₦airaland Forum

TooNoisy:
Even if this happens, I don't see how we can get single digit borrowing overnight when rates are over 20 percent.

Buhari needs sound economic tutorials and he should begin to listen to experts.

The guy just don't care and I so much HATE stubborn people. They disgust me so much because they complicate even the simplest things.

I knew this was coming when GEJ was sharing millions of dollars up and down before the election.

That's why they have to chokehold his cronies till they vomit the I'll gotten cash.

If those corrupt judges try to set them free, choke the judges too.

InvertedHammer:
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Be careful about your money in the Nigeria banks.

Banks liquidation may be around the corner.

There will be no signs. You go to the bank on friday and on monday you see locked gates manned by Mopols. Then it will be too late. That has always been their modus operandi.

Forewarned is forearmed.

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Sir, what is the basis of your assertion? Please share

Abeg who bank epp?

Which real sector are they lending to?

The CBN says that the Liquidity gotten from the CRR reduction will only be released to the banks only if they're willing to channel the funds into employment generating ventures, agriculture and infrastructure. But the banks are not doing that, no venture capitalist funding, nothing innovative, feeding fat from MDAs accounts then without TSA and only doing dollar business.
Mtcheww

This government is serious about infrastructure, agriculture and employment which is the best way for now.

It seems the monetary policy committee is behind plight the banks are going through right now, Policy inconsistency can only cripple our financial sector, late last year when the TSA was introduced, the MPC reduced CRR from 25 per cent to 20 percent, Liquidity ration from 13 to 11 percent and corridor asymmetric rate was peg at +200 and -700 basis point. Just last month, the committee Adjusted the CRR from 20 to 22 percent, Liquidity ration from 11 to 12 percent and asymetric rate was adjusted to +200 and -500 basis points. How can anybody have confident in the financial sector who's policies are inconsistent .

[quote author=LoremIpsum post=44538778]In other News, Let's pray for the Zombies just as they used to pray for the Wailers then:


I heard they are everywhere now with mask on their faces and sellotape covering their mouth.
pls if u sight any of them kindly alert me becos I have some questions for them....

Adesiji77:
It is a laudable initiative in "paper" but banks are not so eager to lend because of the current economic climate, not to talk of the rigorous approval process in most banks.

Again, agriculture is considered as a risky sector by many banks, same for solid minerals.

Good post.

If you did Agric Science in Secondary school....you would recall your teacher telling you that banks find it diffiuclt to lend to farmers. The Bank Of Agriculture was meant to solve the problem....but sadly it still exists.

And we have to diversify.....

CBN should not give Banks the money as they will loan it to Politicians and turn around to declare it bad loan.

Like seriously

olorunda68:
Good news to borrowers and all Nigerians

I doubt it will not be used to bouy their sagging salaries and emolument. pity .

what can we say that is working under Buhari?

Chuksemi:
I thought the CBN recently withdrew billions of Naira fron circulation to reduce liquidity and induce deflation. Why are they making policies that would encourage liquidity and inflation again? I am not suprised at the alarming rate of bad loans, the economic crunch is working.

It's a vicious cycle. They failed to mention the economic crunch as d reason for defaults. Sad. Another policy summersault. TSA played a big role in this mess. The government failed to ease the process. Now see us.

shey dem no wan approve budget ni

InvertedHammer:
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Be careful about your money in the Nigeria banks.

Banks liquidation may be around the corner.

There will be no signs. You go to the bank on friday and on monday you see locked gates manned by Mopols. Then it will be too late. That has always been their modus operandi.

Forewarned is forearmed.

/

Gbam! Absolutely! %1000 it is inevitable Just like it happened in Greece, you can see vision more than the so called God of men.

asha80:
Guy this your alarm is somehow

it's true bro, banks are currently in crisis, they don't get free cash from government purse again, they prefer to lend to a politician that will not use it for anything since they know repayment is sure, now that they've killed sme that could bank with them by not giving them credit facility or giving at neck breaking rates, they have no government or politician funding as it is before now.
UBA now charge for sms and other nonsense charges immediately the transaction takes place and not month end. I'm still waiting for Zenith bank to send theirs, GTB na kolo, they take my cash anyhow, so I transfer, dash dem the remaining 0kobo, I also heard First bank is now charging accounts anything that they can think of as charges.
All these are signs of distress. Make sure you have your funds in one account and follow business news, immediately you see any sign that's suspicious, take out all your money abeg.

Aristo3146:
It seems the monetary policy committee is behind plight the banks are going through right now, Policy inconsistency can only cripple our financial sector, late last year when the TSA was introduced, the MPC reduced CRR from 25 per cent to 20 percent, Liquidity ration from 13 to 11 percent and corridor asymmetric rate was peg at +200 and -700 basis point. Just last month, the committee Adjusted the CRR from 20 to 22 percent, Liquidity ration from 11 to 12 percent and asymetric rate was adjusted to +200 and -500 basis points. How can anybody have confident in the financial sector who's policies are inconsistent .

Exactly.
While the rudderless government have been beating their chests on supposedly saving N3tr through the TSA, the ensuing cash crisis in the banking sector is the unintended consequences of Buhari's rash action.

Surely there could have been a better way of synchronizing government accounts without creating a shock to the system.

It appears that those who initiated the TSA, but kept it on hold pending further studies, were a lot wiser than than brash style of the present leadership.

.

Adesiji77:
Sir, what is the basis of your assertion? Please share

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The government is broke. Banks have a lot of exposures to Oil companies and TSA was the final knockout punch. Recently, the banks have been sending out subtle messages to the effect that they are insolvent. The government even went as far as poking into domiciliary accounts in Nigeria. If you are still waiting for a prophet to tell you that something is cooking, oh well. Banks are usually the first big victims in this kind of environment and they take a lot of casualties with them because it always happens over the weekend.

If it gets to that, it will be catastrophic because the scarcity of dollars has trapped a lot of forex in the banks. Worse still, the government is not buoyant enough to bail out the banks.

I am not being an alarmist but one should look at the situation and take preemptive actions to limit loss.
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ipreach:
what can we say that is working under Buhari?

Even Google won't find any answers to give you.

plaetton:
Exactly.
While the rudderless government have been beating their chests on supposedly saving N3tr through the TSA, the ensuing cash crisis in the banking sector is the unintended consequences of Buhari's rash action.

Surely there could have been a better way of synchronizing government accounts without creating a shock to the system.

It appears that those who initiated the TSA, but kept it on hold pending further studies, were a lot wiser than than brash style of the present leadership.

The "Clueless" one has finally been vindicated

mykl01:

The "Clueless" one has finally been vindicated

Hmmmmm!