MANNABBQGRlLL:
Not too long ago, CBN forced banks to give out loans. So they did not cap the interest rate?

I don't know why I am supporting this APC

You are supporting the evil party because of your emotions. You have failed to always reason things the way it should but go back into hiding and weep. Thank God you re about to repent.

Tina001:
.
ass kee u

amen babe

[quote author=MANNABBQGRlLL post=92439543]Not too long ago, CBN forced banks to give out loans. So they did not cap the interest rate?

I don't know why I am supporting this APC

Don't worry your eyes will soon clear.

Ideally lending rates should have reduced. By intermediation banks lend from deposited funds. These deposits are now cheap because most individual customers no longer have access to risk-free short-term alternatives such as T-bills(courtesy of CBN). This increased the bargaining power of banks as they negotiated reduced deposit rates for customers with little or no risk-free investment options.So as banks have reduced deposit rates, it follows that the lending rates of loans created from these cheap funds should also reduce. So apparently from the time CBN introduced their policy to stimulate lending to the time of this report, banks have only slightly reduced prime lending rates but they maintained or slightly increased their maximum lending rate. Well truth is, I don't see banks significantly reducing rates anytime soon because they can argue that though deposits are cheaper now, the risk factors for businesses have increased significantly in the economy. If govt doesn't step up to provide an enabling environment for businesses to thrive, business risk will remain very high in Nigeria and banks will continue to justify increasing lending rate even with access to cheap deposits.

Tina001:
Okay. I kukuma hate borrowing

Collecting loans from banks is not bad when you have a very lucrative ideas to invest in. It's always good to do a feasibility study on a business idea and make prudent consultations with stakeholders in such line of business to understand the Pros and Cons and business time-line before jumping into the business idea.

However, most folks are too lazy to venture into such investigations and/or feasibility study.

They look out for ready made ideas or common businesses. That's why you find Nigerians only attempting the popularly common businesses like Pure/Sachets water sales, Poultry, Fishery etc. They are always afraid to VENTURE.

nedekid:
These banks are mad, especially Fcmb.
I did not run the account as usuall due to the covid 19 issue over the past months. Even if I had to make payments through that account I will transfer money into it.
Just recently as i am about restarting my business, I logged into the account only to find out I had - 3600 how manage? Fcmb we all know does not give over draft and neither did I apply for one. They do not give loans despite all the crap on their website. Even when I asked for petty loan during covid 19, 50-100k they said I did not qualify despite the fact I have ran the account for many years with daily deposit and withdrawals.
Now I left little balance in the account for months with little transaction that did not bellefull them they wiped out my balance and put my account in negative. Howww?
If there service charge on no account balance??
Seems Nigerian banks now struggle with customers on the little change in their account.

if it's a current account that's how it goes.

Tina001:
Okay. I kukuma hate borrowing

Lol

jagaban002:

It’s easily said that done , 1m to yield 50k monthly in Nigeria banks that’s highly impossible even 10m self no reach 50k for this Nigeria

If you have money you want to invest and get a good return at the end of each month, u can email me. You'll be surprised. NO GIMMICKS I promise.

Give this a try.

Spreadpeace:



If you have money you want to invest and get a good return at the end of each month, u can email me. You'll be surprised. NO GIMMICKS I promise.

Give this a try.

Since you know a lot that can give u monthly income , just get a loan and reinvest it in ur monthly believe income .
Am okay with my little business and my money is saved with bank , Grediness is what make most people lose what they have while investing in what they don’t know abt .
If it’s not tyre you talking about i can never be part of it , if is Tyres I can even buy 20m because it’s what I know abt .

jagaban002:

Since you know a lot that can give u monthly income , just get a loan and reinvest it in ur monthly believe income .
Am okay with my little business and my money is saved with bank , Grediness is what make most people lose what they have while investing in what they don’t know abt .
If it’s not tyre you talking about i can never be part of it , if is Tyres I can even buy 20m because it’s what I know abt .

Its OK bro, we move

Spreadpeace:


Its OK bro, we move

I've responded to your pm bro. Any update?