Cash Squeeze Hits Banks As NIBOR Volatility Surges - Business (2) - Nairaland
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CBN Recovers N60bn From Banks As Illegal Charges / Emefiele Elected President Of African Central Banks As Confab Ends In Abuja / Cash Shortage Hits Banks As TSA Deadline Expires (2) (3) (4)
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by Nobody: 11:31am On Sep 08, 2015 |
NICOGRAVITY: Illiteracy at its peak |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by greatest31: 11:34am On Sep 08, 2015 |
All the FTC's are no where to be found. Technical issues need intelligent people not those stupid posts that seun moves to front page and dumping the real issues. I will always say that seun is still an amateur in site management. He should learn how to manage a website. 2 Likes |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by viktor01(m): 11:35am On Sep 08, 2015 |
omoajiri:[b][/b] EXACTLY MY THOUGHT. GOD BLESS YOU |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by debaj10: 11:42am On Sep 08, 2015 |
The lack of an economic team to guide CBN actions means Emefiele is operating with tunnel vision- not his fault, but the above in the write-up are the effects. And he's planning to add to the list of items banned from accessing forex!! The president should have asked the governors what they did with all the HUGE RESOURCES they had before now; but we all know the money was spent on electioneering. How is it that we seem to have forgotten? Buhari made it clear that it's the RECOVERED $150BILLION he'll use in funding his campaign promises (or more to the point, his party's manifesto- since the APC has denied said promises). And even if he had all the money RIGHT NOW, there's no one to advise him on how to spend it- no economic policies. Besides, how long will it take the new economic team to draw up an economic blueprint? Therefore until the monies are recovered, we'll keep marking time. And let's not forget that we're still looking for customers for our crude. This means the following- Jobs are drying up. More people are being retrenched this year. More investors will flee even AFTER he announces his cabinet. Many more will likely lose their jobs next year. Money for capital projects is drying up. States will continue to await monthly handouts in order to pay salaries, rather than focus on IGR. By next year, most states currently owing workers will carry over the debts. The influx of back-wages will cause inflation, leading to a more devalued naira. Meanwhile, once Iran enters the oil market, the current oil prices will crash further! Meaning less money for the budget. What to do RIGHT NOW If you have a way of opening a paypal account, better hurry. Whatever your job, better make sure you have the job contract to hand. Read the small print and ensure your employer is doing the 'needful'. If you've been job-hunting prior to 2015, be aware- your skill sets need upgrading. Your take home pay is going to be worth much less due to devaluation, increased taxes (VAT, etc) and the very real likelihood that fuel subsidies will end next year. So- If you don't have one, start a business RIGHT NOW- whether you have a job or not! God bless us all. TheCNN 5 Likes |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by viktor01(m): 11:43am On Sep 08, 2015 |
Though i don't understand a fraction of the info you are trying to pass across but God bless those whose comments has helped me grasp a bit. The simple fact is that the economy is sinking and there is no remedy to it. Let us just trust God to help us cause base on lots of things i read on the internet, the banking sector is on the verge of collapse and this according to some economic gurus is likely to happen this september 22-23....2015. Soon you will hear banks placing restrictions of withdrawals and lots more. their advice is for you to get your money out of the bank now while you still can. |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by IVORY2009(m): 11:46am On Sep 08, 2015 |
Frm all this figuares provided, one is scared, wat direction the economy is heading to, only last week a financial expert "Bismark Rewani" came out to say, the Nigeria economy is heading to recession, this present govt under the leadership of president Buhari should take a drastic decision to put things right, by doing the needful, appointing ministers to start work. 1 Like |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by chris81964(m): 12:31pm On Sep 08, 2015 |
The government has played an out sized role in the economy of Nigeria. This has stifled growth and creativity on the part of our banks. The new regime's tightening of monetary policy and controlling liquidity is welcome. The private sector and not government should be the driver of growth. |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by Goke7: 12:48pm On Sep 08, 2015 |
I have always told some guys that the economy of Nigeria is a very big lie, all the goods and services we buy daily are over priced, nobody i repeat nobody knows the true value of our economy, our so called economy have been revolving round corruption. like someone has earlier said, there is no creativity, all our banks have been feeding fat from money laundering, we import everything, we do not encourage production in any way, even if any one wants to produce, successive Governments over the years bring out policies to kill production and do not improve infrastructure. What we have are shopping malls and event centers springing out everywhere, is that an economy? We Nigerians have ourselves to blame, we celebrate leaders who steal our common wealth which would have been used to stimulate production in our country, we have not been putting much pressure on our Governments over the years to diversify the economy, instead we allow them divide us along ethnic and religious lines, we should all be ashamed of ourselves, do we even know how much we truly realize from our crude oil daily? Its reality check for us as Nigeria, everyone need to sit up and start producing, if the environment is not conducive, let's put pressure on Government to make it conducive for us instead of arguing over irrelevant things. God bless Nigeria. 2 Likes |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by Chukzyfcb(m): 12:52pm On Sep 08, 2015 |
In order words now is the time to invesst in fixed deposits noww....if the inter-bank lending rate is 16% and T.bills 13%, bank should be able to offer 12% o fixed deposit. #the smart ones will Invest, the dull ones will be busy complaining of the economy.....leggo!!! |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by Nobody: 1:01pm On Sep 08, 2015 |
efilefun: calebo101: What an irony!? |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by proficienc(m): 1:33pm On Sep 08, 2015 |
omoajiri:It means the banks would be scampering for deposit all over the place, this time with more intensity. 1 Like |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by back2sender: 2:38pm On Sep 08, 2015 |
kingarizona1:you are on point here, this is not a linda ikeji or tonto dike topic. This topic is for cerebral guys 1 Like |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by favourlove1: 2:42pm On Sep 08, 2015 |
calebo101:God bless you for saying the truth. 1 Like |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by Nobody: 3:14pm On Sep 08, 2015 |
exhibition: Why can't I contact Jumia directly? |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by NICOGRAVITY: 3:26pm On Sep 08, 2015 |
mobuch: How do you mean? |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by NICOGRAVITY: 4:31pm On Sep 08, 2015 |
mobuch: How do you mean |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by Nobody: 4:33pm On Sep 08, 2015 |
back2sender:abegiiii collect sense wetin cerebral for here? If you are in the commercial or financial world you will definitely grasp. U don't expect sum1 whose career doesn't relate to finance or commerce to comprehend....like say if I start to explain the working principles in engineering terms of this simple machine wey dey make noise here...like say u go understand....mffffffffftttttttttt |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by EINSTEINPG: 4:36pm On Sep 08, 2015 |
calebo101:Very funny.Your post is devoid of objectivity but post election sentiments at the expense of nation building. You typed as if all was well under Jonathan and besides if anything worked at all under Jonathan It was a result of six good years at the helms of affairs. Although, it's good to be critical of the current administration to keep it on it's toes for prompt fulfillment of its campaign promises. But using the past administration to judge the current one at this stage defeats the noblest of all intentions. |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by Nobody: 4:44pm On Sep 08, 2015 |
hmmm... |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by Nobody: 4:49pm On Sep 08, 2015 |
omoajiri: 1. CBN is trying to stop NAIRA from depreciating further. 2. You will have to pay higher interest rate to obtain the same amount of loan as before 1 Like |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by youngalex(m): 5:22pm On Sep 08, 2015 |
This picture represents the true state of the economy...there is need for an urgent reconstitution of an economic management team with the appointment of Finance Minister for a more coherent fiscal and monetary policy framework...In addition with the full implementation of TSA,banks need to refocus on the core business of banking which is to PROVIDE FUNDS to drive private sector investments for economic growth not recycling Government Funds
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| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by JustKeen(m): 7:14pm On Sep 08, 2015 |
Tough time for the banking sector. Emefiele is blocking most avenue of income making for banks : harmonization of CRR for both public and private fund, TSA, Near-elimination of ATM withdrawal charges, and the proposed COT reduction... thereby straining the earning powers of banks. ** There definitely will be massive lay out this year and next year.... ** Aggressive deposit mobilisation and targets. |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by chris81964(m): 9:19pm On Sep 08, 2015 |
JustKeen:Bank could actually start to lend money to businesses. They have been going after the cheap and easy money. Those items don't grown the economy. |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by gidjah(m): 9:42pm On Sep 08, 2015 |
This translates that they have been use to doing business cheaply with our looters rather than our true hard working business men and women.Go to the bank as a simple growing Up business man asking for a soft loan,for where ,them no go where answer you!,but let any of those money bags come to the managers ...our economic managers ain't even truthfull to them selves abeg..This is the time for banks to do their God-ordained job.up growing business men should be able to access soft loans pls |
| Re: Cash Squeeze Hits Banks As NIBOR Volatility Surges by JustKeen(m): 5:56am On Sep 09, 2015 |
chris81964:Yes, you're right that most of the activities of bank in Nigeria is not helping the economy.... just parasitic income generating activities. But you can't blame them anyways for not lending much to SMEs and other small start up firms. The Nigeria polity is just not favorable for many start up firms (too many problems militating against it) so such loans USUALLY go bad. To boot, Nigerians have a very poor credit culture. Besides, cheap deposits generates interest from CBN and interbank lending quicker than lending through loans will. |
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