SMH for a country that maintains an interest rate of 25 % and inflation @ 10% for decades, how won't the naira be useless.

I never knew Nigeria is bad until no read comment from here.bad comment all through .things will be better .

Someone pls give me a stone. This guy (or who represented him or both of them ) deserve to be stoned!

vivaciousvivi:
Someone pls give me a stone. This guy (or who represented him or both of them ) deserve to be stoned!

At your service!!

vivaciousvivi:
Someone pls give me a stone. This guy (or who represented him or both of them ) deserve to be stoned!

oya take, aim n strike!

God!!!, Emefiele if at this critical period / hard time u are telling Nigerians that u hv taking the best economic decision, is better to say u came with an empty brain. Ur try and error polices lead the country to this mess we are experiencing today. Vital point for u Sir. U came into office with a better mind not knowing u ar going to hurt ur self. U derived passion in frustrating the BDC operators out of business, but u never considered the original purpose for their existence. That's becos u were not verse in thinking. celling mistakes of urs. U made the BDC to pay 35m as capital reserve, knowing well that they don't keep customers money like Banks. u withdraw the licence of those that were unable to pay. Some months later, u asked those who made payments to come and withdraw their money without consideration, wot wz ur achievement? nothing . u made Nigerians felt that the BDC operators where the cost of our problems. U rendered the body useless forgetting its advantages. Now u hv succeed in killing the naira that wz protected indirectly by the BDC's operations, now u are going back to the old policies of the BDC's U unanimously frustrated. many persons have loose their licence, some have lost their job. Until Emefiele apologises to Nigeria and leave that office. Sorry. Bubu would hv help but two dulled heads can make a ride.

juman:


You make me laugh.

The man is doing things working together with the presidency.

U will certainly remember me soon

Best decision and we are in a recession?

Boss13:
Emefiele is a joker and I hope he is reading this. He talks about diversification; how will diversification come to play when the interest rate in this country is extremely high. Currently only about 0.05% of the Nigerian population is creating jobs. Who is going to diversify the economy - Dangote Emefiele, in a recession, you reduce interest rate and not increase interest rate. You should put enormous pressure on Bank CEOs to start lending to start-ups. Enough of the currency trading and bond purchase practice of Banks, there should be real lending to support our economy. The profitability of Banks should be seen and felt in the economy. Banks should not grow without any economic growth.

To jump start the diversification and hopefully the exportation of good and services, which in turn will bring the much needed forex to the economy we need to do the following

1. Reduce to no greater than 6% personal loans, to encourage consumer spending.
This will increase the purchase of goods and services, improving gross domestic product via service purchased and VAT

2. Reduce Business loans to not greater than 3%. This will stimulate the real, production and manufacturing sector. Improve SMEs and create vibrant middle income belt that propels the economy in terms of job creation and the flourishing of ideas that turns to wealth.

3. Mandate the Banks to reduce the personal mortgage loans to no more than 3% spread over a 25% repayment period.
Housing is the major anxiety for any family, a affordable means to achieve that is key to settling a happier citizenry. Apart for improving the real sector of the economy the spin off of this industry will create jobs and wealth for skilled artisan and Engineers in various fields.

This will stop the anxiety for Nigerians, eliminate the get rich quickly and get money or die trying syndrome associated with us Nigerians.
As the basic needs of a person is food, shelter and clothing. When funds are made available at low interest rate these basic needs can be satisfied and hence less propensity to steal or be corrupted by others as your basic needs as a human being can be met easily.


We have to seriously try to put the money in the hands of people to create the spin effect of money. The Multiplier effect of money will disappear if the banks keeps making safe money with Government money like interest in forex and bonds