Neoteny:


The numbers they're quoting about Nigerians living on less than a dollar a day is highly bogus.

A dollar is worth about N364 on the black market. Families living below that cannot afford medical treatments, drugs and even nutritious food.

So where are these emaciated, frail, ailing, quivering mass of starving wretches falling down and dying in their millions everyday?

You're confusing yourself. The report didn't state that families live on #364 a day. We are talking about individuals, not a family of 5 or 6.

#364 for a family of 6 means the family survives on #2100 per day (#68,000 per month). If you ask me, that report is overly exaggerated. Majority of Nigerians live below $0.5 per day. Nigerians are poor.

Can't believe we're saddled with this baldheaded fool for the next five years.

What's the point to having big banks when they cannot make positive impact on the lives of the citizens? Why not control the reason for the naira's depreciation (inflation) which has been running at double digits for the last four years or so? Why not talk to your senile boss where he's hiding under the rock to reform& streamline land usage laws, computerize the lands registries so that it will be easier for banks to collect on their deadbeat loans & be encouraged to fund the real sector of the economy?

Hotfreezers:
If you hear your name, come out here.

Heritage Bank
Fidelity Bank
Jaiz Bank
Unity Bank
Polaris Bank
Sterling Bank
Keystone Bank

Corrected

Forget all this mathemAtics below;

“So if you relate N25bn with 2004 exchange rate which was about N100 (to a dollar), N25bn was about $250m. Today, if you relate N25bn at N360 (to a dollar) you will see that it is substantially lower than $75m.

simply improve the naira exchange rate n all these wahala go stop simple!

tunwumi:
Just say you want to continue the policy of Soludo which you have found unbeatable. He has said it will be 100B in 15years. What will have been right is to acknowledge his foresight and intellectuality.


We will only be left with just 5 banks.

First Bank

GTB

Access

Zenith bank

Other Banks

Don't under rate Union Bank and UBA, old and poor services but they are very rich banks,

tunwumi:
Just say you want to continue the policy of Soludo which you have found unbeatable. He has said it will be 100B in 15years. What will have been right is to acknowledge his foresight and intellectuality.


We will only be left with just 5 banks.

First Bank

GTB

Access

Zenith bank

Other Banks

UBA

Hotfreezers:


It is not that the post is too long, you have a short attention span.

Try to engage in more reading activities to build up your reading capabilities.

I beg to differ


People naturally loose interest in reading when the topic is uninteresting to them or there had been too many repetition in the said article.

For me, this one has too many repetitions. I jumped like twice and I keep reading the same thing where I jumped to, so I stopped only to see a whole lot of other stuffs while scrolling down.

Neoteny:


The numbers they're quoting about Nigerians living on less than a dollar a day is highly bogus.

A dollar is worth about N364 on the black market. Families living below that cannot afford medical treatments, drugs and even nutritious food.

So where are these emaciated, frail, ailing, quivering mass of starving wretches falling down and dying in their millions everyday?

Go to rural areas you will see them...aplenty. Tunnel vision is bad judgement.

During the recapitalisaion exercise in 2004, the economy was humming strongly. Even at that, the recapitalisaion process was very tough for the banking sector and it reduced the number of banks from over 80 to about 25.

Now, the economy is growing by a measly 2%. It will be much tougher for them to achieve whatever new target demanded by the CBN.

In my view, the present 25bn is fine and should be retained but supervision by CBN strengthened.

Very bad judgement. I laughed when i saw that post. How now can we blame our incompetent leaders for their failure in improving the living standards of Nigerians, when fellow Nigerians in 2019 are still oblivious of the EXTREME poverty ravaging the majority. He isn't aware that there are families that subsist on less than 25k a month, families that don't eat three meals, families that are on a madt budget. SMH

Reference:


Go to rural areas you will see them...aplenty. Tunnel vision is bad judgement.

grandstar:
During the recapitalisaion exercise in 2004, the economy was humming strongly. Even at that, the recapitalisaion process was very tough for the banking sector and it reduced the number of banks from over 80 to about 25.

Now, the economy is growing by a measly 2%. It will be much tougher for them to achieve whatever new target demanded by the CBN.

In my view, the present 25bn is fine and should be retained but supervision by CBN strengthened.

YOU HIT THE NAIL ON THE HEAD BRO. THAT IS LOGICAL REASONING. Honestly, when most were singing the praises of Emefiele after his reinstatement, I was just wondering wtf. Apex regulator that not only failed but was complicit in two SIB's biting the dust in his tenure. As in what gives??

lonelydora:


E plenty ooo.

e no go bad if you share some with us now

This should not be a surprise with the devaluation of the naira that has been occurring over the past and present administrations.

I think this recapitalization is unnecessary if we can achieve price stability. This will improve investor's confidence, increase aggregate demand and and finally lead to economic growth and improvement in the exchange rate.
This decision of the CBN governor is an indication that this administration has given up on the possibility of reversing the depreciating value of naira.

I am not an economist but from my lay understanding of this subject, this is bulls**t.

How does recapitalization strengthen banks in the real sense? If the poor policies from the CBN are continued? Is it that we don't have people with good ideas on how to build the economy in difficult situations, or must this set of professionals who devalued the naira wrongly continue to destroy the economy?

Why do we still have different rates for fx purchase?

Can anyone remember the recording hosted by Sahara reporters and the issue of shareholders funds being squandered? Isn't it strange that banks must now recapitalize?

I may be wrong but I think any policy which will lead to Nigerians losing jobs at the moment is wrong. There are other ways to combat the fall of the naira, but the government is not trying at all, to jerk up the value of the naira.

This is not what we should hear at all. I may be wrong, but this seems like another calculated act of sabotage against the Nigerian economy.

Reference:


Go to rural areas you will see them...aplenty. Tunnel vision is bad judgement.

If i have to go to rural areas then it's still exaggerated. Besides, the rural areas are not that far removed from the urban ones, and i did serve in a dense rural area at the fringes of civilization. I did not see, heard, or read of people dying from famine and disease.

Acidosis:


You're confusing yourself. The report didn't state that families live on #364 a day. We are talking about individuals, not a family of 5 or 6.

#364 for a family of 6 means the family survives on #2100 per day (#68,000 per month). If you ask me, that report is overly exaggerated. Majority of Nigerians live below $0.5 per day. Nigerians are poor.

So like i said how come they're not dying in droves? People living twice above the poverty line are still poor and struggling with basic necessities. If individuals can't afford 3 square meals per day as well as medical care then they'd be diseased and dying.

So where are the mortality numbers?

Neoteny:


So like i said how come they're not dying in droves? People living twice above the poverty line are still poor and struggling with basic necessities. If individuals can't afford 3 square meals per day as well as medical care then they'd be diseased and dying.

So where are the mortality numbers?

3 square meals kwa? I don't eat 3 times a day and I'm not dead. Depression, resulting from hopelessness, kills faster. It doesn't mean suicidal individuals can't afford a meal per day. Many boko haram victims die because they can't afford relocation expense to a more secure state like Lagos. Hunger didn't kill them, poverty did. So, beyond hunger and ailments, poverty kills in multidimensional ways. And btw, people die of hunger and poor nutrition in Nigeria.

Acidosis:


3 square meals kwa? I don't eat 3 times a day and I'm not dead. Depression, resulting from hopelessness, kills faster. It doesn't mean suicidal individuals can't afford a meal per day. Many boko haram victims die because they can't afford relocation expense to a more secure state like Lagos. Hunger didn't kill them, poverty did. So, beyond hunger and ailments, poverty kills in multidimensional ways. And btw, people die of hunger and poor nutrition in Nigeria.

A high calorie intake from one meal alone can hold you for an entire day, so nothing surprising.

However, like i keep saying, people who are dirt poor can't afford nutritious or high calorie foods. Therefore those people will be seriously starving, we've all seen the pictures of real starvation and poverty from Ethiopia and Sudan. So where are these starving and no doubt dying people?

Most of the people in the rural areas are either subsistence farmers or livestock keepers. They may not have your fancy dollars and iphones but i assure you they're not starving.

Neoteny:


A high calorie intake from one meal alone can hold you for an entire day, so nothing surprising.

However, like i keep saying, people who are dirt poor can't afford nutritious or high calorie foods. Therefore those people will be seriously starving, we've all seen the pictures of real starvation and poverty from Ethiopia and Sudan. So where are these starving and no doubt dying people?

Most of the people in the rural areas are either subsistence farmers or livestock keepers. They may not have your fancy dollars and iphones but i assure you they're not starving.

Reason I'm insisting that poverty manifest in different ways, not limited to starvation.

Acidosis:


Reason I'm insisting that poverty manifest in different ways, not limited to starvation.

Poverty is material in the context of this national discourse.

Neoteny:


Poverty is material in the context of this national discourse.

quick question..do you think there aren't many families in Nigeria subsisting on even less than 25k a month. If YES, why are you refuting the notion of a person living on less than a dollar per day, esp since someone has graciously done the math even here. If NO, where are you based?

Acidosis:


Reason I'm insisting that poverty manifest in different ways, not limited to starvation.

even the starvation bros. There is a diff btw famine (no food) and poverty (no money). That bro is just muddling it up. He expects to see pictures of emaciated children like in those countries experiencing war, famine and drought. Make he go IDP camps, surely he will see something close. Fact is the majority of Nigerians are actually living on less than 1 dollar per day if we break it down months to days, and per head. Nigeria is the poverty capital of the world now, and these are the facts not conjectures

Gilbertase:
quick question..do you think there aren't many families in Nigeria subsisting on even less than 25k a month. If YES, why are you refuting the notion of a person living on less than a dollar per day, esp since someone has graciously done the math even here. If NO, where are you based?

What does the dollar-per-day metric signify? That the sum of their daily livelihood is quantified to be of a monetary value of less than a dollar, or that they actually possess less than a dollar a day?

I then ask you what of subsistence farmers who feed well enough off the land, does their provision also fall below the dollar metric? People who rear livestock worth millions and feed off milk and milk products and chickens and legumes and grains? Most of the rural dwellers in the north and central Nigeria are farmers.

I'm still yet to see the 70 million hungry and dying Nigerians.

Neoteny:


What does the dollar-per-day metric signify? That the sum of their daily livelihood is quantified to be of a monetary value of less than a dollar, or that they actually possess less than a dollar a day?

I then ask you what of subsistence farmers who feed well enough off the land, does their provision also fall below the dollar metric? People who rear livestock worth millions and feed off milk and milk products and chickens and legumes and grains? Most of the rural dwellers in the north and central Nigeria are farmers.

I'm still yet to see the 70 million hungry and dying Nigerians.

per your question, it signifies the former, but more specifically that they expend the said amt per day. The prices of goods food etc are relative and would make such a calculation worrisome eg if i have a cassava farm, and i eat some of my cassava, how do i cost that tuber of cassava i ate, esp when you consider that with agro, the market/ season usu determines the price. About the farmers, just as with any group there are classes; there are farmers that are well to do, some averagely okay, some poor, some piss poor. I'm sure a fair conclusion is the majority are not in the first two classes. Again i say MAJORITY. But to my point, I asked earlier that do you agree that there are families living on Wages (permit me to use this word) less than 25k a month?

maybachmusic:
Nigerian banks no strong

Small companies for Europe gp buy them

its because of the weak maira that is why
not exactly the fault of the banks
assuming $1= #80-100
the value of our banks will triple
But it is currently 360

Gilbertase:
per your question, it signifies the former, but more specifically that they expend the said amt per day. The prices of goods food etc are relative and would make such a calculation worrisome eg if i have a cassava farm, and i eat some of my cassava, how do i cost that tuber of cassava i ate, esp when you consider that with agro, the market/ season usu determines the price. About the farmers, just as with any group there are classes; there are farmers that are well to do, some averagely okay, some poor, some piss poor. I'm sure a fair conclusion is the majority are not in the first too classes. Again i say MAJORITY. But to my point, I asked earlier that do you agree that there are families living on Wages (permit me to use this word) less than 25k a month?

You're making some good points and i wish more people on nairaland argue this way.

Yes i agree people live on less than 25k, I've seen some earning 17k per month. But while they're not exactly comfortable, I'd hardly say they're starving.

Poverty is endemic in Nigeria, but it's not a new phenomenon. Those who never had still don't have, while the greater noise emanates from those whose livelihood is politics and lost everything.

Nigeria doesn't really have a real economy; everything revolves around government expenditures, contracts, nepotism, and loots. Those are the activities that create the wealth everyone is nostalgic for. Our economy has never had much real commercial activities of production and manufacturing, it's all liquid cash exchanging hands.

Now I'm not saying PMB is doing a good job, but his stifling of the avenues for freeflow of liquid is partly responsible for the incessant cries of poverty.

glad you catch my drift bro. Thanks for the compliment too

Neoteny:


You're making some good points and i wish more people on nairaland argue this way.

Yes i agree people live on less than 25k, I've seen some earning 17k per month. But while they're not exactly comfortable, I'd hardly say they're starving.

Poverty is endemic in Nigeria, but it's not a new phenomenon. Those who never had still don't have, while the greater noise emanates from those whose livelihood is politics and lost everything.

Nigeria doesn't really have a real economy; everything revolves around government expenditures, contracts, nepotism, and loots. Those are the activities that create the wealth everyone is nostalgic for. Our economy has never had much real commercial activities of production and manufacturing, it's all liquid cash exchanging hands.

Now I'm not saying PMB is doing a good job, but his stifling of the avenues for freeflow of liquid is partly responsible for the incessant cries of poverty.

Gilbertase:
glad you catch my drift bro. Thanks for the compliment too

Keep it up man. NL needs some cool heads.

Cheers

What exchange rate did Buhari meet the dollar?

Some will blame PDP.

Buhari is the worst thing that happened to Nigeria since 1960.

We have been on a negative decline since 1960 but Buhari have propelled it with the speed of a rocket.

The CBN Gov. is trying his possible best but with little or no achievement to show because he works with clueless government. I pre dictated
Nigeria will be in auto pilot as long as this APC govt is still in power. Even the CBN needs recapitalization. May God help this Nation.

Acermoon:
Political parties should be recapitalised too

Your head dey there