₦airaland Forum

pol23:
What does this really means

Twhyhenry8296:
Is this the only way to curb inflation?
Emefiele has been consistent in raising interest rate for years now.

Annahh:
Hello Pocohantas I saw your mention but I was banned by antispam bot in diary section. I don't know why.

Reinaldo:
Everything is just upside down under this APC government. They seem confused, and they are preparing another confused person that you can't even call a presidential candidate. Let's help them by voting them out. At least that will help them see the roads leading back to their villages. That's if their people don't flog them.

kelechiodo:
Raising interest rate by CBN has never solved any problem

pocohantas:
Pele! You must have posted a word or link that triggered the ban. It is automatic. Go to the homepage, scroll down to “Mail Supermods”. Send them a mail to unban you and put back your post if you want it back. Just don’t modify it again.

melonsgroup:
Dummies left the WhatsApp group

Elliotwaveforec:
Interest rates wey Tinubu go crash when he assumes office; we need money to circulate to spur growth first before tackling inflation.

Emefiele isn't a Central banker but a commercial banker; we need an economist to be CBN Governor.

Promoter2:
Most people here don't even know how interest rates work.

tk4radi:
CBN SHOULD STRICTLY ENFORCE THE USE OF “DIGITAL MONEY-COUNTERS”

In my own personal opinion:

I think it is high-time the CBN makes and implement a very strong policy across-the-board to all the deposit-money-banks in Nigeria for the compulsory use of the “Digital Money-Counters” which read the Serial-Numbers on Naira Notes,, and do away with all these existing analogue counters.

These special counters should be connected as “appendage hardwares” to computers; thus, the serial numbers of the cash that are withdrawn and/or deposited by the customers and/or clients of the banks would be recorded and stored in the bank’s database, and be readily released to the CBN at any time they might need it, either for recorded-keeping, statistics, or for tracking-and-tracing of cash.




Stacks of cash that were previously counted and stored in the vault by such machines should have “Uniquely Generated Stack Codes”, and same should apply to “Bundles”; thus, whenever someone wants to withdraw money, the “Bundle/Stack Scanner” (from ANY bank across-the-board) would just have to scan the “Bundle-Code” or “Stack-Code” (as the case may be) and all the serial-number-identities of all the cash contained in such stacks or bundles (as previously counted and logged in the database) would be recorded against the withdrawer.

For anyone that is paying-in or depositing money, the Money-Counter would have to count all the money all over again, without having to use the “Bundle/Stack Scanner”.

I repeat, This policy would be very helpful for record-keeping purposes, for proper statistics of the money in circulation, as well as for proper tracking and tracing of the cash in circulation.

As for some distress withdrawals (Such as RANSOM), or in the case of theft or robbery where the serial-numbers can easily be ascertained based on the “bundle/stack identities”, such monies can be reported to the CBN by the bank.

In the case of “withdrawal for ransom” the withdrawer should pre-inform the bank, so that the money to be withdrawn can be reported to the CBN for it to be marked; and thus, all such notes would be RED-FLAGGED Nationwide.

Once any Money-Counter (anywhere across the nation) starts seeing any of such money, it would immediately alert the CBN, and the Bank would get the Police to be aware of such discoveries...
With this, it would be very easy to know and track the Depositors of such money, and that would very much aid the Police in their investigations.

This particular policy is not in any way going to violate the “Privacy Policy”.

Once everything is normal, there is no need to violate any privacy policy (the protection of the private information of the customer, and non-disclosure of such private information to any third-party).

But once there are activities in any person’s account that requires the attention of the Law Enforcement Agents, it means that the rights of other citizens are hampered, and thus, “upholding of national values” takes precedence over “Privacy Policy”, even without the attention of the customer/client, so that the law will take its full course, irrespective of the privacy policy.

[b]The Summary Of Everything I Just Wrote Here Is:
“LET CBN MAKE IT A STANDING POLICY FOR ALL THE BANKS IN NIGERIA TO BE USING ‘SERIAL-NUMBER-READING MONEY-COUNTERS’ IN ALL THEIR OPERATIONS”.[/b]

Okealaaye:
Like the other governments before APC! Truth be told, there has never been a "good" government in Nigeria, perhaps with the exception of the Colonial governments. You only have tho check the newspapers of those days to get my drift. Did you say, Where can I get the newspapers? The National Archives, of course!

NovusHomo:
Na im come boku like that?!

dazzlingd:
Oga try dey read.
This is a global thing and Central banks all over the world are increasing interest rates to battle inflation and threats of global recession.
The inflation is because of china Covid restriction which has been affecting production and at the same time Russia Ukraine war affecting the prices of energy

pocohantas:
Pele! You must have posted a word or link that triggered the ban. It is automatic. Go to the homepage, scroll down to “Mail Supermods”. Send them a mail to unban you and put back your post if you want it back. Just don’t modify it again.

HonNL:
Nigeria Central Bank Hikes Rates by More Than Expected on Prices



SOURCE