Krucifax:
[b]Naira fall: Job losses imminent in banks



Indications emerged yesterday that banks in the country may consider retrenchment and other cost-cutting measures if nothing concrete is done to arrest the free fall of Naira due to Federal Government devaluation policy.
This is just as the exchange rate of naira to a dollar remained at N215 at the black market in Lagos.
Penultimate Wednesday, the Central Bank of Nigeria (CBN) announced the closure of foreign windows in the country in order to save the nation’s economy from collapse due to the Naira fall.
The policy was greeted with mixed feelings by experts and stakeholders in the nation’s economy.
Our correspondent gathered that the downward swing of Naira in recent time is hitting the banks below the belt and would have no choice than to lay off some staff and cut some of their expenses in case the situation degenerates.
It was further gathered that the cost-cutting measures would be necessary in order to pave way for the banks to remain afloat in business.
President of the Association of Senior Staff of Banks, Insurance and Financial Institution (ASSBIFI), Comrade Sunday Salako told our correspondent that banks and other financial institutions in the country are not immune from the shocks created by the Naira fall.
He said: “There is no way the Naira fall in the country will not affect the banks. Most of the banks in Nigeria also borrowed in foreign denominated currencies. They have to pay more in Naira now to service the loan because of the fall in Naira value. That will have a toll on the balance sheets of the banks.[/b]

Source:
http://www.dailytrust.com.ng/daily/business/48104-naira-fall-job-losses-imminent-in-banks

WisdomFlakes:
With the way the economy has been tanking lately, I am still disturbed as to how anyone in their right mind would still come out and shout GEJ till whenever with a straight face.

Sentiments aside, things just can't continue like this. We need Change.

Krucifax:
[b]Naira fall: Job losses imminent in banks



Indications emerged yesterday that banks in the country may consider retrenchment and other cost-cutting measures if nothing concrete is done to arrest the free fall of Naira due to Federal Government devaluation policy.
This is just as the exchange rate of naira to a dollar remained at N215 at the black market in Lagos.
Penultimate Wednesday, the Central Bank of Nigeria (CBN) announced the closure of foreign windows in the country in order to save the nation’s economy from collapse due to the Naira fall.
The policy was greeted with mixed feelings by experts and stakeholders in the nation’s economy.
Our correspondent gathered that the downward swing of Naira in recent time is hitting the banks below the belt and would have no choice than to lay off some staff and cut some of their expenses in case the situation degenerates.
It was further gathered that the cost-cutting measures would be necessary in order to pave way for the banks to remain afloat in business.
President of the Association of Senior Staff of Banks, Insurance and Financial Institution (ASSBIFI), Comrade Sunday Salako told our correspondent that banks and other financial institutions in the country are not immune from the shocks created by the Naira fall.
He said: “There is no way the Naira fall in the country will not affect the banks. Most of the banks in Nigeria also borrowed in foreign denominated currencies. They have to pay more in Naira now to service the loan because of the fall in Naira value. That will have a toll on the balance sheets of the banks.[/b]

Source:
http://www.dailytrust.com.ng/daily/business/48104-naira-fall-job-losses-imminent-in-banks

hardbody:


I am not pro GEJ but if we have to be dispassionate, is it GEJ's fault that the price of oil has plummeted and continued heading south for an indeterminate period? Answer this question frankly. I always bow to superior argument, trust me.

temitemi1:
Yepaa!!

WisdomFlakes:
With the way the economy has been tanking lately, I am still disturbed as to how anyone in their right mind would still come out and shout GEJ till whenever with a straight face.

Sentiments aside, things just can't continue like this. We need Change.

hardbody:


I am not pro GEJ but if we have to be dispassionate, is it GEJ's fault that the price of oil has plummeted and continued heading south for an indeterminate period? Answer this question frankly. I always bow to superior argument, trust me.

Arch1:
JonaTAN must go

joeyekembele:


From the way you sound, I wouldn't mind asking you for your certificate. The fall in Naira value against the dollar is as a result of the fall in the price of the oil which our economy depends. It applies to all nations that export oil including Saudi Arabia, Mexico, Russia, Iraq etc. It is not a peculiar issue to Nigeria. The Naira has to be devalued to discourage import and stabilise the economy. Olodo, you don hear? Get a good knowlesge of macro economy before you pass a comment lest you act like Buhari who said he would stabilise the price of oil of elected.

ABDamola:


It s d country's mismanagement dt led us 2 ds!
Our foreign reserves depleted unda ds administratn!
And according 2ma knowledge of macro economics u devalue ur currency only wen d economy is in crumble or wen we av permanent deficit of balance of payment(wen d imports are greater dan d xports )
Durin ds period, creditors gain while lenders suffer greatly!