Wedding Anniversary Gift Ideas for 1st to 25th & 50th Anniversary

Almost all the married couple like me & my wife marks their wedding anniversary in a very special way.

I know the celebration of wedding anniversary is the most important event in a couple’s married life, particularly when they attain the 1st, 5th, 10th, 25th, or most importantly the 50th wedding anniversary.

Anniversary indeed is the best time for the couple to reminisce the love that they have shared together through the years.

One of the most important part of their wedding anniversary is the gift they give to each other to make this day more special.

8 Habits That Are Bad for Your Heart

1. Banking on Your Workout

Do you exercise? That’s great. But if you sit down for most of the rest of your day, that’s a problem. You need to be active all day long. Little bursts count. If you have a desk job, take a short walk every hour to boost your circulation, even if it’s just to your break room and back. Binge-watching your favorite show? Get up and dance, or do push-ups during the commercials.

Do Ab Exercises Help You Burn Belly Fat?

Defined abdominal muscles or “abs” have become a symbol of fitness and health.

For this reason, the internet is full of information about how you can achieve a six pack.

Many of these recommendations use exercises and devices that target ab muscles.

These methods supposedly stimulate your abs to burn belly fat.

However, they’re nothing more than gimmicks. They almost never work.

This article explains everything you need to know about ab exercises and belly fat.

Sovereign Debt – What Could Go Wrong?

It has been reported that about $10 Trillion of sovereign debt “yields” negative interest. Assume total global sovereign debt is about $60 Trillion.

Therefore, about one-sixth of all sovereign debt has negative interest rates. This brings to mind a few questions.

1. Do negative interest rates sound absurd, even insane?
2. Would bankers and central bankers in 2012 have believed that interest rates could be pushed so low they actually went negative?
3. Does anyone see a problem with negative interest rates?

Let’s review.

• Central bankers assure us they want price inflation and want to avoid deflation. They create the desired price inflation by “printing” currencies to inflate the total currency in circulation and thereby devalue their currencies.
• Governments support this process as they can finance profligate spending at minimal or negative interest rates.

Gas Supply to Electricity plants drops to 541mmscfd

Gas supply to electricity plants in Nigeria has dropped from the 686mmscfd it recorded in April to 541mmscfd in May, according to the Nigerian National Petroleum Corporation (NNPC).

The corporation said in its analysis on domestic gas supply to power sector that the country’s average power generation also declined from 2,969mw to 2,466mw in the month of May.

Giving a breakdown on gas supply to power plants, it disclosed that there has been consistent drop in the quantity of gas to power plants since January this year from 734mmscfd to 541mmscfd in April.

Oil slides on the Back of Brexit, loses $1.08

• NSE indices dip further by N278b

The exit of the United Kingdom from the European Union (EU) is already taking its toll on the global oil economy, even as more and more young Britons insist on reversing the outcome of last Thursday’s referendum.

How Brexit will affect U.S.-UK relations

There is a revolutionary strain in the American DNA – Great Britain knows all about that – so on the other side of the Atlantic, there is an understanding of the statement the British people made with the Brexit vote.

At the same time, as the most powerful country in the world, the United States values the status quo and the leadership Great Britain has exercised within the European Union and beyond.

Pound Edges up after Hitting 31-year low

The pound rose in Asia Tuesday after hitting a new 31-year low in New York on worries about the effects of Britain’s exit from the European Union, but analysts warned it could face fresh selling as the crisis develops.

Prime Minister David Cameron and Finance Minister George Osborne sought to send a message of reassurance to markets on Monday but that was unable to stop agencies Standard & Poor’s and Fitch stripping the country of its triple-A rating.

The True Nature Of Gold Is Liberty

“Look at that screen,” exclaimed Fox Business Network's Stuart Varney, referring to the television graphic showing markets crashing across the globe.“The only thing going up is the price of gold!”   

“It's always a dangerous thing when you leave democracy up to the people,” joked Varney's guest – venture capitalist and author Peter Kiernan, as they watched Britain vote Thursday night to escape the European Union.

The dust is still settling after Britain's seismic Brexit vote June 23^rd.  At issue: who should control British economic and immigration policies – Brits themselves, or unelected bankers and their bureaucracy stooges?  A choice between the liberty of self-determination, or the tyranny of faraway cronyism.

Vitamins and Minerals From A to Z

Vitamin A

There are two main types of it. One comes from animal sources of food. You need it to help you see at night, make red blood cells, and fight off infections. The other is in plant foods and can help prevent an eye problem called age-related macular degeneration and to cells all over your body. Eat orange veggies and fruits (like sweet potato and cantaloupe), spinach and other greens, dairy products, and seafood such as shrimp and salmon. Too much vitamin A can hurt your liver, though.

Attraction Marketing: Build It and They Will Come

Attraction marketing is a widely used concept among Internet and network marketers. If you are in the same field, you probably have heard of attraction marketing a lot of times without totally comprehending what the principle is all about. Since it is almost everybody’s game, understanding what attraction marketing is, is certainly well-worth your time.

What is Cellulite?

What is Cellulite?

Its name makes it sound like a medical condition. But cellulite is nothing more than normal fat beneath the skin. The fat appears bumpy because it pushes against connective tissue, causing the skin above it to pucker.

Cellulite isn't harmful. Many people, though, would like to get rid of it because of the way it looks.

What Causes Cellulite?

Having cellulite doesn't mean you are overweight. Even thin people can have it. If you are overweight, however, losing weight may reduce cellulite.

Cellulite is more common among women than men. If other women in your family have cellulite, there's a good chance you will too.

Understanding the Over the Counter Trading or OTC in Forex Market

Most of us trading in the forex market know that transactions happen over the counter, but generally we are so engrossed in getting our individual trade right that we have very little patience to understand the mechanics of the market and how trade happens in the Over the Counter format. You might be feeling how does it matter as long as my profits are in place?

Pound sinks but stocks bounce after Brexit vote

The pound fell Monday to around 30-year lows but most Asian stock markets rebounded from hefty losses fuelled by Britain’s decision to leave the European Union, despite fears of months of uncertainty.

Sterling plunged two percent in early Asian trading before paring losses as dealers rushed into safe assets, although Japan’s Nikkei stock index rallied. Britain’s finance minister George Osborne looked to reassure markets, saying the economy was in rude health.

The surprise Brexit decision wiped $2.1 trillion off market valuations Friday and sent the pound slumping to a 31-year low against the dollar.

‘New Forex Regime will Impact Positively on Insurance Business’

The Deputy President, Chartered Insurance Institute of Nigeria (CIIN), Mrs. Funmi Babington-Ashaye, has said that the new forex regime will impact positively on the operations of insurance companies, particularly in the payment of reinsurance premium to foreign reinsurers.

Speaking at a press briefing of the Institute in Laos said if you take for instance aviation, oil and gas, it has been very difficult to get forex to pay for reinsurance fees until the new forex regime, I thinkit will be better for the economy and the insurance industry.

Natural Skin Care Products Versus Chemical-Based Ones

Have you ever been puzzled whether to switch to natural skin care products or stick with chemical-based ones? If you are searching for a reason (or two) to go one way or the other… read on. 

First, let me ask you this… if you had two different products - a natural product and a chemical-based product - and both of the products are very similar in the way they feel and their outcomes - which one would you choose? 

Oh, and let me add something else to this equation, the chemical-based product looks promising on your skin at first, but it is most likely damaging in the long run. Would that impact your final selection process now? 

Become a Game Tester & Get Paid to Play Games

You can turn your hobby into a money making profession. If you love playing games then you got an opportunity to make money with it.

Instead of wasting time you can become a Pro and take gaming as a serious career option.

In this article we tell you how you can become a game tester and get paid.

Again, Red Scorpions blow Shell pipeline in Imo

For the second time in a week, a new militant group in Imo State, the Red Scorpions, yesterday, may have bombed an oil pipeline belonging to Shell Petroleum Development Oil Company, in Awara, Ohaji/Egbema Local Council of Imo State.

The members of the new group, which claimed responsibility for the attack, had emerged in the week, accusing oil companies operating in Ohaji/Egbema and Oguta Local Councils, of marginalising their host communities.

‘Youths Must Start Small to succeed in Business’

Austin Joseph, the Chief Executive Officer of JC International, set up Growth Academy to build capacity, as well as, help tackle youth unemployment. In this chat with DORCAS OMOLADE ORE, he explains how his academy works.

With the present economy, what gap is the Growth Academy meant to fill?

It is simply to help people in developing their entrepreneurial skills. This is because not knowing what to do is always the major problem of most young people.

Digital Reality and the Future of Business in Nigeria

In recent years, Nigeria has earned a reputation as one of the fastest-growing media markets in Africa. Over the past few decades, the nation’s large population – currently estimated at around 170 million, according to the World Bank – and rapidly expanding middle class have driven demand for new newspapers, magazines, radio and television programmes, music, film, and more recently, digital media of all sorts. The music industry and the Nigerian film industry have become significant cultural institutions in their own right, earning fans throughout Africa and further afield. Nigeria is the single largest media market in sub-Saharan Africa, and a handful of Nigerian media outfits have a pan-African reach. While the digital economy is still in its early days, its future is promising and the brands and individuals that integrate digital into the core of their work will reap the huge benefits when the space fully matures.

Gold Bullion Surges 6% In USD As BREXIT Creates Global Contagion Risk

Gold Note

– There has been record online sales on the GoldCore website for this time of day and the phones are ringing off the hook. We have had more sales than during the Lehman crisis and at the height of the Eurozone debt crisis. It is nearly all buying with a preference for gold over silver. We may have to restrict trading to existing clients if we continue to see this level of demand.

– We are seeing more selling than expected and seeing some clients choosing to take profits after the very sizeable short term capital gains. As a percentage of overall trading though, sellers are vastly outnumbered by buyers.

– Bullion inventories had already been increased to record levels and we are confident that the UK leaving the EU will lead to a sustained increase in coin and bar buying in the coming months.

How to Create Payza Account & How to Receive & Withdraw Money

Do you know PayPal is not the only way to send and receive money globally. There are many alternatives to PayPal to receive money online.

And one of the best service is Payza.

If you are a freelancer, a professional or making any online income and has any issue with PayPal then Payza can be the best way to receive your payment.

In this post you will learn everything from creating an account to use it to receive payment in your Payza account & withdrawing to your bank account.

Create a Payza Account

Follow the step by step guidelines to create a Payza account.

A Visual Guide to a Heart Attack

What Is a Heart Attack?

When blood can't get to your heart, your heart muscle doesn't get the oxygen it needs. Without oxygen, its cells can be damaged or die.

The key to recovery is to get your blood flow restored quickly. Get medical help right away if you think you're having symptoms of a heart attack.

European Stocks in Free fall after Brexit vote

European stock markets and the British pound plunged at the start of trading Friday after Britain voted to leave the European Union, with banking stocks leading the way down.

London’s FTSE-100 index was down 5.0 percent around 0745 GMT off earlier lows with banking stocks Royal Bank of Scotland, Barclays and Lloyds all losing close to a quarter of their market value.

“The British people have voted against the economic warnings of the overwhelming majority of expert economic opinion. Not surprisingly, this morning the referendum result has sent shockwaves through global financial markets,” said Daniel Vernazza, economist at UniCredit Research.

Why Nigerians need to buy Local Products

Corporate Institutions across Nigeria are embarking on mass retrenchment of workers amidst fresh graduates entering the job market by mid-June  which is coming on the heels of predictions from the Central Bank of Nigeria (CBN) that the Nigerian economy was about to slip into a recession. These are tell-tale signs that the Nigerian economy needs urgent attention, not a “quick fix” but a corrective and long-term solution that would stand the test of time as the global oil prices keeps fluctuating so very rapidly.

Pound Collapses to a 31-year low as Britain quits EU

The pound collapsed to a 31-year low and there was pandemonium on currency, equity and oil markets Friday as Britain voted to leave the European Union, fuelling a wave of global uncertainty.

Sterling crashed 10 percent to $1.3229 at one point, its weakest level since 1985, while the greenback itself slumped below 100 yen for the first time in two-and-a-half years as traders fled to safety.

MyAds App can Offer Nigerian Brands Global Reach, says Ononobi

Simeon Ononobi

Simeon Ononobi is the Founder and President, MyAds Global FZ-LLC. He is a graduate of Biochemistry at the Federal University of Technology, Owerri. During his undergraduate days, he started his first company back called Compuversity. He left school and started a project called BUMP (Back Up My Phone), an over-the-air backup system that has a server and mobile application that allows users to back up their phone content.Today, Ononobi has started a global company called MyAds, an application platform that allows brands to reach her targeted consumers. In this interview with ADEYEMI ADEPETUN, he spoke on the opportunities the platform can to the development of Small and Medium scale Enterprises in Nigeria, amidst other germane industry issues. 

Oil Edges up on Weaker Dollar as Britain EU vote looms

Oil climbed in Asia Wednesday after Federal Reserve boss Janet Yellen’s cautious remarks on the US economy weakened the dollar and traders nervously await Britain’s vote on its future in the European Union.

Traders are also waiting for the release later in the day of official US stockpiles data, hoping for an idea about demand in the world’s top oil consumer, after an industry group said supplies had tumbled last week.

12 Clues You Might Have Heart Disease

12 Clues You Might Have Heart Disease

Sleep Apnea

When your snoring is broken up by pauses in your breathing, your brain may not be getting enough oxygen. It will send signals to your blood vessels and heart to work harder to keep blood flow going. This raises your risk for high blood pressure, abnormal heart rhythms, strokes, and heart failure. Fortunately, sleep apnea is treatable

Yellow-Orange Bumpy Rash

Extremely high triglyceride levels can make your skin break out around the knuckles of your fingers and toes and on your bottom. A lot of these fats in your blood may play a role in hardening your arteries, and high numbers are often related to other conditions that put you at risk for heart disease and strokes, too.

Why Gold…Why Now?

During my most recent webcast a couple of weeks ago, I had the pleasure of being joined by the CEO of the World Gold Council (WGC), Aram Shishmanian. As expected of someone of his stature, Aram brought another level of insight and expertise to our discussion of gold’s Love Trade and Fear Trade.

You might wonder what the WGC does exactly. In Aram’s words, it focuses on “innovation and integration to create the gold market” around the world. Among other important endeavors, the group “lobbies governments to make their countries appropriately pro-gold” and is the only agency in the world to “train central bankers in the use of gold.” 

Below, I’ve selected a few key moments from the webcast to share with you. You can hear the full replay and follow along with the slide deck at usfunds.com.

Oil Prices Rise above $50 a Barrel on Brexit Moves

•MENA countries plan $900b investment despite low prices
Oil prices rose above the $50 a barrel mark yesterday, after falling to less that $47 barrels in the last one week as concerns over a potential U.K. exit from the European Union temporarily eased.

Brent crude oil, the global oil benchmark, rose by 2.1 per cent to $50.20 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate (WTI) futures increased by1.8 per cent at $48.84 a barrel.

Power Generation Drops Further to 1075MW

•Youths attack electricity workers in Port Harcourt

The nation’s electricity generation, yesterday, crashed further to 1075 Mega Watts, an indication that electricity consumers would experience more frequent power outages.

The generation statistics obtained by The Guardian yesterday showed that the generation level assumed a dwindling trend from 2,903MW recorded last week Thursday. It dropped to 1624MW on Sunday and further to 1075MW yesterday.

US Economy Faces ‘Considerable Uncertainty’ says Yellen

Federal Reserve Chair Janet Yellen said Tuesday that the US economy faces “considerable uncertainty” from slower domestic activity and from a possible British vote to break with the European Union.

Janet Yellen 

Pointing to recent slower hiring and investment domestically, and to the risk that a pro-Brexit vote will send shock waves through global markets, Yellen signaled that the Fed has become less optimistic about US growth over the short term and will proceed with great caution on plans to raise interest rates.

Naira Extends Losses against Dollar

The naira extended its losing run against the dollar for a second day on Tuesday.

The naira traded 1.1 percent weaker at 285 to the dollar at 11 am, with $9 million traded. It, however, traded at N280 to a dollar at 1 pm.

The naira had slumped 30 percent on Monday.

The central bank caved into pressure to effectively devalue the naira in the wake of falling prices for oil, the country’s main export, announcing last week that it would abandon its 16-month-old peg at 197 to the dollar.

New Forex Deal makes N282 to Dollar at CBN’s $4b offer

• Traders, analysts optimistic

• Parallel market rate crashes to N310

• New regime to increase stocks’ investment

The Central Bank of Nigeria (CBN) yesterday executed over $4 billion in foreign exchange transactions as the new exchange rate regime begins, while the defied all forecasts and traded at between N253 and N281.5 to the dollar.

The transactions, which were made up of $3.5 billion in forward sales and about $530 million at the interbank market, were targeted at clearing up the huge backlog of demands that have remained unmet.

The 15 Best Foods to Eat When You’re Sick

Hippocrates famously said, “Let food be thy medicine, and medicine be thy food.”

It’s true that food can do much more than provide energy.

And when you’re sick, eating the right foods is more important than ever.

Certain foods have powerful properties that can support your body while it’s fighting an illness.

They may relieve certain symptoms and even help you heal more quickly.

These are the 15 best foods to eat when sick.

1. Chicken Soup

Chicken soup has been recommended as a remedy for the common cold for hundreds of years — and for good reason.

It’s an easy-to-eat source of vitamins, minerals, calories and protein, which are nutrients your body needs in larger quantities while you’re sick.

Chicken soup is also an excellent source of fluids and electrolytes, both of which are necessary for hydration if you’re making frequent trips to the bathroom.

Your body will also need even more fluids if you have a fever.

Carbonated (Sparkling) Water: Good or Bad?

Carbonated water is a refreshing beverage and a good alternative to sugary soft drinks.

However, concerns have been raised that it may be bad for your health.

This article takes a detailed look at the health effects of carbonated water.

What is Carbonated Water?

Carbonated water is water that has been infused with carbon dioxide gas under pressure.

This produces a bubbly drink that’s also known as sparkling water, club soda, soda water, seltzer water and fizzy water.

With the exception of seltzer water, they usually have salt added to improve the taste. Sometimes small amounts of other minerals are included.

What is a Non Governmental Organization (NGO)?

A non-governmental organization (NGO) is a not-for-profit organization that is independent from states and international governmental organisations. They are usually funded by donations but some avoid formal funding altogether and are run primarily by volunteers. NGOs are highly diverse groups of organizations engaged in a wide range of activities, and take different forms in different parts of the world. Some may have charitable status, while others may be registered for tax exemption based on recognition of social purposes. Others may be fronts for political, religious, or other interests.

The number of NGOs in the United States is estimated at 1.5 million. Russia has 277,000 NGOs. India is estimated to have had around 2 million NGOs in 2009, just over one NGO per 600 Indians, and many times the number of primary schools and primary health centres in India.

NGOs are difficult to define, and the term 'NGO' is not always used consistently. In some countries the term NGO is applied to an organization that in another country would be called an NPO (nonprofit organization), and vice-versa. There are many different classifications of NGO in use. The most common focus is on "orientation" and "level of operation". An NGO's orientation refers to the type of activities it takes on. These activities might include human rights, environmental, improving health, or development work. An NGO's level of operation indicates the scale at which an organization works, such as local, regional, national, or international.

New Foreign Exchange Policy will attract Portfolio Investors, says Economist

An economist, Dr Aminu Usman says the new Foreign Exchange (FX) policy recently introduced by the Central Bank of Nigeria (CBN) will encourage portfolio investors to return to the economy.

Usman, a lecturer at the Department of Economics, Kaduna State University, Kaduna said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

He said that the return of portfolio investors might invariably increase the supply of FX to the market and enhance liquidity.

NAN reports that the CBN had on June 15 unveiled new guidelines in the management of FX which would be determined by the market and primary dealers.

Flexible Forex Regime takes off, Faces $4 billion Demand

• Treasurers want N1tr mop-up for stability

• Policy raises concern over write-offs, bad loans

As the flexible exchange rate policy takes off today, there is no less than $4 billion worth of unmet demand, which has raised a new concern over its clearance within the targeted four weeks.

There is also anxiety within the banking industry over the implications of the expected exchange rate increase to between N275 and N300 on the existing Non-Performing Loans (NPLs).

While expectations are high that the more than $4 billion backlog will be cleared, according to sources from the Central Bank of Nigeria (CBN) in the next three to four weeks once the policy takes off today, the significant exchange rate adjustment has raised new worries that the ability of customers to repay the existing dollar obligations would be constrained further.

Exchange-Rate Flexibility

A flexible exchange-rate system is a monetary system that allows the exchange rate to be determined by supply and demand.

Every currency area must decide what type of exchange rate arrangement to maintain. Between permanently fixed and completely flexible however, are heterogeneous approaches. They have different implications for the extent to which national authorities participate in foreign exchange markets. According to their degree of flexibility, post-Bretton Woods-exchange rate regimes are arranged into three categories: currency unions, dollarized regimes, currency boards and conventional currency pegs are described as “fixed-rate regimes”; Horizontal bands, crawling pegs and crawling bands are grouped into “intermediate regimes”; Managed and independent floats are described as flexible regimes. All monetary regimes except for the permanently fixed regime experience the time inconsistency problem and exchange rate volatility, albeit to different degrees

Fixed rate programs

In a fixed exchange rate system, the monetary authority picks rates of exchange with each other currency and commits to adjusting the money supply, restricting exchange transactions and adjusting other variables to ensure that the exchange rates do not move. All variations on fixed rates reduce the time inconsistency problem and reduce exchange rate volatility, albeit to different degrees.

Under dollarization/Euroization, the US dollar or the Euro acts as legal tender in a different country. Dollarization is a summary description of the use of foreign currency in its capacity to produce all types of money services in the domestic economy. Monetary policy is delegated to the anchor country. Under dollarization exchange rate movements cannot buffer external shocks. The money supply in the dollarizing country is limited to what it can earn via exports, borrow and receive from emigrant remittances.

A currency board enables governments to manage their external credibility problems and discipline their central banks by “tying their hands” with binding arrangements. A currency board combines three elements: an exchange rate that is fixed to another, “anchor currency”; automatic convertibility or the right to exchange domestic currency at this fixed rate whenever desired; and a long-term commitment to the system. A currency board system can ultimately be credible only if central bank holds official foreign exchange reserves sufficient to at least cover the entire monetary base. Exchange rate movements cannot buffer external shocks.

A fixed peg system fixes the exchange rate against a single currency or a currency basket. The time inconsistency problem is reduced through commitment to a verifiable target. However, the availability of a devaluation option provides a policy tool for handling large shocks. Its potential drawbacks are that it provides a target for speculative attacks, avoids exchange rate volatility, but not necessarily persistent misalignments, does not by itself place hard constraints on monetary and fiscal policy and that the credibility effect depends on accompanying institutional measures and a visible record of accomplishment.

Monetary union

A currency or monetary union is a multi-country zone where a single monetary policy prevails and inside which a single currency or multiple substitutable currencies, move freely. A monetary union has common monetary and fiscal policy to ensure control over the creation of money and the size of government debts. It has a central management of the common pool of foreign exchange reserves, external debts and exchange rate policies. The monetary union has common regional monetary authority i.e. common regional central bank, which is the sole issuer of economy wide currency, in the case of a full currency union.

The monetary union eliminates the time inconsistency problem within the zone and reduces real exchange rate volatility by requiring multinational agreement on exchange rate and other monetary changes. The potential drawbacks are that member countries suffering asymmetric shocks lose a stabilization tool—the ability to adjust exchange rates. The cost depends on the extent of asymmetric costs and the availability and effectiveness of alternative adjustment tools.

Flexible exchange rate regimes

These systems do not particularly reduce time inconsistency problems nor do they offer specific techniques for maintaining low exchange rate volatility.

A crawling peg attempt to combine flexibility and stability using a rule-based system for gradually altering the currency's par value, typically at a predetermined rate or as a function of inflation differentials. A crawling peg is similar to a fixed peg, however it can be adjusted based on clearly defined rules. Often used by (initially) high-inflation countries or developing nations who peg to low inflation countries in attempt to avoid currency appreciation. At the margin a crawling peg provides a target for speculative attacks. Among variants of fixed exchange rates, it imposes the least restrictions, and may hence yield the smallest credibility benefits. The credibility effect depends on accompanying institutional measures and record of accomplishment.

Exchange rate bands allow markets to set rates within a specified range; endpoints are defended through intervention. It provides a limited role for exchange rate movements to counteract external shocks while partially anchoring expectations. This system does not eliminate exchange rate uncertainty and thus motivates development of exchange rate risk management tools. On the margin a band is subject to speculative attacks. It does not by itself place hard constraints on policy, and thus provides only a limited solution to the time inconsistency problem. The credibility effect depends on accompanying institutional measures, a record of accomplishment and whether the band is firm or adjustable, secret or public, band width and the strength of the intervention requirement.

Managed float exchange rates are determined in the foreign exchange market. Authorities can and do intervene, but are not bound by any intervention rule. Often accompanied by a separate nominal anchor, such as inflation target. The arrangement provides a way to mix market-determined rates with stabilizing intervention in a non-rule-based system. Its potential drawbacks are that it doesn’t place hard constraints on monetary and fiscal policy. It suffers from uncertainty from reduced credibility, relying on the credibility of monetary authorities. It typically offers limited transparency.

In a pure float, the exchange rate is determined in the market without public sector intervention. Adjustments to shocks can take place through exchange rate movements. It eliminates the requirement to hold large reserves. However, this arrangement does not provide an expectations anchor. The exchange rate regime itself does not imply any specific restriction on monetary and fiscal policy

Fuel Pump Price: Differentials Set in Across Markets

• New forex regime to set appropriate pricing

Operators in oil and gas downstream sector have predicted an emergence of appropriate pricing for petroleum products, with the flexibility regime of the forex market, as introduced last week by the Central Bank of Nigeria (CBN).

This prediction came on the heels of the prevailing price in many parts of the country. While many are selling bellow the maximum price of N145 stipulated by the government, others are reportedly selling more.

Investigations revealed that diesel, which sold at N120 before the partial deregulation, is now selling at between N180 and N200 per litre in some states.

The National Bureau of Statistics in its MayPMS Price Watch released Wednesday, stated that consumers bought petrol at between N162 and N165 a litre in Ebonyi, Yobe and Benue states.

The agency reported that the product sold at the official price of N145 a litre in Kaduna and Zamfara States, while it sold for N144.75 in Lagos State.

The Guardian findings showed that some independent marketers now sell petrol at between N139 to N145 in Lagos.But major marketers like Oando, Conoil, Mobil, MRS and Total were still selling at the control price of N145 per litre.

In Jos, Plateau State, PMS is sold at between N140 and N145 per litre, while Diesel is sold at between N140 and N150 per litre. It is only at NNPC Mega Station that one can be sure of buying the product at N140 per litre. The demand for diesel in the state is not as high as PMS.

The story is the same in Imo State, where Diesel still sells at N185 per litre and PMS at N145in all the stations on major streets such as Okigwe, Port Harcourt and Douglas amongothers. Marketers said they were dispensing and selling according to how they purchased the products.

While the price of PMS continued to be sold at the approved pump price of N145.00 in all filling stations in Taraba State, the reverse is the case with diesel. The product is being sold at between N150 and N160 per litre.

The price of diesel has risen steeply in Zamfara State, following the gross shortage of the product in major filling stations in the state.

Checks by The Guardian in Gusau, Zamfara State capital, indicated that some of the major filling stations, including Total, Oando, Conoil, and Ascon have not been supplied products in the past two weeks.However, the state NNPC Mega Station is selling the diesel product at N185.

A staff at one of the Total stations in Gusau said the station had not received diesel for over two weeks, despite being a top seller of the product in the state.

Some of the marketers attributed the development to the high rate of foreign exchange and the international oil price.

“The refined product is getting higher since crude oil price is going up. The situation with our exchange rate is getting worse. Marketers have to look for forex by themselves and the cost of dollar is almost N370 now,” said one of the marketers.

In Port Harcourt, Rivers State, diesel price has gone up to N185 per litre, as against the usual N145 and N125. PMSis also is sold at between N160 to N200, where available. Similarly, kerosene (DPK) is also selling at N180 per litre.

The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) have shut down most stations in the city due to ongoing strike action. The union in Rivers and Bayelsa States shut down operations to protest against the ban on unionism by four oil companies operating in the areas.

Investigations revealed that most motorists have parked their vehicles, as a result of non-availability of petrol, forcing transport fares to go up.

The Managing Director and Chief Executive Officer of Integrated oil, Captain Emmanuel Ihenachor, attributed the rising price of diesel to the forces of demand and supply.

Said he: “There is no money to import diesel, just like any other product. It is the demand and supply that is responsible for what is happening to the price of diesel. People don’t have the foreign exchange to bring in the product. There is shortage of diesel and that is the simple reason for the increase in price. Whenever forex is available, people will bring it in. We just have to find a way to make forex available for people to bring the commodity into the country,”he said.

President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Okoronkwo Chinedu, expressed optimism that appropriate pricing of the products would be achieved soon with the flexibility regime for exchange rate.