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Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. - Business (2) - Nairaland

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How Much Is Printing, Photocopying, Typing Etal. In Your Area. / Man Gets A Car For Returning N53m Mistakenly Paid Into His Account By The Govt / Pay N50,000 Or Be Jailed If You Spray Money At Events In Nigeria - CBN (2) (3) (4)

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Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by chrisxxx(m): 10:13am On Oct 04, 2017
We caught Biafrans. They wanted to ditch the country and leave us alone in this mess. We are in it together after all Buhari also got some votes from Biafran land.
Meanwhile the children of Afonja do not rejoice for you contributed immensely in putting us in this mess.

4 Likes 1 Share

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Tolubory(m): 10:13am On Oct 04, 2017
nwakibie3:
For a while now, economists and finance types who follow the Central Bank of Nigeria (CBN) have been sounding a low intensity alarm about the CBN’s direct funding of the Nigerian government.

Between December 2013 and April 2017 for instance, the CBN’s “claims on the federal government” went from 678 billion naira to 6.5 trillion naira ($1.8 billion to $17.3 billion)—an almost 10-fold rise. These “claims” are made up of overdrafts, treasury bills, converted bonds and other such lending. For the most part, the issue has remained an obscure one that receives hardly any attention from local media.

But then, a couple of weeks ago, the CBN finally published the personal statements of the Monetary Policy Committee (MPC) members from the July meeting [PDF] and suddenly the alarm bells started ringing. The personal statement of Dr. Doyin Salami, a well-regarded member of the MPC noted for his straight talking, said the CBN was providing a “piggy-bank” service to the federal government. Specifically, he said [page 38]:


Perhaps the most challenging of the present characteristics of the economy in Nigeria is the adoption of a quantitative easing stance by the management of the Central Bank. Monetary data shows a sharp rise in the extent of CBN financing of the government deficit.

He quoted statistics that showed much of the rise in the CBN’s financing of the federal government have come since last December with its purchases of government bonds being the worst culprit with a 20-fold rise in 2017 alone. In effect, the CBN has been printing money to fund the government’s spending. The reason for this is, of course, clear—Nigeria’s government has not been able to recover in any meaningful way from the collapse in oil prices that has now entered its fourth year.

Salami goes on to explain a second order effect of increased government lending. To keep a lid on inflation, the CBN has to balance out the increased government lending with a tightening of the amount of cash banks could lend. It does this by raising the cash reserve ratio (CRR) of banks—effectively taking money out of circulation. Thus, the private sector is “crowded out” for the sake of the government.

That is, the government itself is making it practically impossible for the private sector to pay it the taxes it desperately needs by starving it of the credit it needs to grow. Completing the vicious cycle, the government must then borrow more to fund its spending. A few days ago, it announced plans to raise another $5.5 billion in Eurobonds which will inevitably raise its debt servicing costs.

A bigger problem with all of this is that it could very well be illegal. The CBN Act of 2007 in section 38(2) says [pdf]:


The total amount of such advances outstanding shall not at any time exceed five per cent of the previous year’s actual revenue of the Federal Government.

One can thus do a quick check to see if the CBN’s lending has broken the law. In the prospectus to the government’s $300 million Diaspora Bond sold in June, it disclosed to the London Stock Exchange that its revenues for 2016 were 5.3 trillion naira [pdf, page 158]. In other words, the CBN could only have legally advanced the government 265 billion naira. The CBN’s figures clearly show it has blown through this limit multiples times over.


But this last week, the CBN governor Godwin Emefiele felt obliged to respond to the controversy, stating “categorically” that the central bank has not over-funded Nigeria’s government. “The government had, on its own, decided that all its funds in banks, both local and foreign currencies, should be moved into the TSA at the CBN,” he said.

Emefiele added: “If a customer of a bank has fixed deposits in an account and needs some spontaneous financing to meet his obligations, his commercial bank can allow him overdraw his account temporarily. That is what is happening.”

Effectively, according to the governor, CBN was lending against the federal government’s deposits in its Treasury Single Account (TSA) with the CBN which currently stand at 5.2 trillion naira. The TSA is a mechanism whereby all cash resources of government ministries, departments and agencies (MDAs) are consolidated in a single account with the CBN. The policy had been half-heartedly implemented for several years but president Buhari finally expanded it to cover the entire government in 2015.

While it will be hard to legally question the CBN Governor’s explanation, it is worth understanding how the TSA works in practice using a personal example.

I recently had to donate to a government owned school in Nigeria for the purchase of some equipment for the students. I asked the school head to send me the school’s bank account details and they replied with a bank account that was clearly the personal bank account of the school’s head. I thought this was a red flag but they then explained why it had to be done that way.

Given that I wanted to make a charitable donation and the school desperately needed the funds, the school head explained that paying it into the school’s official bank account would mean the money was swept by the TSA mechanism to the CBN. The school would then need to go through the considerable bureaucracy of getting the funds back with no guarantee of success. Thus, to avoid this “problem”, they asked that I trust them with the funds by paying it into a private bank account.

This story illustrates the problem with the CBN Governor’s explanation—not all the funds in the TSA belong to the federal government but the CBN has effectively lent against all of it. If I had sent the donation to the school’s official bank account, it would have been counted as part of the balance of funds in the TSA and perhaps the CBN would have increased its funding to the government by a corresponding amount. But the money was only there till the school would have gotten it back for the original purpose for which it was donated.

This is not a distinction that is trivial–many government departments receive foreign funding to carry out projects, for example. The money is swept up into the TSA once received and then drawn down as costs are incurred often several months later. The large TSA balance is thus often subject to sizeable timing differences.

The TSA’s very survival is also threatened by political wrangling every other day. One of the demands by the Academic Staff Union of Universities (ASUU) before calling off their recent strike was for Universities to be excluded from the TSA regime. It was also the main reason they went on a warning strike last year. ASUU are by no means the only ones who are sworn enemies of the TSA. So far, the government has admirably stood its ground and refused to trade away TSA compliance. But as elections approach and various groups begin to make louder demands from a desperate government, it is not inconceivable that the TSA will be the sacrificial lamb that buys the government favors from one of its numerous clients.

These illustrate just how precarious Nigeria’s finances have become. The CBN is lending the federal government huge sums of money based on a suspicious interpretation of its banking mandate all constructed on ephemeral deposits.

Unlike Quantitative Easing by Federal Reserve and Bank of England that came with built-in mechanisms for their eventual unwinding, there is no clear-cut mechanism by which the CBN can roll back the expansion of its balance sheet.

Nigeria’s economy is by no means out of the woods. The government has just not been able to come to terms with the adjustments it needs to make in the face of stubbornly low oil prices. It has tried to soldier on, perhaps hoping that oil prices will rebound soon.

With growth in government revenues that can match the scale of the gap the CBN is currently funding all but impossible, it is time to end this CBN financing of the federal government before it drags the whole economy down with it.

https://qz.com/1093002/nigerias-central-bank-emefiele-is-printing-naira-to-buhari-government-afloat/
Awwww!!!
I don't understand all this stuff...
All I comprehend is New Note.
Nah wetin Nigeria wan Hear bi DAT!!!!
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by IamaNigerianGuy(m): 10:14am On Oct 04, 2017
nwakibie3:
For a while now, economists and finance types who follow the Central Bank of Nigeria (CBN) have been sounding a low intensity alarm about the CBN’s direct funding of the Nigerian government.

Between December 2013 and April 2017 for instance, the CBN’s “claims on the federal government” went from 678 billion naira to 6.5 trillion naira ($1.8 billion to $17.3 billion)—an almost 10-fold rise. These “claims” are made up of overdrafts, treasury bills, converted bonds and other such lending. For the most part, the issue has remained an obscure one that receives hardly any attention from local media.

But then, a couple of weeks ago, the CBN finally published the personal statements of the Monetary Policy Committee (MPC) members from the July meeting [PDF] and suddenly the alarm bells started ringing. The personal statement of Dr. Doyin Salami, a well-regarded member of the MPC noted for his straight talking, said the CBN was providing a “piggy-bank” service to the federal government. Specifically, he said [page 38]:


Perhaps the most challenging of the present characteristics of the economy in Nigeria is the adoption of a quantitative easing stance by the management of the Central Bank. Monetary data shows a sharp rise in the extent of CBN financing of the government deficit.

He quoted statistics that showed much of the rise in the CBN’s financing of the federal government have come since last December with its purchases of government bonds being the worst culprit with a 20-fold rise in 2017 alone. In effect, the CBN has been printing money to fund the government’s spending. The reason for this is, of course, clear—Nigeria’s government has not been able to recover in any meaningful way from the collapse in oil prices that has now entered its fourth year.

Salami goes on to explain a second order effect of increased government lending. To keep a lid on inflation, the CBN has to balance out the increased government lending with a tightening of the amount of cash banks could lend. It does this by raising the cash reserve ratio (CRR) of banks—effectively taking money out of circulation. Thus, the private sector is “crowded out” for the sake of the government.

That is, the government itself is making it practically impossible for the private sector to pay it the taxes it desperately needs by starving it of the credit it needs to grow. Completing the vicious cycle, the government must then borrow more to fund its spending. A few days ago, it announced plans to raise another $5.5 billion in Eurobonds which will inevitably raise its debt servicing costs.

A bigger problem with all of this is that it could very well be illegal. The CBN Act of 2007 in section 38(2) says [pdf]:


The total amount of such advances outstanding shall not at any time exceed five per cent of the previous year’s actual revenue of the Federal Government.

One can thus do a quick check to see if the CBN’s lending has broken the law. In the prospectus to the government’s $300 million Diaspora Bond sold in June, it disclosed to the London Stock Exchange that its revenues for 2016 were 5.3 trillion naira [pdf, page 158]. In other words, the CBN could only have legally advanced the government 265 billion naira. The CBN’s figures clearly show it has blown through this limit multiples times over.


But this last week, the CBN governor Godwin Emefiele felt obliged to respond to the controversy, stating “categorically” that the central bank has not over-funded Nigeria’s government. “The government had, on its own, decided that all its funds in banks, both local and foreign currencies, should be moved into the TSA at the CBN,” he said.

Emefiele added: “If a customer of a bank has fixed deposits in an account and needs some spontaneous financing to meet his obligations, his commercial bank can allow him overdraw his account temporarily. That is what is happening.”

Effectively, according to the governor, CBN was lending against the federal government’s deposits in its Treasury Single Account (TSA) with the CBN which currently stand at 5.2 trillion naira. The TSA is a mechanism whereby all cash resources of government ministries, departments and agencies (MDAs) are consolidated in a single account with the CBN. The policy had been half-heartedly implemented for several years but president Buhari finally expanded it to cover the entire government in 2015.

While it will be hard to legally question the CBN Governor’s explanation, it is worth understanding how the TSA works in practice using a personal example.

I recently had to donate to a government owned school in Nigeria for the purchase of some equipment for the students. I asked the school head to send me the school’s bank account details and they replied with a bank account that was clearly the personal bank account of the school’s head. I thought this was a red flag but they then explained why it had to be done that way.

Given that I wanted to make a charitable donation and the school desperately needed the funds, the school head explained that paying it into the school’s official bank account would mean the money was swept by the TSA mechanism to the CBN. The school would then need to go through the considerable bureaucracy of getting the funds back with no guarantee of success. Thus, to avoid this “problem”, they asked that I trust them with the funds by paying it into a private bank account.

This story illustrates the problem with the CBN Governor’s explanation—not all the funds in the TSA belong to the federal government but the CBN has effectively lent against all of it. If I had sent the donation to the school’s official bank account, it would have been counted as part of the balance of funds in the TSA and perhaps the CBN would have increased its funding to the government by a corresponding amount. But the money was only there till the school would have gotten it back for the original purpose for which it was donated.

This is not a distinction that is trivial–many government departments receive foreign funding to carry out projects, for example. The money is swept up into the TSA once received and then drawn down as costs are incurred often several months later. The large TSA balance is thus often subject to sizeable timing differences.

The TSA’s very survival is also threatened by political wrangling every other day. One of the demands by the Academic Staff Union of Universities (ASUU) before calling off their recent strike was for Universities to be excluded from the TSA regime. It was also the main reason they went on a warning strike last year. ASUU are by no means the only ones who are sworn enemies of the TSA. So far, the government has admirably stood its ground and refused to trade away TSA compliance. But as elections approach and various groups begin to make louder demands from a desperate government, it is not inconceivable that the TSA will be the sacrificial lamb that buys the government favors from one of its numerous clients.

These illustrate just how precarious Nigeria’s finances have become. The CBN is lending the federal government huge sums of money based on a suspicious interpretation of its banking mandate all constructed on ephemeral deposits.

Unlike Quantitative Easing by Federal Reserve and Bank of England that came with built-in mechanisms for their eventual unwinding, there is no clear-cut mechanism by which the CBN can roll back the expansion of its balance sheet.

Nigeria’s economy is by no means out of the woods. The government has just not been able to come to terms with the adjustments it needs to make in the face of stubbornly low oil prices. It has tried to soldier on, perhaps hoping that oil prices will rebound soon.

With growth in government revenues that can match the scale of the gap the CBN is currently funding all but impossible, it is time to end this CBN financing of the federal government before it drags the whole economy down with it.

https://qz.com/1093002/nigerias-central-bank-emefiele-is-printing-naira-to-buhari-government-afloat/

The illiterate fulani jan.ja.weed man will destroy Nigeria before 2019. God help us

1 Like

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by oneeast: 10:14am On Oct 04, 2017
Bubu has completely destroyed Nigeria. This is the implication of foisting an illiterate cow rearer on Nigerians.

1 Like 1 Share

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by wonlasewonimi: 10:15am On Oct 04, 2017
Uncontrolled quantitative easing to shore up the economy. There's is problem!
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by omogin(f): 10:15am On Oct 04, 2017
Its a sad day for Nigeria. How did we get such an illiterate bigot and corrupt old gagul as president.

8 Likes 3 Shares

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by GrandMufti: 10:15am On Oct 04, 2017
nosiebaba:
Can they not print dollar shocked

Ask Robert mugabe

2 Likes

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Coolcash1: 10:15am On Oct 04, 2017
Its so unfortunate that despite serious allegations of gross inept and incompetence of the CBN helms man, PMB has decided to look other way. Emefiele, does not have the couch and mental capacity to steer the ship of the monetary authority of the country. His trademark ever since he has been the governor, is too much policy inconsistency and somersault. His judgement on monetary issues affecting the country and solutions proposed have been less desirable of the standard expected of a CBN governor.

I rest my case.

3 Likes

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by PapaBrowne(m): 10:18am On Oct 04, 2017
The greatest heist in Nigeria's history s currently taking place under this administration.
Many people don't understand economics so they can't appreciate the massive loot that is taking place.

Let me simplify whaat this article has said with a simple narrative.

Basically, the FG printing money from the CBN just like in the days of Abacha. But its criminal to do that, so they found a way around it.
The TSA account does belong to the FG. It belongs to all parastatals and institutions under the FG's purview. It's just simply a central account for the purposes of transperency and control.

What's happening is that FG is now using the TSA account as collateral to get the CBN to print money for it. To understand this, imagine for a moment that the TSA is like an OSUSU account where a group of people come together to save their money. The person that is saddled with the responsibility of managing the funds, chooses to use the money as collateral to obtain a loan for himself. This is absolutely criminal.

There many questions that prove the heist that is ongoing.

1)Subsidy savings: Where is all the money that has been saved from the scrapping of subsidy. I'm talking trillions here. No account of whats happening with all that savings. The previous government implemented Sure-P and gave regular updates of the savings they reieved from the price increase. In my estimations, over the last 2 years, there have been over 2 Trillion Naira in subsidy savings. Where is all that mone??

Massive increase in debts both local and foreign: Have you seen the spike in Nigeria's debt profile in the last 2 years?? We have borrowed over 8 Trillion Naira in the last 2 years. Jonathan left 12 Trillion in debts. It is now over 20 Trillion. What did they do with 8 Trillion. If we spend just 1 trillion naira on infrastructure, we would have smooth roads across the country. Lekki Epe expressway was ridiculously expensive at 1 Billion Naira per km. If we use that as a benchmark, I trillion Naira would build 1000km of superb expressway. That is the distance between Lagos to Kaduna of six lane expressway. And I'm talking of just 1 Trillion. Not 8 Trillion. Its just sad!!

The list is endless!! It is trhe greatest heist the nation has ever seen. But we would just look the other way since we are all too dull to comprehend.

22 Likes 3 Shares

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Nobody: 10:19am On Oct 04, 2017
"The large TSA balance is thus often subject to sizeable timing differences."

Seun ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh angry angry angry angry

2 Likes 3 Shares

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Funkybabee(f): 10:21am On Oct 04, 2017
Eleyi gidi gan ooooi

1 Like

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Olukat(m): 10:21am On Oct 04, 2017
lurther:
So they have now put Unity Bank , the only Northern bank in Central bank of Nigeria"s Premises.

The current Central Bank picture i am seeing there now have Unity bank with them unlike before. Buhari is a tribalist walahi.How can a whole Nigeria Central Bank give Unity Bank a space in its premises. Is the Central Bank Of Nigeria not a Nigerian bank again. Even Abacha as bad as he was, wasn't so mean and tribalistic like this Buhari.

My problem isn't Buhari himself, because that one can never change. My problem are his supporters from the south who have refused to understand Buhari himself.


That's Unity bank HQ cheesy cheesy wink wink

1 Like

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Maleeq(m): 10:22am On Oct 04, 2017
nosiebaba:
Can they not print dollar shocked
lol....abi o!
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by buffalowings: 10:23am On Oct 04, 2017
Some mod nuked my comment
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by sokera: 10:23am On Oct 04, 2017
nigerias are just hypocrites, now that everything is beginning to look good , security is making sense , electricity is getting better , economy is reviving and the tension in the political arena is calming down , haters will now be looking for errors up and down... if you can't contribute to the betterness of this nation with positive informations, sacrifice, services and patriotism then keep your mouth shut and return to your hole ....
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Abudu2000(m): 10:24am On Oct 04, 2017
maxiuc:
>: angry angry angry sad angry angry

Those zombies will avoid this now

I don't care who wins in 2019 as far this mistake buhari will be kicked out is OK for me

Nigeria is now a World Cup trophy

We have to wait 4yrs to decide who wins
same thing I said during gej administration, oga be careful what u wish for oo cz these politicians have a way of messing up things and setting traps ahead for another incoming administration to take up blames

1 Like

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by buffalowings: 10:25am On Oct 04, 2017
Tolubory:

Awwww!!!
I don't understand all this stuff...
All I comprehend is New Note.
Nah wetin Nigeria wan Hear bi DAT!!!!

The meat of the article is the middle paragraphs

1 Like

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by totorimi: 10:28am On Oct 04, 2017
What do you expect when you have chalatans running the affairs of a nation.

Tell me how this economy can move forward when a gang of marauder's who's only interest was to take over power by all means. No deep thinking on how to diversify of our revenue generation base and worse off surrounded by the worst assemblage of economic team made up of tyros.
In short, it is well with Naija. Some of them ministers are just there not contributing anything they are political settlers.
By the time this nightmare is over I don't know where we will be as a nation. I don't know if we did anything wrong to vote them into be power.

2 Likes

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by stevolinkon40: 10:31am On Oct 04, 2017
onatisi:
Buhari will print more naira note . Matter of time..
Hmm
Here we are

1 Like

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by ivolt: 10:32am On Oct 04, 2017
three:
Sad

Nigerians have been deceived.

This is NOT the problem.

The problem is that like the toad in the slowly heated cauldron of water they are adapting to the deceit.

There is no urgency to rid ourselves of corruptionand corrupt individuals because we are all complicit in one way or the other.

The problem is that a corrupt ridden nation is simply unsustainable.

Hooks law of elasticity will happen

There are no corruption-free nation same way that a crime-free country don't
exist but we must set and enforce an tolerable limit.
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by mmsen: 10:33am On Oct 04, 2017
lurther:
So they have now put Unity Bank , the only Northern bank in Central bank of Nigeria"s Premises.

The current Central Bank picture i am seeing there now have Unity bank with them unlike before. Buhari is a tribalist walahi.How can a whole Nigeria Central Bank give Unity Bank a space in its premises. Is the Central Bank Of Nigeria not a Nigerian bank again. Even Abacha as bad as he was, wasn't so mean and tribalistic like this Buhari.

My problem isn't Buhari himself, because that one can never change. My problem are his supporters from the south who have refused to understand Buhari himself.


I'm yet to understand why anyone from the south would support Buhari.

3 Likes 2 Shares

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by omomummy13: 10:34am On Oct 04, 2017
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Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by mandai01(m): 10:35am On Oct 04, 2017
The govt is suffocating the economy that it is meant to give enabling environment to. This is a govt that needs a private sector driven economy (many sectors are deeper in the recession analysis they said we are out of) that is making it almost impossible for the private to borrow and finance their businesses. The truth is that many of the organisations that owned the monies TSA carted away in 2015 never got it back. My organisation (private for that matter) lost the payment for services already rendered because of TSA and they keep claiming the total is for Federal Govt. This is deeper than current mess we are in. May God help a common Nigerian.

5 Likes

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by mmsen: 10:35am On Oct 04, 2017
lurther:
So they have now put Unity Bank , the only Northern bank in Central bank of Nigeria"s Premises.

The current Central Bank picture i am seeing there now have Unity bank with them unlike before. Buhari is a tribalist walahi.How can a whole Nigeria Central Bank give Unity Bank a space in its premises. Is the Central Bank Of Nigeria not a Nigerian bank again. Even Abacha as bad as he was, wasn't so mean and tribalistic like this Buhari.

My problem isn't Buhari himself, because that one can never change. My problem are his supporters from the south who have refused to understand Buhari himself.


That's an advertising hoarding not a branch sign.

Things haven't regressed that much, thankfully.
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by soflygerian(m): 10:35am On Oct 04, 2017
What sort of solution is this!!!! Just ystday Adeosun wad complaining about not being able to fund the 2017 budget. How domestic borrowing is expensive and so they relied on external borrowing. Plunging us into recession. Then what happens to all the money recovered via kwaruption.. And someone will say am being sentimental towards this govt.. Yess, am being economically sentimental. This govt knows nothing and we need smething better... #SuicideRide

4 Likes

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Nobody: 10:39am On Oct 04, 2017
This will surely make naira to depreciate further...


When u wake up and u realised that u r still in Nigeria cry cry cry cry cry

1 Like

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by diegwu01: 10:39am On Oct 04, 2017
Very Dumb post. CBN prints no money
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Malawian(m): 10:40am On Oct 04, 2017
lurther:
So they have now put Unity Bank , the only Northern bank in Central bank of Nigeria"s Premises.

The current Central Bank picture i am seeing there now have Unity bank with them unlike before. Buhari is a tribalist walahi.How can a whole Nigeria Central Bank give Unity Bank a space in its premises. Is the Central Bank Of Nigeria not a Nigerian bank again. Even Abacha as bad as he was, wasn't so mean and tribalistic like this Buhari.

My problem isn't Buhari himself, because that one can never change. My problem are his supporters from the south who have refused to understand Buhari himself.

I think that is just an advert on the bridge and not really in the Central Bank premises.
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by holluphemydavid(m): 10:41am On Oct 04, 2017
Buhari but why nau?
Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Nobody: 10:44am On Oct 04, 2017
onatisi:
Buhari will print more naira note . Matter of time..

Here we are.

1 Like 1 Share

Re: Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. by Izonpikin: 10:55am On Oct 04, 2017
The country deteriorating very fast under the old Baba..

1 Like

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