rifasenate11:
Recession taking place in our economic system has its effects

Standing5:
I hope the IB is watching and seeing the effect of priotizing cassavat bread over anti-corruption and diversification.

seunmsg:
All these international agencies should just stfu. They all told us that devaluation is the answer to our economic problem and now that we've devalued and things are getting worst, they can't wait to quickly downgrade the credit ratings of Nigerian banks. The problem that Nigerian banks are now facing is simply as a result of the devaluation policy. The negative side of the policy far outweighs its little gains.

tuniski:

We are suffering from buharinomics! He doesn't know and refused sound advice of those who do until it becomes too late! Devaluation abi fx floatation as done by the yeye govt is first late and inconclusive. The jobs and economic vibrancy have been destroyed beyond recovery over the next 2yrs.
Buhari is a disaster that will outlive his tenure. The worst in our history!

seunmsg:


Let me hear word abeg. When Buhari refused to approve the devaluation policy, you wailers called him unprintable names. Even Fayose who knows nothing about economics came out to tell us that devaluation is the only solution. Now, you guys got what you wanted and you trying to look for whom to blame again for the failure of the policy.

We've said it severally here that banks with huge non performing dollar denominated loans will be in serious trouble once the naira is devalued, now it is happening. Apart from the banks, the nation's sovereign rating has also been downgraded all thanks to the devaluation policy that you lots forced down our throats.

seunmsg:


Let me hear word abeg. When Buhari refused to approve the devaluation policy, you wailers called him unprintable names. Even Fayose who knows nothing about economics came out to tell us that devaluation is the only solution. Now, you guys got what you wanted and you trying to look for whom to blame again for the failure of the policy.

We've said it severally here that banks with huge non performing dollar denominated loans will be in serious trouble once the naira is devalued, now it is happening. Apart from the banks, the nation's sovereign rating has also been downgraded all thanks to the devaluation policy that you lots forced down our throats.

tuniski:

Be defended failure. That refusal to devalue at the right time has made a boil cancerous! Earlier devaluation is different from the confused floatation by this yeye govt. The naira would have been under 250 and the shocks temporary. What we have is floatation with CBN still the main supplier of fx in the market. The naira will keep yoyo even till 500 sef. All thanks to buhari

Firefire:

Who are the 'OURS" ?
I think you must be from Somalia ?
Let me leave you to enjoy your MYOPIC sentiment.

tuniski:

Be defending failure. That refusal to devalue at the right time has made a boil cancerous! Earlier devaluation is different from the confused floatation by this yeye govt. The naira would have been under 250 and the shocks temporary. What we have is floatation with CBN still the main supplier of fx in the market. The naira will keep yoyo even till 500 sef. All thanks to buhari
The downgrade is literally a heightened chances of default by nigeria and nigerian banks relative to international trade and financial obligations. That is a downgrade on the economic performance not just the naira My bro !

seunmsg:

http://www.vanguardngr.com/2016/02/fayose-to-buhari-devalue-naira-now-forex-policy-short-changing-nigerians/

[s]That's your hero foaming from both sides of his mouth while demanding for devaluation.




The timing of the devaluation is irrelevant here as we've been devaluing the Naira against the dollar since the era of IBB and the result is the same. You don't do the same thing over and over again and expect a different result.

Yes, the sovereign credit rating was downgraded as a result of chances of default but the heightened chances of default was caused by the astronomical increase in the amount of naira that will now be needed to cover our external debt all thanks to devaluation[/s].

tuniski:

Be defending failure. That refusal to devalue at the right time has made a boil cancerous! Earlier devaluation is different from the confused floatation by this yeye govt. The naira would have been under 250 and the shocks temporary. What we have is floatation with CBN still the main supplier of fx in the market. The naira will keep yoyo even till 500 sef. All thanks to buhari

The downgrade is literally a heightened chances of default by nigeria and nigerian banks relative to international trade and financial obligations. That is a downgrade on the economic performance not just the naira My bro !

seunmsg:


Let me hear word abeg. When Buhari refused to approve the devaluation policy, you wailers called him unprintable names. Even Fayose who knows nothing about economics came out to tell us that devaluation is the only solution. Now, you guys got what you wanted and you trying to look for whom to blame again for the failure of the policy.

We've said it severally here that banks with huge non performing dollar denominated loans will be in serious trouble once the naira is devalued, now it is happening. Apart from the banks, the nation's sovereign rating has also been downgraded all thanks to the devaluation policy that you lots forced down our throats.

HungerBAD:
•Says outlook of Nigerian banks stable despite threats

By Babajide Komolafe

Global credit rating company, Fitch Ratings has downgraded the credit ratings of First Bank of Nigeria Limited and United Bank of Africa (UBA), citing the recent downgrade of the nation’s sovereign credit rating. Fitch said that while the outlook for Nigerian banks remain stable, recent devaluation of the naira, sustained low crude oil pricing and rising non-performing loans remain major threats to the industry.

In a statement announcing the result of its latest ratings of Nigerian banks, the Company said, “Fitch Ratings has downgraded First Bank of Nigeria Ltd’s (FBN) and United Bank for Africa’s (UBA) Long-Term Foreign Currency Issuer Default Ratings (IDRs) to ‘B’ from ‘B+’. The Outlooks are Stable. The agency has also downgraded the National Long-Term Rating of FBN Holdings Plc (FBNH), the parent holding company of FBN, to ‘BBB+(nga)’ from ‘A(nga)’.

Fitch has at the same time affirmed the IDRs of eight other Nigerian commercial banks and affirmed the Viability Ratings (VR) of all the banks. “The Outlook on the Long-Term Foreign Currency IDR of one of the banks, Guaranty Trust Bank (GTB), has been revised to Stable from Negative due to continuing strong earnings and stronger-than-expected liquidity. Our rating actions follow the downgrade of Nigeria’s sovereign ratings on 23 June 2016.

The IDRs of UBA, Access Bank (Access) and Wema Bank (Wema) are driven by both their stand alone strengths, reflected in their VRs, and by the likelihood of sovereign support, reflected in their SRFs.” Their VRs and SRFs are at the same level. The IDRs of FBN, Diamond Bank (Diamond), Fidelity Bank (Fidelity), Union Bank (Union) and First City Monument Bank (FCMB) are driven by their SRFs.

Fitch has revised the SRFs to ‘B’ from ‘B+’ for the systemically important banks, FBN, UBA, Zenith and GTB following the downgrade of Nigeria’s sovereign ratings. As a result, both FBN’s and UBA’s IDRs have been downgraded to ‘B’ from ‘B+’. The IDRs of both Zenith and GTB are affirmed at ‘B+’ and are now driven by their respective VRs of ‘b+’. “The systemically important banks’ SRFs remain a notch below the sovereign rating, reflecting the sovereign’s weak foreign currency position,”the statement concluded.

http://www.vanguardngr.com/2016/07/fitch-downgrades-credit-ratings-first-bank-uba/

Firefire:
The CHANGE and sudden withdrawal of the government money that wisdom should have been applied before it withdrawal will send many Zombies working in the banking industry out of jobs.


The CHANGE is HERE and the CHAIN is REAL.



Enjoy.