How CBN's CRR Policy Will Kill The Economy - Akin Oyebode - Politics

How CBN's CRR Policy Will Kill The Economy - Akin Oyebode - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › How CBN's CRR Policy Will Kill The Economy - Akin Oyebode (18424 Views)

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How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by nlfpmod(mod): 8:43pm On Oct 03, 2022

Ekiti State Commissioner of Finance, Akin Oyebode wrote:

CBN debited N6.9 trillion from banks last week, the result of the MPC decision to increase CRR to 32.5%. This means a third of all bank deposits now sterilised with CBN. It’s one of the worst MPC decisions I’ve ever seen, and has simply gone unnoticed.

In a country struggling for growth, CBN’s CRR hike will simply kill any type of lending, and by extension, growth. And the worst part is it won’t even curb inflation, which is now clearly more cost-push, than demand-pull.

So lending will stall and rates will go up. Now guess how companies will respond to the higher interest payment? Exactly; they will increase prices, which will only worsen the problem CBN is trying to solve. End

https://twitter.com/AO1379/status/1576490243733479426

31 Likes 2 Shares

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by nlfpmod(mod): 8:44pm On Oct 03, 2022

Some have correctly asked how to solve for inflation. I’ll suggest a focus on supply side issues, especially those affecting food production - storage, irrigation, farm roads, and security. Others like port efficiency, and the usual one, power, are also important.

As for fx speculation, the solution is for CBN to determine and publicly state an anchor for the exchange rate; which will eliminate speculation. Also, adopt a regime similar to Kenya’s where the central bank only funds government’s fx needs.

https://twitter.com/AO1379/status/1576822903911641088?s=20&t=euTYFdwrzpzX9-OceGA-cg

7 Likes

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by iwaeda: 8:45pm On Oct 03, 2022*

nlfpmod:
Ekiti State Commissioner of Finance, Akin Oyebode wrote:

https://twitter.com/AO1379/status/1576490243733479426

Buhari, Zainab Ahmed and Emefiele destroyed the economy with bad polices grin

This is same APC members complaining, but if we outsider talk. They call us wailers grin

87 Likes 8 Shares

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Rhado: 8:51pm On Oct 03, 2022

1 Like

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Abilistic(m): 8:51pm On Oct 03, 2022

One of the worst MPC decisions indeed!

Soon, $1 will be N1000

26 Likes 4 Shares

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Xinolope9: 8:51pm On Oct 03, 2022

true

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by iiifedimma(f): 8:51pm On Oct 03, 2022

Okay

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by stevebond007(m): 8:52pm On Oct 03, 2022

Economy? Did we even had one?
Scoop crude oil, some for the cronies, steal more money from the scam called Subsidy. Excess crude oil account is now in thousands, SMH
Share the remnant to the 36 states...

Rinse and repeat

11 Likes 1 Share

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Arry110(m): 8:52pm On Oct 03, 2022*

Omo the one wey pain me na that stopping of dollar transactions on naira accounts, this country tries its best to ruin the business of young entrepreneurs

I have Apple watches for sale btw

9 Likes 1 Share

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by easyfem(m): 8:52pm On Oct 03, 2022

You mean how buari system of gov will kill Nigerian

4 Likes 2 Shares

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by jjcena(m): 8:53pm On Oct 03, 2022

Im afraid this exchange rate will get to 1k before December

13 Likes 1 Share

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by chloride6: 8:53pm On Oct 03, 2022*

You are a mad man Mr Commissioner.

You didn’t write epistle when CBN was printing money to give the FG unauthorized ways and means..

How else will they mop us the exceed liquidity that is threatening to wreck the Naira?

The Nigerian economy is already dead.. What we are seeing is the painful resurrection of the economy.. Just wait first.. your sub National borrowing cost will soon skyrocket..

Rubbish..

8 Likes 1 Share

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Ballack1(m): 8:54pm On Oct 03, 2022

What do I know self

2 Likes

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Ntipia: 8:54pm On Oct 03, 2022

Tinubu brought Buhari to come and destroy our economy and will continue from where Buhari stopped if God forbid Tinubu wins.
Vote wisely.
Vote peter Obi.

24 Likes 4 Shares

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by NwaNimo1(m): 8:54pm On Oct 03, 2022

[img]https://giffiles./217/217061.gif[/img]

1 Like 1 Share

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by omowolewa: 8:55pm On Oct 03, 2022

Whoever is advising the CBN Govr must be a PDP card carrying politician. Anyway, the governor was a product of PDP.

You don't kill production when import is really becoming costlier and Bandit aren't smiling.

Using the Economy as test run. Who gave this econometric 308 model out without considerations.

1 Like

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by olax02(m): 8:55pm On Oct 03, 2022

Their whalla, my ViSA loading...,. grin

8 Likes

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by backnbeta(f): 8:55pm On Oct 03, 2022*

Bubu retained Emefiele simply because of his stupidity and his desperation to please the Abokey warlords. He would have been replaced if he had been smarter and more willing to help the economy. Surely; the thief came but to steal and destroy undecided

9 Likes 1 Share

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by akigbemaru: 8:56pm On Oct 03, 2022

nlfpmod:
Ekiti State Commissioner of Finance, Akin Oyebode wrote:

https://twitter.com/AO1379/status/1576490243733479426

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by casualobserver: 8:56pm On Oct 03, 2022

True but which lending were banks doing before?

10 Likes 2 Shares

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by yomalex(m): 8:57pm On Oct 03, 2022

Chai

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by faceland: 8:57pm On Oct 03, 2022

Both the dollar and Euro are losing value if not the naira would probably be 1000 naira to 1 dollar.

Everyday CBN would be imposing limitations.

10 Likes

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Alexas58: 8:57pm On Oct 03, 2022

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by RZArecta(m): 8:57pm On Oct 03, 2022

It's just desperation at this stage cool

1 Like

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by RepoMan007: 8:57pm On Oct 03, 2022

nlfpmod:
Some have correctly asked how to solve for inflation. I’ll suggest a focus on supply side issues, especially those affecting food production - storage, irrigation, farm roads, and security. Others like port efficiency, and the usual one, power, are also important.
As for fx speculation, the solution is for CBN to determine and publicly state an anchor for the exchange rate; which will eliminate speculation. Also, adopt a regime similar to Kenya’s where the central bank only funds government’s fx needs.
https://twitter.com/AO1379/status/1576822903911641088?s=20&t=euTYFdwrzpzX9-OceGA-cg[/quote]NLFPMOD = NairaLand Front Page Moderator = Seun.

Economics centre around keep prices reasonably low and supply considerably high. The best way to achieve that is to grease competitive production with the above mentioned which aren't in place as they should.

3 Likes

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Dukeolumidemans(m): 8:58pm On Oct 03, 2022

Tinubu sold Buhari to us. Buhari brought in his weapon of economic destruction in the person of Efulefu ~~Emefule~~...that's how we got here.

4 Likes

Re: How CBN's CRR Policy Will Kill The Economy - Akin Oyebode by Kennitrust(m): 8:58pm On Oct 03, 2022

Certainly there is a better day ahead of us

2 Likes 1 Share

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