What is MPR - The rate at which banks borrow from CBN. Raised from 12%.

Implications:
1. Cost of borrowing will go up.
2. Companies that already are not doing well due to the harsh economic climate will sink further into debts. This may mean more retrenchments and more dependants coming your way.

How one economist summarised the outcome of the MPC meeting:

He said, "CBN has pushed the panic button. Foreign investors will not come. Nigeria will sink deeper into recession".

He gave a frightening revelation when he said many banks are on the CBN Discount Window.

What is a Discount Window - where banks go to the CBN for life support.

What you need to do:
1. Brace for more economic impact.
2. Cut off wastes. Postpone that champagne party. Leave out buying that luxury car. Planning to move to a duplex from a flat? Suspend that idea for now.
3. If you have some little change, please buy USD, no matter how small.
4. Generally keep a low profile for now.

It may blow over in a year or more but we could also lose total control like Zimbabwe. Your N10m may now be worth $300 pere.

I truly wish all of us will take steps to avoid becoming one of those 'when I was rich' people.

God bless us all!

Admin kindly do the needful. Thanks

that means dollar is gonna hit 400 naira sooner than i thought

2wizkids:
that means dollar is gonna hit 400 naira sooner than i thought

Probably, start stacking 'em up