| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by bigpicture001: 8:27am On Nov 28, 2017 |
Sunnycliff:
Increased borrowing without the borrowed money ploughed into investment activities in the economy may lead to increased inflation ..even if it is challened,to investment enhancing purpose,it will still lead to inflation 1 Like |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by Nobody: 8:28am On Nov 28, 2017 |
voiceoftheupcom:
BANKS’ BORROWING FROM CBN RISES BY 52% IN ONE WEEK
source: http://www.eyesoflagos.com/2017/11/banks-borrowing-from-cbn-rises-by-52-in.html
Borrowing from Central Bank of Nigeria (CBN) by Nigerian banks rose by 52 per in one week, attributable to liquidity scarcity and banks demand for funds to participate in the special foreign exchange (FX) auctions conducted by the apex banking regulating body.
Commercial banks operating in the country last week, borrowed N870.9 billion from CBN, as against N574 billion in previous week.
Eyes Of Lagos investigations using the Standing Lending Facility (SLF) revealed that commercial Banks in November had borrowed N2.77 trillion with an average amount of N154 billion.
The highest and lowest amount commercial banks have borrowed so far this month was N260 billion and N108 billion respectively.
Banks use the CBN’s SLF to support their liquidity shortfalls and meet trading obligations on short term basis.
Finance experts told Eyes Of Lagos that CBN’s lending to banks has increased of recent on the heels of illiquidity in the economy.
Meanwhile, the Investors & Exporters Foreign Exchange (IEFX) widow recorded total turnover trade of $1.06 billion in one week, between Monday 20 November and Friday 24 November 2017.
The Naira, at the end of Friday sustained the slightly appreciated rates declared on Thursday against the three foreign currencies across the forex markets, as the apex bank continued to bridge the gap between parallel market and official market rates with injections of $287.89 million to meet request for industries, while extending efforts to boost liquidity and alleviate shortages.
The IEFX, at the beginning of the week under review declared total transacted figure of $346.36 million, representing the second highest turnover in the week, and better than $266.41 million sold in the corresponding period last week, but recorded the lowest for the week on Tuesday with $78.48 million traded figure.
At the close of Wednesday trading activities, the mid-week trading closed at a rebounded figure of $234.23 million turnover, compared to $96.43 million stood last Tuesday.
Although, it relapsed the following day to close at $214.84 million, weaker than $359.53 million sold on a week ago and dropped further to close the week at $179.78 million, compared to $346.36 million transacted the previous Friday.
The local currency, Naira, over the weekend stood steadied against the three major foreign currencies at N475 to the Pound the same rate it was exchanged since the mid-week, and N425 to the Euro at the parallel market.
The local currency, also, remained unchanged at N364 per dollar at the unofficial forex, but closed high at the unofficial FX market at N305.85 stronger than N305.90 sold on Thursday.
Speaking to the some selected journalists on the sideline of a workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for business editors and reporters of the Finance Correspondents Associations of Nigeria (FICAN) in Kano, chairman House Committee on Insurance & Actuarial Matters, Honorable Olufemi Fakeye, said, “As far as I know the Naira is not floating, but still managed. I think they just want to assure that at N360 against the Dollar, for people that are not critical to the economy.
“For instance, I’m important to the economy but not critical because I’m not a manufacturer, whose factory might go down because he couldn’t get raw material.
“So, if they ask me to go and pay N360 to gets a dollar for children studying in abroad, I think that is fair enough but for a manufacturer, if you say to him the same thing, he might let go of all his manufacturing staff, the lower the rate for them, the better for government activities.” Buhari |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by Sunnycliff(m): 8:44am On Nov 28, 2017 |
bigpicture001:
..even if it is challened,to investment enhancing purpose,it will still lead to inflation I tend to disagree because investment activities leads to increased production activities leading to increase in the quantity of goods and services. When money chase few goods and services inflation increases but the reverse stabilizes the economy when supply of goods and services is in abundance. Price will fall |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by DeRay98(m): 8:53am On Nov 28, 2017 |
Sunnycliff:
Increased borrowing without the borrowed money ploughed into investment activities in the economy may lead to increased inflation The banks are one of the real enemies of Nig. If they were investigating in our economy and supporting businesses our economy will not just depend on govt spending alone. 1 Like 1 Share |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by Sunnycliff(m): 9:43am On Nov 28, 2017 |
DeRay98:
The banks are one of the real enemies of Nig. If they were investigating in our economy and supporting businesses our economy will not just depend on govt spending alone. They invest on politicians but not real business sector 1 Like |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by Nobody: 9:46am On Nov 28, 2017 |
SalamRushdie:
I still maintain the only thing a Buhati govt can deliver is failure ...If Buhari continues byond 2019 (God forbid) Nigeria will collapse totally .. So have you ever went to Zimbabwe or you just dey spout nonsense 1 Like 
|
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by SalamRushdie: 9:57am On Nov 28, 2017 |
Jiang:
So have you ever went to Zimbabwe or you just dey spout nonsense please lets stop deceiving ourselves Zimbabwe and Nigeria are together at position number 153 and 154 in current Human Development Index that measures quality of life |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by Nobody: 10:01am On Nov 28, 2017 |
SalamRushdie:
please lets stop deceiving ourselves Zimbabwe and Nigeria are together at position number 153 and 154 in current Human Development Index that measures quality of life so people now buy stuff Nigeria with dollars & it takes billions of naira to buy a single piece of bread 1 Like |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by SalamRushdie: 10:06am On Nov 28, 2017 |
Jiang:
so people now buy stuff Nigeria with dollars & it takes billions of naira to buy a single piece of bread Where did you get this story from abeg ? we like deceiving ourselves in this country , dont people also pay school fees and house rent in dollars now in Nigeria ... For your information 1 zimbabwean dollars is equivalent to 1 naira so both currencies have the same value .. |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by refreshrate: 10:52am On Nov 28, 2017 |
nairavsdollars:
You sha wan take your pikin do meme by fire by force
O sun mi o |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by DeRay98(m): 11:06am On Nov 28, 2017 |
Sunnycliff:
They invest on politicians but not real business sector Yes, they keep saying our business environment is "unstable" bla bla bla yet funding politicians is more investable to them. When the politicians losses elections they can't pay back it becomes bad dept. 1 Like |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by DeRay98(m): 11:09am On Nov 28, 2017 |
SalamRushdie:
Where did you get this story from abeg ? we like deceiving ourselves in this country , dont people also pay school fees and house rent in dollars now in Nigeria ... For your information 1 zimbabwean dollars is equivalent to 1 naira so both currencies have the same value .. I heard it on BBC radio last weekend that Zimbabwe had to abandon their own currency due to its extreme worthlessness from devaluation to 10s of 1000s %. Below was the exchange rate to a dollar in 2015. Zimbabwe offers new exchange rate: $1 for 35,000,000,000,000,000 old dollars 1 Like 1 Share |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by Sunnycliff(m): 11:14am On Nov 28, 2017 |
DeRay98:
Yes, they keep saying our business environment is "unstable" bla bla bla yet funding politicians is more investable to them. When the politicians losses elections they can't pay back it becomes bad dept. Most times cbn surreptitiously behind back doors give them loan guarantees 1 Like |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by 1234onyekwe: 3:02pm On Nov 28, 2017 |
DeRay98:
The banks are one of the real enemies of Nig. If they were investigating in our economy and supporting businesses our economy will not just depend on govt spending alone. Ah! Oyibo(supu)' investigating in our economy.' 1 Like |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by DeRay98(m): 3:09pm On Nov 28, 2017 |
1234onyekwe:
Ah! Oyibo(supu)' investing in our economy.' |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by DeRay98(m): 3:10pm On Nov 28, 2017 |
1234onyekwe:
Ah! Oyibo(supu)' investiing in our economy.' |
| Re: Banks’ Borrowing From Cbn Rises By 52% In One Week by DeRay98(m): 3:11pm On Nov 28, 2017 |
1234onyekwe:
Ah! Oyibo(supu)' investiing in our economy.' Typo error |
