₦airaland Forum

UBA doesn't give me any interest.

dre11:
More money for Nigerians as CBN asks banks to pay higher interest on savings
The rate has been revised from 10 per cent to 30 per cent of the Monetary Policy Rate (MPR).




https://www.premiumtimesng.com/news/headlines/549232-more-money-for-nigerians-as-cbn-asks-banks-to-pay-higher-interest-on-savings.html

You are destroying the economy.
Businesses would have to pay incredibly high rates for loans.
People would prefer to safe up money in the banks than invest into the economy.

What about fix deposit and treasury bills?

Omihanifa:
Inflation will still wipe the interest away

it is contractionary monetary policy. It’s meant to encourage savings and reduce borrowing. E go help reduce money in circulation.

onuman:
In response, banks will increase their charges for ATM cards maintenance, increase charges for money transfers, increase charges on text messages to customers.
It's hard to find other countries where banks charge depositors for the transactions named above.

Banks have no power to do this without CBN consent.

How realistic is this, do Nigerians have money to put in the banks? Has the dollar to naira rate fallen below 300 naira?

Thrash, they re just looking for money.

This is the first economic policy targeted at curbing inflation by the evil administration.
How will this curb inflation?

Basic economics made us understand that one of causes of inflation is so much amount of money chasing few goods.

Lecture postponed until further notice...

Make ASUU strike end fes

una sha want to stimulate savings....yet you allow exchange rate to keep galloping. I wonder how long you want to keep doing this sha..... punishing the poor for the rich's flamboyance

Akinsete19:
A higher interest rate that inflation has destroyed.

After receiving the interest rate, the bank will debit you for alert, atm maintenance, and Federal govt electronic transfer levy. In the end, you will be running your account at a loss.

they now realize Nigerians are now saving in dollars, is just a of enticing us to save in local currency again

phemmyjohnson:
Nonsense! only for you to get the interest on your savings to pay ransom for our forest leaders .

Hahahhahahaha

Hope Termites won't eat our money?

hmmm issokay .at a cheaper price dm me for your logo and flyer designhmmm issokay .at a cheaper price dm me for your logo and flyer design...

Never trust a failed government

AlexB300:
it is contractionary monetary policy. It’s meant to encourage savings and reduce borrowing. E go help reduce money in circulation.

That's the issue. Is our inflation caused by too much money in circulation? (which decrease in rates might help)

Or rather the spiralling cost of production, rampant insecurity and dollar scarcity issues? ( For which this decision will have little or no effect)

Abegi.. Shift lemmi pass

bjtinz:
That's the issue. Is our inflation caused by too much money in circulation? (which decrease in rates might help)

Or rather the spiralling cost of production, rampant insecurity and dollar scarcity issues? ( For which this decision will have little or no effect)

the latter. That’s why this policy will have little or no effect.

I don’t get this from Ecobank but you see my Union bank na God go destroy their network service, every now and then they keep deducting.

kennytay:
Make all of us go dey save for "kolo" be dat

I need a good and affordable laptop