CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others (688 Views)
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| CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by Mateco556: 1:45pm On Feb 26 |
In a bid to address the persistent challenges facing the Nigerian economy, the Central Bank of Nigeria (CBN) has taken decisive action by mopping up over N1 trillion through Open Market Operations (OMO) auctions. This move comes as part of the CBN’s ongoing efforts to combat inflation, reduce excess liquidity, and stabilize the value of the naira in the foreign exchange market. According to reports, the CBN conducted a series of OMO auctions between October 2023 and January 2024, resulting in the removal of approximately N1.5 trillion from the financial system. These auctions were strategically aimed at tightening monetary policy and curbing the inflationary pressures fueled by excess liquidity.... https://ratecaptain.com/cbn-removes-over-n1-trillion-excess-cash-from-access-bank-zenith-and-others/ 1 Like |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by DeLaRue: 1:51pm On Feb 26 |
Good. Mr Buhari's administration printed so much naira, if the man had been in government for a few more years, inflation and the value of the naira will have ended up somewhere not too far from Zimbabwe's experience. As part of the mopping up exercise, the CBN also announced medium & long term bonds a couple of weeks ago. Both of these exercises are barely scratching the surface of the problem, as I read somewhere recently that there could be as much as N90 trillion in the system  If that's true, I don't envy the CBN. They have a big big challenge on their hands. |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by 9jatriot(m): 1:56pm On Feb 26 |
Shey these omo go mature later and have to find their way back to the system? |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by saintjimos(m): 1:57pm On Feb 26 |
Omg NIGERIA STOCK EXCHANGE MARKET will be badly affected |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by Eteka1(m): 1:59pm On Feb 26 |
We need results not stories. Hungry man don't understand all these jargons. 1 Like |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by DeLaRue: 2:05pm On Feb 26 |
Eteka1: What you call 'jargons' are the instruments the CBN needs to use to help bring down inflation. Bringing down inflation is essential to increasing investment, creating jobs, and boosting economic opportunities for the man on the street. |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by Melagros(m): 2:07pm On Feb 26 |
COMRADES, would this move stabilises the Naira? Nigerians are suffering no be this jargon we want to the hear everyday |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by Eteka1(m): 2:09pm On Feb 26 |
DeLaRue:leave that thing abeg. Na Nigeria we de. That is how the Buhari people were speaking English till 8 years finished. This on don start him own for another level. 3 Likes |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by descarado: 2:17pm On Feb 26 |
DeLaRue:We blame buhari now cos he is no longer in the equation but seem to forget so soon that what Nigeria is suffering today is the collective mess up of Nigerian politicians. Politicians mob up cash through the help of bank mds in readiness for electioneering. Presidency have no choice than to print more. After electioneering, all the stored cash in vaults, rooms and wherever are reintroduced back to the economy and you get this. As I type, they have already started for 2027. This is the situation Nigeria finds itself. Buhari wanted to avert this by changing denominations but we can see where we are. It would have been short term suffering which would have eased these pains from the masses. Many people especially expertriates understood what happened during the electioneering time. Fast forward, it became the most dollarised ever in Nigeria. Now we are on the look out for dollars and so much naira chasing few goods. Simple icons 101. 2 Likes |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by LandMann: 3:05pm On Feb 26 |
DeLaRue: This is Tinubu advising Buhari to print more naira. Don't absolve your emilokan croner of any blame. He's incompetent and he should vacate aso rock. The suffering and death and pain he has caused is enough https://punchng.com/tinubu-to-buhari-print-more-naira-notes-suspend-vat/ 1 Like 1 Share |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by RepoMan007: 4:00pm On Feb 26 |
How can money already awarded and earned as salaries be removed from the system except through taxation? These our ogogoro economists ehn. |
| Re: CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by RepoMan007: 4:04pm On Feb 26 |
DeLaRue: https://www.nairaland.com/7316873/throwback-tinubu-telling-fg-print#116371444 |
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