CBN which way nah?

Nice development. Time for Banks to Beg Customers.

Please o, hope the money on my account won't be tampered with

I don't care! As long as this is the sacrifice we make for a good cause.

At times in life you do some bad just to achieve a greater and long lasting good.

They are complaining. So they have been liquid with federal governemtn cash. They should not worry the money will soon be reintegrated into the system. But this time used to better the life of Nigerians. And not just sitting in an obscure account with banks making profit from these funds and not paying any interest on it.


No way. I am with Buhari and the CBN on this one all the way.

hope it wil not affect sallah merrymerry >:

SweetJoystick:
Nice...expect crazy deposit promos from banks to mop up liability, attractive fixed deposit rates....Sterling bank is at it already with new accounts/cash deposit promo

Good time to open an account.

Rough days ahead.

Anyway, if you are a banker, I have several millions to fix in your bank at 40% interest rate per annum. Your bank must also give me collateral before I fix this money. I don't want stories that touch, if not wait for government bailout.

Lol.

hard times looms the banking sector.

Buhari want to turn dis country to Afghanistan

https://www.youtube.com/watch?v=73_HYeb2Io8 … > for those who HAVE spiritual eye listen to uterance in video&know its TRUE but YOU CANT accept truth?since the creation of humanbeigns to JESUSCHRIST till now humanbeigns do not accept truth and revelation easily John 6,60-66 makes it very clear

Idrismusty97:
Hope dem no go pack all my monie for bank?

Well this would have less impact on top banks, Shape in or Shape out!

first bank would disagree with you

How can cash shortage hit banks. What does transferring money from an account to another have to do with cash in their vault? If u enter a bank branch and transfer 50million from your account to another account, does it affect the cash the bank has in their vault? Are they physically moving cash?

asha80:
first bank would disagree with you

Why?

Idrismusty97:
Why?

because they are actually hit by this tsa...ask insiders

Hustoto:
How can cash shortage hit banks. What does transferring money from an account to another have to do with cash in their vault? If u enter a bank branch and transfer 50million from your account to another account, does it affect the cash the bank has in their vault? Are they physically moving cash?

moving 200bn from a bank like zenith to cbn account is bound to affect zenith in the short run don't you think so?

There are many economic policies in the world today that can be adopted but its stupidity to think it would work in all type of economies.

Is maintaining TSA a good initiative - Yes.... just like many other good initiatives
What is the main aim of TSA - to ensure no leakages of govt revenue across various ministries and MDAs
Is it the only way to check and curb the leakages – NO
What is the economic impact of implementing TSA – It will significantly impact the middle class, bank workers and SMEs (Small and Medium term enterprises)

What could have been done? – FG could have first documented the unremitted FG funds with these banks (These funds were not missing… they are known and with the commercial banks). Then begin a GRADUAL withdrawal of the funds from these banks in the space of a year or two to allow them sufficient time to react and retain their staff.

This was exactly the reason why NOI under GEJ took a gradual implementation of the TSA policy in order not to collapse the middle class as is currently being witnessed.

Buhari needed a finance minister first before anything… the harm is done already. Nigerians will feel the pain.

this looks like a wise decision to me ....is buhari a brilliant economics too??

this will favour bank customers at the long run. the bank will now have to give better incentives for saving accounts to encourage savings and they will be more customers friendly. no more free money for them, they ll have to work for cash inflow now. marketers go hear am

Fellow Mechanical Engineers


The Nigerian Institution of Mechanical Engineers, Lagos Chapter wishes to announce the 6th AGM of the Chapter as follows
Date:  Today, Wednesday, September 16, 2015 Venue:  Loco Building, Nigerian Railway Corporation, Ebute Metta Time:  4.00pm

I hope this doesn't lead to retrenchment of bank workers?

Flets:
There are many economic policies in the world today that can be adopted but its stupidity to think it would work in all type of economies.

Is maintaining TSA a good initiative - Yes.... just like many other good initiatives
What is the main aim of TSA - to ensure no leakages of govt revenue across various ministries and MDAs
Is it the only way to check and curb the leakages – NO
What is the economic impact of implementing TSA – It will significantly impact the middle class, bank workers and SMEs (Small and Medium term enterprises)

What could have been done? – FG could have first documented the unremitted FG funds with these banks (These funds were not missing… they are known and with the commercial banks). Then begin a GRADUAL withdrawal of the funds from these banks in the space of a year or two to allow them sufficient time to react and retain their staff.

This was exactly the reason why NOI under GEJ took a gradual implementation of the TSA policy in order not to collapse the middle class as is currently being witnessed.

Buhari needed a finance minister first before anything… the harm is done already. Nigerians will feel the pain.

Well this is expected of not a well clued president in economic terms. He is listening to side pro 's

GboyegaD:
Now they have to work harder to get more deposit and possibly come up with products that are customer and business friendly.

Banks should do real banking like their counterparts abroad and stop waiting for govt deposits.
They should drive the economy by providing credit to entrepreneurs and business people at affordable rates and stop giving loans to criminals and politicians.

They should stop selling scratch cards to job seekers and jambites, its time to do some real banking. and stop being some over-hyped treasurer.

zinosleek:
this will favour bank customers at the long run. the bank will now have to give better incentives for saving accounts to encourage savings and they will be more customers friendly. no more free money for them, they ll have to work for cash inflow now. marketers go hear am

But in a month or two what do you think will happen?

asha80:
moving 200bn from a bank like zenith to cbn account is bound to affect zenith in the short run don't you think so?

Zenith bank's deposit base is above 3trillion. It doesnt mean they have that amt in cash. Transferring money From an account doesnt amount to cash shortage. Every bank has acct with each oda including Cbn and if bank a needs to collect cash from any oda bank including CBN, they debit the account with each oda. It is only when a bank has no money in their account with these banks that u can then conclude that there can be cash shortage which will also mean the bank is insolvent. Will moving govt funds lead to this? I Dont think so

pendusky:
This is further moves to worsen Nigeria's Economy! Watching though

You lie. Let them feel the heat. THE BANK EXECUTIVES ARE MAKING TOO MUCH MONEY ON THIS AND THEY HELP POLITICIANS TO EMBEZZLE PUBLIC FUNDS.

kaeforum:


Banks should do real banking like their counterparts abroad and stop waiting for govt deposits.
They should drive the economy by providing credit to entrepreneurs and business people at affordable rates and stop giving loans to criminals and politicians.

They should stop selling scratch cards to job seekers and jambites, its time to do some real banking. and stop being some over-hyped treasurer.

All good said and done.for starters we do not have a credit rating agency. So how are the banks meant to know who to go e credit to amongst those who need them?we do not have financial fingerprints as at yet cos there is no known data base to this effect.

Nice move, even though it could have been executed a little better. But then, come to think of it, a country as corrupt as this country needs such 'shock treatment' to bring it to its senses!

When the Dog was barking nobody cared, now the Lion is silent but everyone is on alert

now they would focus more on nigerians.

Flets:
There are many economic policies in the world today that can be adopted but its stupidity to think it would work in all type of economies.

Is maintaining TSA a good initiative - Yes.... just like many other good initiatives
What is the main aim of TSA - to ensure no leakages of govt revenue across various ministries and MDAs
Is it the only way to check and curb the leakages – NO
What is the economic impact of implementing TSA – It will significantly impact the middle class, bank workers and SMEs (Small and Medium term enterprises)

What could have been done? – FG could have first documented the unremitted FG funds with these banks (These funds were not missing… they are known and with the commercial banks). Then begin a GRADUAL withdrawal of the funds from these banks in the space of a year or two to allow them sufficient time to react and retain their staff.

This was exactly the reason why NOI under GEJ took a gradual implementation of the TSA policy in order not to collapse the middle class as is currently being witnessed.

Buhari needed a finance minister first before anything… the harm is done already. Nigerians will feel the pain.

the truth is all agencies of Govt should normally have and run their own accounts but Nigeria is a place where we abuse the even least of privileges given to us, its a shame that we cannot properly control our lusts and greed hence the need for us to be treated the way we are currently being treated. I still think there will be some exceptions in the long run, the Govt is only trying to remind us all that we need to act more responsibly.

erico2k2:

But in a month or two what do you think will happen?

it will even be better at d long run as they will be customers friendly based and not sulking up to govt officials.