Torpell

The Central Bank of Nigeria puts in an additional sum of $250 million in an attempt to stabilise the foreign exchange liquidity.
This move was made yesterday, September 12, 2017.

Isaac Okorafor, CBN's acting director in charge of corporate communications announces this, saying that the extra money put into the forex provided a stable market.

He reaffirms the commitment of CBN maintaining a transparency market.

The breakdown shows the wholesale sector received the sum of a $100 million while the Small and Medium Enterprises receives the sum of $80 million.

Also, people who needed foreign exchange for personal use get a sum of $70 million.

The Nigerian stock exchange gets more money pumped into it by the CBN. The Nigerian stock exchange gets more money pumped into it by the CBN.  (Premium Times)
The Central Bank of Nigeria puts in an additional sum of $250 million in an attempt to stabilise the foreign exchange liquidity.
This move was made yesterday, September 12, 2017.

Isaac Okorafor, CBN's acting director in charge of corporate communications announces this, saying that the extra money put into the forex provided a stable market.

He reaffirms the commitment of CBN maintaining a transparency market.

The breakdown shows the wholesale sector received the sum of a $100 million while the Small and Medium Enterprises receives the sum of $80 million.

Also, people who needed foreign exchange for personal use get a sum of $70 million.

ALSO READ: 7 simple ways to make extra cash from old items

Okorafor advises all to follow the guidelines of foreign exchange sales in Nigeria forex market, reassuring authorized dealers that they have enough funds to meet the foreign exchange needs of customers.

He also points out that measures have been taken which were meant to review and check speculators activities and protect the Naira from attacks, and at the same time maintaining the international value of the Naira.

The director encourages people who genuinely were in need of foreign exchange to keep going to their respective banks for purchase.

He says CBN remained positive that the Naira will do better than other currencies around the world.

He concludes that the goal of the convergence target of the bank between the forex rates at the interbank and Bureau de Change of the stakeholders will be reached if everyone follows the rules and regulations.

Successful businessmen like Warren Buffet, Oprah Winfrey, Bill Gates and the likes put in a lot of work and sacrifice to attain the level of success in different respective positions they are today.
Every young entrepreneur looks up to these affluent men and women but how much work can be put to get to the point they are. Here are 9 steps they've publicity adopted in one way or the other to get to where they are today. These tips help guide you on your way to becoming a successful entrepreneur.
Successful businessmen like Warren Buffet, Oprah Winfrey, Bill Gates and the likes put in a lot of work and sacrifice to attain the level of success in different respective positions they are today.
Every young entrepreneur looks up to these affluent men and women but how much work can be put to get to the point they are. Here are 9 steps they've publicity adopted in one way or the other to get to where they are today. These tips help guide you on your way to becoming a successful entrepreneur.

Oprah Winfrey
According to Forbes media proprietor/TV host Oprah Winfrey is worth a whooping $3billion  (Vanity Fair)
1. Be an early riser

The first step to becoming a successful entrepreneur is waking up early. The holy books also attest to this fact. Waking up early makes you think and plan your day properly.

2. Engage in a deep thinking session

Take at most 15 minutes of the morning brainstorming about business, family, career, relationship etc. Positive thinking helps to focus the mind for the day.

3. Exercise

Go through a brief exercise routine, probably 30 minutes of exercise, before stepping out for the day's grind. Fit people tend to be more healthy and also have the strength to work more hours with better concentration.

4. Read books

Many successful businessmen are readers. Not talking about soft sell magazines but books on business and self-improvement, motivational books. Reading books helps sharpen the brain.

5. Set goals

Know your passion and work towards it. Define your goals, try setting a standard for yourself. Set a deadline or give yourself a timeline for you to achieve your goals. Go back to the drawing board to check your progress, taking note of mistakes and correcting them.

6. Networking

This is very important key to being an entrepreneurial success. Meet people who have the same goals like you do and are purpose-driven. Join social clubs to connect with people, engaging in discussions that bring innovative ideas.

7. Find a mentor

Find a successful businessman to groom and also advice you on growing your business providing networking opportunities and also boosting your confidence. Having a mentor helps you learn by sharing valuable life lessons, mistakes and experience the mentor once had.

8. Learn how to save

An aspiring business man should always learn how to save, have more than a source. Remove a substantial amount of money from your income and create a budget on how you want to spend your earnings.

9. Be able to take risks

A businessman should always prepare for risks. Success stories we hear about these days took lots of risk before getting to the height of the business. Don't be scared to take risks, refusing to take a risk means you are shutting the doors of success.

Follow these tips and you are on your way to becoming the next Warren Buffet.

A piggy bank  (Pinterest)
With an economy like Nigeria's, you have to find every possible way to save money. A piggy bank is a good and simple way of saving.
Traditionally, a piggy bank is a container, where money is kept.

Often in the form of a pig, but with the evolvement of time, a  piggy bank has changed from just being a container in the form of a pig to any container, mostly in the form of a box, which you can't break open or have access till you are sure you really need to use the money in it.

It could either be called a piggy bank or money box.

A piggy bag is mostly associated with children, but it can serve as an effective saving tool for adults.

Having a piggy bank help organize loose change. You can't keep going to the bank to save all the change left from your money, while some people don't just like the stress of having to go to the bank to save money.

Rather than spending all loose change on snacks and junk stuff, you can just put them in a piggy bank and watch it grow as you persistently keep putting in the loose change so a piggy bank serves as an alternative for saving money and also saving loose change every now and then.

Having a piggy bank helps to set saving goals. You can set financial goals with a piggy bank. it’s always important to set goals for yourself. Probably you want to get a new phone or a new pair of sneakers, using a piggy bank is a very easy way to get those goals. Giving you an idea of how much you've saved in it
Having a goal to achieve really helps encourages you to save money in a piggy bank but it takes a whole lot of patience and determination not to ever break it when you feel the urge to do so

Owning a piggy bank can also be fun, because you have a visible knowledge where you keep your money and there is always an excitement of anticipation, having to think about how much you already have in a piggy it and it also helps to develop a good saving habit.

It's a personal decision on how frequently and how much you want to put into your piggy bank. But it is advisable to put a substantial amount at the end of every week.

You can decide to break open your piggy bank after you have reached your financial goals, or you can go for a longer period.

10 money quotes from Warren Buffett  (Cnbc)
1. “You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.”

Time is precious and also translates into money. It is very important to know how to manage time. Without time management, it will be a case of disorganized schedule.

2. “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”

To be wealthy, you should always have a positive mindset towards it, always be optimistic and never have a mediocre mindset of doing things, never be sceptical about doing things.

3. “The most important investment you can make is in yourself.

Warren Buffett and current wife, Astrid
» more Warren Buffett and current wife, Astrid  (Businessinsider)
Personal development is important. Develop yourself mentally, read motivational books, take business professional courses. Anything to improve your personal life.

4. “If past history was all that is needed to play the game of money, the richest people would be librarians.”

Never let your past determine your future. Because you failed at something doesn't mean you are a failure.

5. “Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”

Warren Buffett
Warren Buffett  (Businessinsider)
It's better to have assets than liabilities. Acquire things that would have long-term value.

6.  “In the world of business, the people who are most successful are those who are doing what they love.”

There is always a sense of fulfilment in doing what you love. Having a passion for something and turning it into money

7. “The difference between successful people and really successful people is that really successful people say no to almost everything.”

You must learn how to say no to almost anything.  Before making a decision think through it.” Saying no most times prevents you from making bad financial decisions.

8. “It’s better to hang out with people better than you. Pick out associates whose behaviour is better than yours and you’ll drift in that direction"

Make friends with people of like mind and interest and are way better than you. Meet and network with the right people
9. “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”

There is a saying '"Opportunity comes but once when it comes your way, make good of it"

Seize every opportunity and leverage on it.

10. “If you aren’t thinking about owning a stock for ten years, don’t even think about owning it for ten minutes.”

Make more of long-term investment goals than short-term ones.

People are mostly misinformed or they have limited information about topics and issues.One of the issues is on money.
People have come out to say all sorts when it comes to money matters, which most people always buy into their school of thought.

A lot of people have come to believe such financial claims which are so untrue. You need to be guided in money matters, so you won't make costly money mistakes.

Here are common myths you should avoid

1. You need a huge amount of money to invest.

People have the notion that only the rich invest because they have a whole lot of money. This is false. You don't need to have a certain amount of money before you invest.

Start with the little you have, it is way easier to start with what you have than waiting for the huge capital you might never get in a long while.

2. It is not wise to take risks.

Another financial myth people believe is that it isn't wise to take risks.

People love their comfort zone, comfortable with watching their savings in a bank account with little interest, growing at a slow rate, and are not willing to take risks because they want to lose their money or assets, but the truth about taking risks is the first financial step to financial success.
Not taking risk is an open door to living in penury

3. You don't make enough, so you can't have a budget

Another untrue myth you need to avoid. No matter how little the amount of money you earn, you need to always make a budget on how much you want to spend.

Budgeting helps to curb your spending and also keep track of your expenses.

4. Don't worry about pension until you are old

If anyone tells you this, please stay away from that person, because they don't have your best interest at heart.

Having a retirement plan is very important and you need to start planning it out in your twenties, The earlier, the better.

5. I don't have enough money to save

This is the silliest of all the money myths. No matter how much you make, the truth is it would never be enough.

So you need to forget this notion totally.

Start saving no matter how small it is. If you can't save when you earn a little, you actually won't be able to save when you make more money.