Buddha3:


Since 1999, please kindly mention one detailed instance the CBN increased interest rate and the measure succeeded in reducing borrowing rate and mopping up excess cash from the public transactional system. Just one instance.

When interest rate is hiked, they are discouraging borrowing. The purpose is NOT for you to start borrowing from the bank since interest rate is high. It is a tool used to mop up currency in circulation, and it works for this purpose, always.

Who dey borrow money before?

DOptical:
Isn't Emefiele an economist, what has he achieved apart from being the worst CBN ever? You dey craze? Tinubu turned Lagos revenue around to what it is today! And yeah, Tinubu is far better as a top degree business administrator!

Although, it was NOT my point…

I am often dismayed with this fixation so many have with Lagos supposedly having “turned revenue around”. While it is generally a positive, it is NOT the primary function of government nor in fact Lagos’ primary problem (moreso if there’s any veracity in the allegations of a percentage of such revenue collections ending up in private pockets). The unfortunate reality is that, even with all of its “revenues” and supposed wealth, living in Lagos is akin to being served rich caviar on a bed of human feaces.

Sadly Lagos is a city that does NOT work - even for its own residents (many of whom have low standards and obviously limited exposure and expectations). And I say this as someone who’s lived in Lagos since moving to Nigeria and taking up Nigerian citizenship, but please don’t take my word for it. Instead, and I am not even going to compare Lagos with the world capitals that we aspire to, just visit several other AFRICAN cities (Kigali, Accra, Nairobi, Rabat and Casablanca, Addis Ababa, etc. Arguably, even Abuja and Uyo).

EKO o ni Baje!
>

andy244:
Simple economics doesn't work in Nigeria. Nigeria is a peculiar clime. Greed is a strong economic factor in Nigeria. Any economic policy in Nigeria without checkmating the greed factor always backfires.

The only person who spoke the truth

You all are blind by hate saying take back our country the state we take back where are they now

Nigeria economy keeps going down yearly very soon after tinubu and we all vote the Messiah that didn’t transform just a state if he fail as a president too who are we too blame

Blame game is all we know in this country

When an average citizens are greedy

Flets:
Even when everyone knows it’s against the interest of Nigeria, Tinubu will do it….. and this is why

The West has got the President they need to do all their bidding. They've got Tinubu by the balls .... they have all his dossier ranging from the drug activities to fake identitiy, fake education, rigged election etc. The West got their best puppet.

TINUBU HAS NO OPTION THAN DO THE BIDDING OF THE WEST. Otherwise, he loses it all.

All policies implemented by Tinubu are per IMF and world bank recommendations and aimed at further impoverishing the Nigerian people further like they do to all third world countries.

Only Nigerians can save themselves by taking their country back

Very Stoopid post.

The Nigerian economy is really in trouble. Heads you win, tails you lose!

Yes, if interest rates go up to that level, it would cool inflation but may take many companies down and the economy with it. There might be no option especially if the CBN carries out its primary job of fighting inflation. Once inflation has been conquered, interest rates can start coming down.

Offpointng:
i just checked, the Acting CBN governor Shonubi happen to come from SW and fortunately na our person mai we pity am allow am do this 4years with Tinubu abeg

The acting CBN Gov seems like a banking IT specialist…

If that’s the case, he most likely won’t be there for 4 years…
But is rather a placeholder until a substantive CBN Gov is appointed.
>

inoki247:
Lol you people are on drugs...

You are the one on drugs for supporting a failed useless party and its criminal Presidiot.

DOptical:


If he's in collude with the thieving Emefiele, a better technocrat had better been brought in.

Actually the truth is, Emefiele wasn't the problem. Buhari was and other cabal that Buhari gave power. You can't tell me all what Emefiele was doing was his policy. He was just a pawn in the hands of the powers that be and that was why the Presidential guards brigade thr the CDs was the one protecting him. So we should not blame him

9jaRealist:

The acting CBN Gov seems like a banking IT specialist…
If that’s the case, he most likely won’t be there for 4 years… But is rather a placeholder until a substantive CBN Gov is appointed. >

Tinubu would make him the Gov

9jaRealist:


Although, it was NOT my point…

I am often dismayed with this fixation so many have with Lagos supposedly having “turned revenue around”. While it is generally a positive, it is NOT the primary function or government nor in fact Lagos’ primary problem (moreso if there’s any veracity in the allegations of a percentage of such revenue collections ending up in private pockets). The unfortunate reality is that, even with all of its “revenues” and supposed wealth, living in Lagos is akin to being served rich caviar on a bed of human feaces.

Sadly Lagos is a city that does NOT work - even for its own residents (many of whom have low standards and obviously limited exposure and expectations). And I say this as someone who’s lived in Lagos since moving to Nigeria and taking up Nigerian citizenship, but please don’t take my word for it. Instead, and I am not even going to compare Lagos with the world capitals that we aspire to, just visit several other AFRICAN cities (Kigali, Accra, Nairobi, Rabat and Casablanca, Addis Ababa, etc. Arguably, even Abuja and Uyo).

EKO o ni Baje!
>

Yet Lagos is the 5th largest economy in Africa. Tinubu made that possible! Lagos' is still the ideal state in Nigeria which pay her pensioners and workers promptly while overseeing several laudable projects... Name which of the state is better than it? Lagos major problem is its overpopulation, considering the land mass.

Accra has only 2mil population for example whereas Lagos is 10 times the population.

The overpopulation of the Nigeria as a whole needs to be watched.

MT:


When interest rate is hiked, they are discouraging borrowing. The purpose is NOT for you to start borrowing from the bank since interest rate is high. It is a tool used to mop up currency in circulation, and it works for this purpose, always.

No offence intended baba, but this is a colossal lie!

If raises in interest rates have ever had any positive effects on the societal inflation index through cash mop-up, Buhari's government would never have embarked on the drastic currency redesign policy that eventually crippled the National economy for 4 good months.

If you can point to one instance when the interest hike effectively translated to the reduction of paper currency in the system, with precise figures and the date(s), I'll promptly apologise over my stance and admit I wasn't properly informed.

Offpointng:


Actually the truth is, Emefiele wasn't the problem. Buhari was and other cabal that Buhari gave power. You can't tell me all what Emefiele was doing was his policy. He was just a pawn in the hands of the powers that be and that was why the Presidential guards brigade thr the CDs was the one protecting him. So we should not blame him

Emefiele was a problem. Using 44billion dollars to print 2 b naira notes? What about the forex misuse?

andy244:
Simple economics doesn't work in Nigeria. Nigeria is a peculiar clime. Greed is a strong economic factor in Nigeria. Any economic policy in Nigeria without checkmating the greed factor always backfires.

Greed (which is essentially self-interest) is NOT necessarily bad for an economy…
Just have to properly regulate it to lead to a Mutuality of Interests, whereby societal good is a byproduct of personal greed!
>

exstreve:
I asked ChatGPT to explain Interest rate hike like I'm an 8 year old to some who may not understand, I do cos I trade stocks and crypto, well, here is the answer.

Well, imagine you have a piggy bank where you save your allowance money. Every once in a while, you decide to give yourself a little treat and take out some money from your piggy bank. But what if you notice that your parents start giving you more money as your allowance?

You might think, "Yay! Now I can take out more money from my piggy bank and buy even more treats!" That's kind of what a rate hike is like.

You see, when the government or a bank decides to hike, or increase, interest rates, it means they are giving more money to people. When people have more money, they tend to spend more, just like you would if you got a bigger allowance.

But why would the government or a bank do that? Well, sometimes they want people to spend more money to help businesses grow and for the economy to become stronger. When businesses grow, they can employ more people and create more jobs.

On the other hand, if the government or a bank decides to lower, or decrease, interest rates, it means they are giving people less money. In this case, people might decide to save more money instead of spending it because they aren't getting as much from their allowance. So, it's like having a smaller allowance and not being able to buy as many treats.

Rate hikes can affect many things, like how much it costs to borrow money or get a loan. When rates go up, it might become more expensive for people to borrow money, and they might not want to spend as much or take out loans to buy big things like houses or cars.

So, similar to how your allowance can affect how much you can spend on treats, rate hikes affect how much people can spend and can also influence the overall economy.

Mr. Man you've just typed rubbish. I fear for those so called stocks you dey invest in.

How can hiking interest rates, making a loan more expensive to take make people spend more??!!

Its when rates are down that borrowing increases, more money is in circulation and inflation happens due to more demand than supply.

DOptical:

Emefiele was a problem. Using 44billion dollars to print 2 b naira notes? What about the forex misuse?

Beer parlor rumors…
Nigeria does NOT have 44 billion dollars!
>

It's favouring "them" and their families....

exstreve:
I asked ChatGPT to explain Interest rate hike like I'm an 8 year old to some who may not understand, I do cos I trade stocks and crypto, well, here is the answer.

Well, imagine you have a piggy bank where you save your allowance money. Every once in a while, you decide to give yourself a little treat and take out some money from your piggy bank. But what if you notice that your parents start giving you more money as your allowance?

You might think, "Yay! Now I can take out more money from my piggy bank and buy even more treats!" That's kind of what a rate hike is like.

You see, when the government or a bank decides to hike, or increase, interest rates, it means they are giving more money to people. When people have more money, they tend to spend more, just like you would if you got a bigger allowance.

But why would the government or a bank do that? Well, sometimes they want people to spend more money to help businesses grow and for the economy to become stronger. When businesses grow, they can employ more people and create more jobs.

On the other hand, if the government or a bank decides to lower, or decrease, interest rates, it means they are giving people less money. In this case, people might decide to save more money instead of spending it because they aren't getting as much from their allowance. So, it's like having a smaller allowance and not being able to buy as many treats.

Rate hikes can affect many things, like how much it costs to borrow money or get a loan. When rates go up, it might become more expensive for people to borrow money, and they might not want to spend as much or take out loans to buy big things like houses or cars.

So, similar to how your allowance can affect how much you can spend on treats, rate hikes affect how much people can spend and can also influence the overall economy.

Dude, abegi get rid of that ChatGPT immediately…

Interest rates are the COST of money (or capital)…
The HIGHER the rates, the COSTLIER the money, and thus the LESS folks will tend to borrow (credit cards, bank loans, etc.).
>

9jaRealist:


Beer parlor rumors…
Nigeria does NOT have 44 billion dollars!
>

You dey craze? How do you omit the point? I was even being mild with the 44billions. It was 58 billions to print 2.5 b notes! You and Emefiele dey craze? Not to mention the forex misuse under him.

https://economicconfidential.com/2021/11/cbn-spends-print-naira/

Flets:
Even when everyone knows it’s against the interest of Nigeria, Tinubu will do it….. and this is why

The West has got the President they need to do all their bidding. They've got Tinubu by the balls .... they have all his dossier ranging from the drug activities to fake identitiy, fake education, rigged election etc. The West got their best puppet.

TINUBU HAS NO OPTION THAN DO THE BIDDING OF THE WEST. Otherwise, he loses it all.

All policies implemented by Tinubu are per IMF and world bank recommendations and aimed at further impoverishing the Nigerian people further like they do to all third world countries.

Only Nigerians can save themselves by taking their country back

All you're saying is founded on ignorance.

Do you want the government to follow Buhari's policies and run the country further into the ground?

The government is already spending 73.5% of the nations revenue on servicing debt. Fuel subsidy was costing the government so much money about $10b a year. This would continue to add to the government debt until 100% of government revenue will be spent servicing debt. The federal government was already borrowing money from the CBN to fund the budget.

It is not only third world countries that borrow from the World Bank or IMF.

The IMF is run by technocrats. They are not there to tell you what you want to hear because what you want to hear is what drove your economy aground.

Britain borrowed from the IMF in the 1970s and quickly repaid within 2 years because their terms were tough. Ireland saw themselves in the same boat in the late 2000s and quickly repaid

You don't run to the IMF because you economy is in good shape.

DOptical:
Yet Lagos is the 5th largest economy in Africa. Tinubu made that possible! Lagos' is still the ideal state in Nigeria which pay her pensioners and workers promptly while overseeing several laudable projects... Name which of the state is better than it? Lagos major problem is its overpopulation, considering the land mass.

Accra has only 2mil population for example.

Which is why I said that living in Lagos…
Is akin to being served RICH caviar on a bed of human feaces.

Good governance is not just about collecting revenue…
But ultimately what exactly you’re doing with such revenue.

Lagos is RICHER Rwanda and Ghana (by GDP)…
Yet it is a shithole in comparison to Kigali and Accra.

Population is a double-edged sword that works BOTH ways…
While putting pressure on infrastructure, it also leads to increased revenues.

We should collectively RAISE our standards and expectations…
And start by separating partisan politics from governance issues.

EKO o ni Baje!
>

Same thing to devaluation of the naira for 40 years plus , stupid government

DOptical:


Emefiele was a problem. Using 44billion dollars to print 2 b naira notes? What about the forex misuse?

That's the exact thing I'm still saying. they used him to loot to and now he's getting all the blame, that is the game plan. He was foolish to not have resigned bfr all these things started. If he starts talking now that will be the end of him

DOptical:
You dey craze? How do you omit the point? I was even being mild with the 44billions. It was 58 billions to print 2.5 b notes! You and Emefiele dey craze? Not to mention the forex misuse under him.

https://economicconfidential.com/2021/11/cbn-spends-print-naira/

Dude, your article says Naira and not dollars…
And even then, the value of the printed notes were reportedly over N1trillion.

Nigeria does NOT have 44 or 58 billion dollars….
Our foreign reserves are LESS than 35 billion dollars.
>

9jaRealist:


Which is why I said that living in Lagos…
Is akin to being served RICH caviar on a bed of human feaces.

Good governance is not just about collecting revenue…
But ultimately what exactly you’re doing with such revenue.

Lagos is RICHER Rwanda and Ghana (by GDP)…
Yet it is a shithole in comparison to Kigali and Accra.

Population is a double-edged sword that works BOTH ways…
While putting pressure on infrastructure, it also leads to increased revenues.

We should collectively RAISE our standards and expectations…
And start by separating partisan politics from governance issues.

EKO o ni Baje!
>

Yet it's the 5th largest economy in Africa! So which state in Nigeria is better than Lagos? Which of the ex governors who contested in the last election has done better than Lagos government, Tinubu precisely?

Meanwhile, Lagos overpopulation is 10 times that of Kigali, so what are you saying? This put more pressure on Lagos' Land mass and resources, considering the land mass!

The overpopulation of the Nigeria as a whole needs to be watched as a matter of fact. You would see some who can't even feed themselves yet give birth to plentiful.

Flets:
Even when everyone knows it’s against the interest of Nigeria, Tinubu will do it….. and this is why

The West has got the President they need to do all their bidding. They've got Tinubu by the balls .... they have all his dossier ranging from the drug activities to fake identitiy, fake education, rigged election etc. The West got their best puppet.

TINUBU HAS NO OPTION THAN DO THE BIDDING OF THE WEST. Otherwise, he loses it all.

All policies implemented by Tinubu are per IMF and world bank recommendations and aimed at further impoverishing the Nigerian people further like they do to all third world countries.

Only Nigerians can save themselves by taking their country back

You don't have sense anymore.

I am telling you this for free

Offpointng:


That's the exact thing I'm still saying. they used him to loot to and now he's getting all the blame, that is the game plan. He was foolish to not have resigned bfr all these things started. If he starts talking now that will be the end of him

He's also a thief and incompetent! The economy was Moribund under him. How do one even use 58billion to print 2b notes? The audacity!

DOptical:


He's also a thief and incompetent! The economy was Moribund under him. How do one even use 58billion to print 2b notes? The audacity!

Read what I wrote, you obviously din read it

You guys don't know you are displaying your dumbness and gullibility with this daily rants online. Because I don't know how you expect things to work miraculously without making any sacrifice and going through inconvenient process. Even if you put Obi that you feel is your messiah there, and he actually want to work, do you expect him to perform miracles without any obstacles and difficult times at all?

chatinent:
Special greetings to awon “this government will favour me and my family.“

How is the family?


Ina kwana, ụtụtụ ọma o, e kaaro o! Day just break!

9jaRealist:


Although, it was NOT my point…

I am often dismayed with this fixation so many have with Lagos supposedly having “turned revenue around”. While it is generally a positive, it is NOT the primary function or government nor in fact Lagos’ primary problem (moreso if there’s any veracity in the allegations of a percentage of such revenue collections ending up in private pockets). The unfortunate reality is that, even with all of its “revenues” and supposed wealth, living in Lagos is akin to being served rich caviar on a bed of human feaces.

Sadly Lagos is a city that does NOT work - even for its own residents (many of whom have low standards and obviously limited exposure and expectations). And I say this as someone who’s lived in Lagos since moving to Nigeria and taking up Nigerian citizenship, but please don’t take my word for it. Instead, and I am not even going to compare Lagos with the world capitals that we aspire to, just visit several other AFRICAN cities (Kigali, Accra, Nairobi, Rabat and Casablanca, Addis Ababa, etc. Arguably, even Abuja and Uyo).

EKO o ni Baje!
>

Why don’t you go back to where you are coming from if Lagos and Nigeria is so bad that you had to take up citizenship? It does not sound like you have better options. You sound ridiculous. Caviar of feaces. Yet you are in the country fighting for a living.

9jaRealist:




Dude, your article says Naira and not dollars…
And even then, the value of the printed notes were reportedly over N1trillion.

Nigeria does NOT have 44 or 58 billion dollars….
Our foreign reserves are LESS than 35 billion dollars.
>

In 2019, Nigeria had 45b dollars as forex but has dried out in 2023 but a clown like you don't see what's wrong in it? Or the fact that Emefiele used 58billions to print 2b notes? You and Emefiele dey craze?

DOptical:
Yet it's the 5th largest economy in Africa! So which state in Nigeria is better than Lagos? Which of the governor who contested in the last election has done better than Lagos government, Tinubu precisely?

Meanwhile, Lagos overpopulation is 10 times that of Kigali, so what are you saying? This put more pressure on Lagos' Land mass and resources, considering the land mass!

This is my point about LOW STANDARDS and lowered expectations…
Quit subscribing to a VERY LOW bar, educated/professional Lagosians are migrating to Kigali and Accra.

Lagos may have more than 10x the population of Kigali…
But it also has more than 10x the revenue and resources (human and material) of Kigali.

Like I previously noted, population is a double-edged sword…
The crucial difference lies in governance and resource management.

We cannot aspire to be a world capital…
While subscribing to LOCAL standards and expectations. EKO o ni Baje!
>