The little that they get, they like to show it off on social media to confuse others who want to be like them. Nigerians are neither saving money nor investing it

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Toilet paper

PrinceOfLagos:

Na packaging full Lagos

Chinedu in ABA get money pass Rashidi in Lagos

Always passionate about his igbo brethrens.

SmartPolician:


Oga, you need to grow up and stop promoting tribalism here. What do you typically gain from doing this every day?

The idiot is a spoilt brat somewhere eating his mama Akpu. Na one stupid boy. Leave him

My account has less than 500 Naira in it, I could have withdrawn it, if it was up to 500 Naira using ATM

Esseite:
It's a shame to even say 99.4% of your citizens dont have upto $1,000. How then are you fighting corruption, insecurity, out of school children and vote buying?

The quickest and effective way out is to introduce the mortgage system to the middle and lower class.

From paycheck to paycheck, it is normal, it is world wide practice WWP. Capitalism is designed like that and that's is why no government on earth wants the crypto to stay.

Why should any sane person save money in the bank?

I think the NDIC MD according to this report is trying to allay the fears and concerns of depositors about whether the NDIC has capacity to cover the deposits in all bank accounts up to the tune of 500k.

To this end, the MD said about 99.4 percent of bank accounts have less than 500k in them, meaning that covering these accounts with miserly sums domiciled in them will not constitute any problem for the NDIC.

So, the assertion that 99.4 of bank account holders in this country have less than 500k in their accounts is very correct. It is really a pitiable situation which shows how degradingly poor majority of Nigerians are at the moment.

This why you see many empty houses all over the place mostly in big cities because only the few people who have access to public funds can afford to build these houses, while the vast majority of the people are clustered in slums and outskirts of the city.

It is what you have in Abuja with most people living along the Abuja/Keffi Nasarawa axis while decent accommodations in estates within the city centre, away from the endless traffic gridlocks and absence of basic infrastructures remain empty with no occupants.

Description % Total
Total Population 100 200,000,000
Children 40 80,000,000
Eligible Accounts holders 60 120,000,000
Those with N500K and above 0.6 720,000
Rest of the poor Nigerians 99.4 119,280,000

somehow:
Why should any sane person save money in the bank?

when beer and isiewu boku for town

SmartPolician:
99% is an alarming percentage! Damn it! Forget all the packaging, Nigerians are really poor!

But then, I think enlightened Nigerians are increasingly saving their money in USD and other stablecoins because naira is on free fall.

Despite that, it doesn't negate the fact that Nigerians are living on the breadline.

% of people of people saving in coins of usd no fit reach 10%.
So that percentage up there by ndic (minus whoever we wan minus) is still an alarming one

thesicilian:
Most wise people prefer to save their moneys in assets such as lands and landed properties, stocks, mutual funds, bonds, profit yielding businesses etc instead of bank accounts.

this your image shows the look on banks face when they read your post

Na mumu dey use Nigerian banks !!
You for see wicked coins wey men get for wallet

D only interpretation closer to my understanding. Wondering y Nigerians find it difficult to digest articles being read before concluding n commenting.

thebosstrevor1:
The headline is misleading.

What was written in the headline is different from the content.

The content of the article didn't say 99.4% Of Bank accounts contain less than 500k


What was written in the article was that 99.4% of Bank accounts are insured and that the N500,000 insurance coverage limit fully covered 99.4% of depositors incase any bank goes bankrupt. In my opinion That is good news.

the NDIC’s maximum coverage limits is N500,000.00 per depositor per commercial, merchant and, non-interest bank, primary mortgage bank and mobile money operator and N200,000.00 per depositor per microfinance bank.

What does that mean:

If you have 10 naira or 75 naira in your bank account, you are insured up to 500k, once you have more than 500k in your account, if the bank goes bankrupt, you will only get insurance on your 500k.

For those who have more than 500k, lets say 1 million in a single account, the best way to protect yourself is to have 2 accounts and then put the 500k in one account and 500k in another account, that way you are protected and insured by the ndic.

Rebuke:





Bros' forget that level abeg. We are talking about just N500,000 naira here. And I think all of that have been put into consideration.....it should not be that bad not to have upto N500,000 in yhur account no matter the investment.

It is just like not having upto N1 in yhur simcard simply because yhu do make alot of calls. lols

I hope yhu understand my point though.

Don't mind them jare.

Hmmm...

thesicilian:

So can cash and real estate. The key is decision making intelligence

True dat very true ,but i believe the right word is "wisdom".But stocks are the absolute best i've done very well with them.

Internet247:
Na mumu dey use Nigerian banks !!
You for see wicked coins wey men get for wallet

You think those people with "wicked" coins for wallet no get 500k for account? Lol

Na so buhari spoil d con3 reach ooo

It is a lie

Rather 0.000009% have N500,000 in account

Because I don't know where the 0.6% are.

Elxandre:

You think those people with "wicked" coins for wallet no get 500k for account? Lol

Lmao norms na, can't be in NG and not spend naira but say all savings na naira !! NO

Some na even MINUS level... make I no lie

However, this report is just one of the indicators to measure the wealth of a nation or the standard of living of the citizens. Aside the current value of Naira, Nigeria currently has a high GDP when compared to other African counterparts, however, with a low per capita income due to her passive population (making little of no contributions to GNP and/or GDP). However, Nigeria is quite rich, but the wealth is not evenly distributed amongst the masses.
Going by this NCDC report, it clearly depicts that only 1,200,000 citizens ONLY have more than that figure in their respective accounts if we assume a political population of about 200,000,000 for Nigeria.

What we need to strategize now is how to evenly distribute the Nigerian National Wealth in order to enhance the living standard of the masses.

The naira is shit paper so they bought bitcoins and dollars , say hi to crypto naira

One thing that remains now is buhari to borrow money from our account and blows it away and nothing will happen

Esseite:
It's a shame to even say 99.4% of your citizens dont have upto $1,000.

Far from it. Example, a trader may prefer to keep their wealth in goods instead of cash. That way, they are better protected from inflation, as the prices of goods keep rising. Their bank balance may be worth less than N500,000, but they are controlling goods worth over N50 million!