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Nairaland Forum / Nairaland / General / Business / CBN Raises Interest Rate To 18.75% (19100 Views)
CBN Raises Interest Rate To 16.5% / CBN Raises Interest Rate To 15.5% To Curb Rising Inflation / CBN Raises Interest Rate To 14% (2) (3) (4)
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Re: CBN Raises Interest Rate To 18.75% by MT: 8:00pm On Jul 25, 2023 |
Blackscorpion1j: If you have fixed deposit, treasury bills, bonds or even cash in your saving account, you will earn more interest. If you want to borrow money from bank, you will pay more interest. Determine the side of the divide you want to be by yourself. 2 Likes 1 Share |
Re: CBN Raises Interest Rate To 18.75% by budaatum: 8:08pm On Jul 25, 2023 |
HORLADY: Go school then come teach the rest of us please. Thank you. |
Re: CBN Raises Interest Rate To 18.75% by budaatum: 8:11pm On Jul 25, 2023 |
OkayDaddy: Producers react too, and borrow less and invest less and thereby create fewer jobs which will send the economy into a recession or and an uprising where the dance wouldn't be delicate at all. 1 Like |
Re: CBN Raises Interest Rate To 18.75% by lomprico(m): 8:20pm On Jul 25, 2023 |
NeckingNgulping: E no reach wetin loan sharks dey charged na! 35% |
Re: CBN Raises Interest Rate To 18.75% by gaby(m): 8:36pm On Jul 25, 2023 |
Copying and operating a system of government and policies that are alien to our clime because we lack the foundation upon which such systems are built and operated successfully. Una go do trial and error tire. We dey look. Useless senseless morons. Una must lead and govern by force. |
Re: CBN Raises Interest Rate To 18.75% by NeckingNgulping(m): 8:42pm On Jul 25, 2023 |
lomprico: Dem dey even charge reach 50%. Just imagine. But loan sharks dey try sha o, carri money give person wey you no sure sey e go fit pay. 1 Like |
Re: CBN Raises Interest Rate To 18.75% by bigtt76(f): 8:52pm On Jul 25, 2023 |
It can lower the exchange rate though cos with less naira in circulation, the demand for forex will reduce especially among traders who borrow to import goods but of course it will affect the price of goods and services on the market 😏 |
Re: CBN Raises Interest Rate To 18.75% by Votukpa(m): 9:21pm On Jul 25, 2023 |
NairaGPT: Consider this: The CBN prime rate has no direct impact on the poor. If it has, it's very implicit and negligible. It's impact will be more pronounced on large manufacturing and production operations of conglomerates and multinationals, increasing their short term liabilities (banks would rather borrow these elements than to the poor). Institutional money managers and large finance houses such as pension funds, banks and insurance companies will react to the hike too. Specifically, the prime rate hike is likely to initiate a strong short term sell off in the NSE all share index that may cool off the current bullish trend in the equities market, considering that big investors and money managers will see economic sense in rebalancing their portfolios in favor or fixed income assets.The poor already pay a premium for TRYING to access loan funds from financial institutions and so a hike in the CBN prime rate might not change their ability to borrow in the short term. By the way, diminished consumer spending isn't supposed to cause inflationary pressure in the economy as you pointed out. Retailers will only suffer some more if they put up their prices during times of reduced spending. On the flip side, the hike is very likely to mop up excess liquidity in the economy that will be moped up by the fiscal sector and channeled to government programs and social intervention schemes, resulting in the empowerment and employment of the poor. The government, on all levels support the poor through welfare programs that many aren't aware of. Employment of the poor is usually generated through recurrent government projects and special public works. This might be an overall win for the little guys. |
Re: CBN Raises Interest Rate To 18.75% by Votukpa(m): 9:32pm On Jul 25, 2023 |
Blackscorpion1j: The CBN prime rate has no direct impact on the poor. If it has, it's very implicit and negligible. It's impact will be more pronounced on large manufacturing and production operations of conglomerates and multinationals, increasing their short term liabilities (banks would rather borrow these elements than to the poor). Institutional money managers and large finance houses such as pension funds, banks and insurance companies will react to the hike too. Specifically, the prime rate hike is likely to initiate a strong short term sell off in the NSE all share index that may cool off the current bullish trend in the equities market, considering that big investors and money managers will see economic sense in rebalancing their portfolios in favor or fixed income assets.The poor already pay a premium for TRYING to access loan funds from financial institutions and so a hike in the CBN prime rate might not change their ability to borrow in the short term. The hike is very likely to mop up excess liquidity in the economy that will be moped up by the fiscal sector and channeled to government programs and social intervention schemes, resulting in the empowerment and employment of the poor. The government, on all levels support the poor through welfare programs that many aren't aware of. Employment of the poor is usually generated through recurrent government projects and special public works. This might be an overall win for the little guys. |
Re: CBN Raises Interest Rate To 18.75% by eneyoduke(m): 9:45pm On Jul 25, 2023 |
Does this increase the interest for fix deposit |
Re: CBN Raises Interest Rate To 18.75% by Votukpa(m): 9:59pm On Jul 25, 2023 |
eneyoduke: It should. It may depend on the volume of funds you want to park into the FD. You might get better rates with incremental commitments. 1 Like |
Re: CBN Raises Interest Rate To 18.75% by ozo13(m): 10:06pm On Jul 25, 2023 |
tishbite42:lol |
Re: CBN Raises Interest Rate To 18.75% by NairaGPT: 10:07pm On Jul 25, 2023 |
Votukpa:It would be beneficial if they were intervention programs but can you point out just one? No. For people living in extreme poverty, even small changes in economic conditions can have a significant impact on their daily lives and well-being. It’s crucial for policymakers to be mindful of the potential consequences and implement measures to address the needs of the most economically disadvantaged during such rate hikes. |
Re: CBN Raises Interest Rate To 18.75% by Tealcrestmedia(m): 10:28pm On Jul 25, 2023 |
Raising interest rate is akin to slowing economic growth. So even with all the recent hardship faced by businesses in Nigeria, you now increasing interest rate instead of reducing it? Smh |
Re: CBN Raises Interest Rate To 18.75% by Emilo(m): 10:43pm On Jul 25, 2023 |
When you they abroad you go they watch Nigeria news for Roku Tv and wonder how you were once in the mess called Nigeria! 2 Likes |
Re: CBN Raises Interest Rate To 18.75% by Votukpa(m): 10:51pm On Jul 25, 2023 |
NairaGPT: As I said you and many others aren't aware of these schemes and programs. There are many of them on the state and local level. I'm not crusading for the government or anything, just stating facts. The point is, the hike won't affect the poor any more than they are affected with comparatively lower interest rates. It affects the big guys mostly. |
Re: CBN Raises Interest Rate To 18.75% by Daniety(m): 10:58pm On Jul 25, 2023 |
nlfpmod: They should all be informed that N-Power This is 7 months now they never pay people all the stipends to the beneficiary No be policy we want chop |
Re: CBN Raises Interest Rate To 18.75% by grandstar(m): 2:09am On Jul 26, 2023 |
GRACEGLORY: The CBN will need to hike interest rates above inflation before it starts encouraging savings. This small incremental will yield little to no result I suspect Tinubu, who wants low interest rates may be influencing the governor. 1 Like |
Re: CBN Raises Interest Rate To 18.75% by Lush100(m): 4:16am On Jul 26, 2023 |
This actions is correct. The rate is not sufficient. It should increase a little more. But why is government not increasing treasury bill rates 1 Like |
Re: CBN Raises Interest Rate To 18.75% by Antichristus: 5:18am On Jul 26, 2023 |
In the 1970s, Ghanaians flooded West African countries, including Nigeria before they were expelled from Nigeria in the mid 1980s. It's now Nigerians' turn to replicate that migration pattern. Unlike the Ghanaians who were focused and hardworking and rarely brought their nation to disrepute, disreputable Nigerians who Japa would soon disgrace themselves and hence Nigeria through their shady deals. |
Re: CBN Raises Interest Rate To 18.75% by learnedman(m): 6:00am On Jul 26, 2023 |
All the Nigerians including batists and Agbadorians who are doubting Thomases will gradually realise that Tinubu is a WICKED demonic psycho ! Let the poor brreeefffth .All of Una go see nwiii with your korokoro eyes |
Re: CBN Raises Interest Rate To 18.75% by NairaGPT: 6:42am On Jul 26, 2023 |
Votukpa:name 10 intervention programs that you know someone who has benefited from. Scrap that name 1 |
Re: CBN Raises Interest Rate To 18.75% by Aboguede(m): 6:53am On Jul 26, 2023 |
iamdapsyj: Since October 2022, cbn has been mopping up of the populations money. The wan make the masses more poor, they will fail |
Re: CBN Raises Interest Rate To 18.75% by Aboguede(m): 7:02am On Jul 26, 2023 |
You are being cleaver by half or urtherly stupid. The rope gets more tight and no structure or foundation for social interventions and hardly can be. But here u are claiming inexistent creations. This moves is to control and reduce the populations! Stop playing devil Votukpa: |
Re: CBN Raises Interest Rate To 18.75% by PARADIZEPRIEST: 11:44am On Jul 26, 2023 |
they remove subsidy they plan to increase electricity tariff without alternatives now they increase interest rate to reduce borrowings WHO IS IN CHARGE OF naija economy sef? |
Re: CBN Raises Interest Rate To 18.75% by Votukpa(m): 2:21pm On Jul 26, 2023 |
NairaGPT: I work as director in a Federal parastatal with offices Nationwide. All what this parastatal does is pro-poor programs and they've been doing it for almost 40 years. These programs are done regularly and don't have any special names and don't appear on network news. They are more state and local govt related. |
Re: CBN Raises Interest Rate To 18.75% by NairaGPT: 4:52pm On Jul 26, 2023 |
Votukpa:name 3 |
Re: CBN Raises Interest Rate To 18.75% by eneyoduke(m): 8:00pm On Jul 26, 2023 |
Votukpa:Thanks bros 🙏 |
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