or other hurdles. Hurdles are the change." -- Terri Guillemets

17. "Be not afraid of going slowly. Be afraid only of standing still." -- Chinese proverb

30 DAYS IN OFFICE

On Sunday, PDP National Publicity Secretary, Olisa Metuh, released a statement declaring that President Muhammadu Buhari has done virtually nothing during his first 30 days in office.And now, National Publicity Secretary of APC, Alhaji Lai Mohammed, has dismissed Metuh’s statement. Speaking at a press conference in Abuja on Tuesday, Mohammed stated that in the area of battling terrorism, Buhari has made progress by fostering the decision to deploy the Multi National Joint Task Force (MNJTF), with headquarters in N’Djamena, Chad, on July 30th to against Boko Haram – the same force ex president Jonathan wasn’t able to get off the ground in six years,Daily Post reports.

During his speech, Mohammed also listed other areas of progress Buhari’s administration was making, urging Nigerians to be patient with the new president.  In addition, he blamed the delay in appointing a cabinet on the lack of cooperation of the past administration.

Read his full speech below:

Good afternoon gentlemen.

I have arranged this interaction to rub minds with you, as always, on the situation of things in our country, top of which are the efforts being made by President Muhammadu Buhari to chart a new path for our dear country, Nigeria.

It’s been about one month now since President Buhari assumed office, and I can tell you that there has been motion, and there has been movement, contrary to what is being peddled in some quarters.

Let me say straight away that my party, the APC, understands and appreciates the concerns of Nigerians as far as the perceived pace of the administration is concerned. We understand that they repose so much confidence in the party and the government to act quickly to stamp out insecurity, tackle corruption, revive the moribund economy, provide jobs and generally restore hope.

10 things you should try before 30

The time between your 20s and 30s is probably the one with the most adventurous potential. The vast majority of the people focus on their careers and degrees, but there are certain things you should do to create unforgettable memories and make yourself proud of what you managed to accomplish.

Whereas there are countless ideas which vary on your attitude and lifestyle, the following list is full of things anyone should try.

1. Visit a new continent.

New continent means a whole new experience, different culture and tons of interesting people to meet. Everyone should visit another continent at least once in a lifetime, it’s a priceless experience.

2. Travel to at least 20 countries.

Each new country you visit is an original life lesson and unique memories. The more countries you travel to, the better you can compare them and draw conclusions from people’s behavior, culture, and rituals. By spending time in different environments, we can learn a lot about ourselves.

3. Make at least one friend in every country you visit.

Traveling somewhere without making a new friend there is a huge loss. By interacting with local people, you may have a chance to learn about the secret facts of that very location and explore some mysterious places. What’s more, creating a bond with the locals creates an opportunity to revisit the country cheaper by being hosted by the people you’ve met.

4. Take a spontaneous trip.

Without planning every single detail, pack all the necessary stuff and set off into the unknown. You don’t even have to leave your country, the key is to make it impromptu, face what life throws at you and see how you can deal with that. Once the trip is over, you’ll learn some incredible lessons that you wouldn’t have by booking an all-inclusive vacation.

Catching a last-minute flight to a random destination might be a starting point for a serious adventure.

5. Learn a new language.

Do you know what’s the Bill Gates’ most regretted thing is? It’s not learning a second language. During your travel, it’s a great opportunity to practice your language skills with locals. While you are at home, you can learn the basics using books, attending a course or through online programs. And then, once you have a chance to speak with native speakers, this will be the moment when you learn the most. During just a few months of attending a German high school, I learned far more than spending two years of practice with books (though it was a good preparation).

6. Go Bungee Jumping.

This idea may seem crazy to you, but it’s just a warm up comparing to the next one. Bungee jumping is an insane way to face your fears and do something against common sense. As for me, it’s a valuable lesson which emphasizes the fact that even the scariest things turn out to be tolerable once you go through them.

7. Skydive.

As I promised, this one is hardcore. Experience the unstoppable power of gravitation and see the world from a different perspective. Though I didn’t skydive yet, doing it at least once is definitely on my bucket list.

8. Face your worst fear.

Whatever you fear, most probably it’s a mental issue and not a real danger. There’re countless phobias people suffer from. I don’t know what’s yours, but I dare you to test your limits and see how far you can go.

9. Stand on top of a mountain.

And get there going on a foot. The view from the top is invaluable and unique. You literally feel the power of nature and see how small we actually are comparing to the natural forces.

10. Boost your financial stability.

Before you turning into 30s, becoming financially independent is almost mandatory. To avoid getting lost in debt and make the money work for you and not vice versa, you should devote some time to learning finances. This 14-day plan is a great way to start.

More bodies recovered after military C-130 plane crashes in Indonesian city

     Searchers pulled more bodies, Wednesday from the charred wreckage of an Indonesian military plane that authorities say was carrying more than 120 people when it crashed near a residential area.

Military personnel and their family members, students and other civilians were among those on board the C-130 Hercules plane that went down shortly after takeoff Tuesday in Medan, on the Indonesian island of Sumatra.

So far, 91 bodies have been recovered from the crash site,Air Marshal Agus Supriatna, the commander of the Indonesian Air Force, said Wednesday.But more are expected to be retrieved from the shattered remains of the large transport aircraft.

The military transport plane had 122 people aboard -- 110 passengers and 12 crew members -- when it took off from Soewondo Air Force Base in Medan, according to Supriatna.

Read 5 Tips to Help You Overcome Startup Struggles

Startups are not all unicorns and IPOs. The startup struggle is real. 

You ever see that image about success with the straight arrow going up on the left that reads, “What people think it looks like,” and then a squiggly arrow on the right that wraps itself in loops and looks like a mess and states, “What it really looks like”? The more experienced I get, the more real that depiction becomes. 

I’m not here to write about watered-down BS than can be found in any self-help book. I want to keep it real with you, as I’m interested in building authentic, genuine business relationships with all of my readers. It’s the reason why I write about my personal struggles (How My Life As An Entrepreneur Shaped My Time In Prison, 3 Lessons Learned From My Failed Business With A Guy I Met On Craigslist and 6 Life Hacks Learned In Prison That Will Maximize Your Productivity), not just my success.

Here's a brief timeline of my personal startup struggles:

• In 2011, I was building one of my startups. I had sold my car to have extra cash on my fundraising road. In the 11th hour, when my savings was about to run out, and all of my bills compounded and rent due, I received a six-figure investment.
• That same year, after building my companies for the past two years, just as things were starting to take off, I was sent away to prison for two years and lost everything.
• In 2013, I had $200 to my name and a whole lot of ambition.
• Later that year, while working with another person, our relationship went sour and all of my clients and funds were gone. I had to scramble again to figure out how to keep persevering in the face of negative circumstances.

Startup struggles happen, and it’s at these points that our strength, tenacity, resiliency, courage and motives as entrepreneurs are tested and sharpened. Here are some tips and examples of struggles of other entrepreneurs to help you get through these rough patches:

1. Realize you’re in good company.

Henry Ford went broke five times before he founded the successful Ford Motor Company. Bill Gates failed with his first business, Traf-O-Data. Steve Jobs was kicked out of Apple. While J.K. Rowling was writing the original Harry Potter book, her life was a self-described mess: she was going through a divorce and living on government aid and in a tiny apartment with her daughter before building her $15-billion brand.

Reading stories about successful entrepreneurs is encouraging and helpful. Being an entrepreneur can be lonely, and when we realize we’re in good company it alleviates pressure from difficult circumstances.

Women's World Cup: U.S. downs Germany 2-0 to advance to final

   The impossible-to-crack defense almost gave one up Tuesday night.

The United States, unscored upon since its opening match of the Women's World Cup, finally showed some vulnerability about 15 minutes into the second half of its semifinal against No.1 Germany.

Stalwart defender Julie Johnston made a mistake in trying to chest down the soccer ball as she neared goalkeeper Hope Solo. Germany's Alexandra Popp scooted by and eyed a goal-scoring chance. Johnston tugged on her opponent's shoulder with her right hand. Popp got off a half-hearted chip and went down.

Foul in the penalty area. Yellow card for Johnston, one that commentators felt could have been a red card. Penalty kick for Germany and Celia Sasic, the leading scorer in the tournament.