zendi:

Forget about that... na today?
Bank prices generally go together.

You are right. That's why I am not expecting Zenith to go beyond N12 if GTB does not break away from N16.

Incidentally, Diamond Bank and UBA reminded me of my own birthday on 18th April.
God bless them, and us all.
BnsiTL, lets all meet at Mama Ebere Kitchen this evening.

Raider76:


You are right. That's why I am not expecting Zenith to go beyond N12 if GTB does not break away from N16.

And they will not make any meaningful move until the fate of fbnh is decided.

Intendy:
like I always and will continue to say devaluation is a NO for now

nairametrics.com/egypt-this-is-whats-happening-to-its-currency-after-devaluing-5-times-in-one-year/

and for the apostles of devaluation,ask Egypt to devalue again and you shall be stoned to death.
Go Cairo now to see.

People should learn how to reason with micro and macro economic situations and not come out to spew rubbish.

And not just barking devalue this, devalue that up and down

I have never been a purveyor of this policy ab-initio..The pains are obviously more than the touted gains...Devaluation destabilizes a country's economy than stabilizing it..There is need to diagnose our own problem; is it liquidity or pricing? To me, its liquidity and not the later so devaluatn is not the solution. I will suggest the solution is for government to stimulate the economy by increasing spending, borrow more money, lower interest rate and puruse import-substitution. However, there is need to exercise caution when borrowing as this must be external than internal to avoid crowding-out effect.

My take. More contribution is welcome from other erudite members of this forum

Coolcash1:


I have never been a purveyor of this policy ab-initio..The pains are obviously more than the touted gains...Devaluation destabilizes a country's economy than stabilizing it..There is need to diagnose our own problem; is it liquidity or pricing? To me, its liquidity and not the later so devaluatn is not the solution. I will suggest the solution is for government to stimulate the economy by increasing spending, borrow more money, lower interest rate and puruse import-substitution. However, there is need to exercise caution when borrowing as this must be external than internal to avoid crowding-out effect.

My take. More contribution is welcome from other erudite members of this forum

This has always been my position and still is...albeit a reaction for us to devalue or not because of Foreign Investors that were pulling their funds

"Hmmmmmm


With what is available in the public domain, I agree that a devaluation is in order.

However, I am also mindful of what we may have termed the knee jerk reactions of the CBN over the past few months. I see an institution that is not sure of how it will do it but has the goal of keeping the naira as strong as possible...I support this with all of my Nigerian blood. I am also of the opinion that even though a devaluation is going to happen, it does not have to happen now. If it does without blocking the leakages and putting a system in place, the black market will just go higher and still the so called investors will be waiting for the next devaluation. We will never stop...So I wonder what we will have achieved by doing so. I wish I could deal with the banks...they are the greatest culprits, then the currency speculators.

I personally do not see any point in devaluing our currency with the hope that foreign investments will flood in. Hey! Once you do that remember you have also devalued the value of assets you have in your country. Who is the CBN supposed to be helping....local investors or foreign investors? I believe a balance is required."

I believe the naira should be trading at between 250-300 to a dollar due to the fall in prices of oil and our ever insatiable hunger for importing almost anything

zendi:

And they will not make any meaningful move until the fate of fbnh is decided.

And if oando finally settle its debts...........all of them go fly.......i am really getting this interesting

Coolcash1:


I have never been a purveyor of this policy ab-initio..The pains are obviously more than the touted gains...Devaluation destabilizes a country's economy than stabilizing it..There is need to diagnose our own problem; is it liquidity or pricing? To me, its liquidity and not the later so devaluatn is not the solution. I will suggest the solution is for government to stimulate the economy by increasing spending, borrow more money, lower interest rate and puruse import-substitution. However, there is need to exercise caution when borrowing as this must be external than internal to avoid crowding-out effect.

My take. More contribution is welcome from other erudite members of this forum

God bless us

Any news on diamond bank? Please what is wrong with this bank?

mercylicious:
Guess what? Today is my bday.

Happy birthday Mercylicious

http://www.bloomberg.com/news/articles/2016-04-21/venezuelans-face-threat-of-a-new-ignominy-a-beer-shortage

Orijin drinkers should start praying.

mercylicious:
Guess what? Today is my bday.

II you marry me? hbd

locodemy:


And if oando finally settle its debts...........all of them go fly.......i am really getting this interesting

loco...loco ! long time no hear the noise of that your vuuuuuuuuuuuuum!
Na fuel scarcity ?

For sure oando will settle its debts. Crude oil is still the black gold.

The only problem is, will shareholders really know when the debt is paid up?
Or shall we remain in endless debt repayment while some peop's army of shell companies, courtsey of panama papers, turn oando plc into an empty shell of a company?

Loco, I'm not demarketing your oando o. I'm jijoing it too.

locodemy:


And if oando finally settle its debts...........all of them go fly.......i am really getting this interesting

is oando still owing i thaught they had pay all their debt

2cato:
is oando still owing i thaught they had pay all their debt

Hehehe! pls i am sorry if i offend you......when last did you read newspaper or connect to internet........if you can help to answer this question.....i will know where to start to answer this heavy question.

zendi:

loco...loco ! long time no hear the noise of that your vuuuuuuuuuuuuum!
Na fuel scarcity ?

For sure oando will settle its depths. Crude oil is still the black gold.

The only problem is, will shareholders really know when the depth is paid up?
Or shall we remain in endless depth repayment while some peop's army of shell companies, courtsey of panama papers, turn oando plc into an empty shell of a company?

Loco, I'm not demarketing your oando o. I'm jijoing it too.

my brother, the car engine don break thats why you never hear the vuuuuuuum but i am about to change the engine.........by the month of MAY,if i didnt see the improvement we all are waiting for..........the vuuuuuum will begin to resurface............pls tell CHIBUKING that we are looking unto him o.

locodemy:


Hehehe! pls i am sorry if i offend you......when last did you read newspaper or connect to internet........if you can help to answer this question.....i will know where to start to answer this heavy question.

clown

Locodemy abeg help me edit my post you quoted above, to correct my messed up spelling of debt.
Na the small Orijin wey I.......

Coolcash1:


I have never been a purveyor of this policy ab-initio..The pains are obviously more than the touted gains...Devaluation destabilizes a country's economy than stabilizing it..There is need to diagnose our own problem; is it liquidity or pricing? To me, its liquidity and not the later so devaluatn is not the solution. I will suggest the solution is for government to stimulate the economy by increasing spending, borrow more money, lower interest rate and puruse import-substitution. However, there is need to exercise caution when borrowing as this must be external than internal to avoid crowding-out effect.

My take. More contribution is welcome from other erudite members of this forum

the solution is a floating exchange rate system

EDUECO:
Meristem Stockbrokers would surely be of great help,080063747836 is a TollFree line of Meristem!

What makes them unique?

mindtricks:
What makes them unique?

Their professional approach to clients.

EDUECO:
Their professional approach to clients.

I'm with you on this.
very professional.

mercylicious:
Guess what? Today is my bday.

Happy belated Birthay, Mercy

https://www.nairaland.com/3066228/cbn-fines-zenith-uba-gtbank

The Central Bank of Nigeria has imposed a total fine of N3.2bn on United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc for committing various kinds of regulatory infractions.
The offences, which were committed during the 2015 financial year, were contained in the annual reports of the affected banks, copies of which were obtained by our correspondent on Friday.
UBA had the highest fine among the four banks, paying the sum of N2.969bn as penalty to the CBN for committing eight offences.
The offences are: failing to meet the Treasury Single Account reporting and remittance deadline, N2.946bn; failure to update customers’ records and conducting continuous due diligence on some accounts, N2m; and failing to review credit policy at least every three years in line with section 3.1 of the prudential guidelines 2010, N4m.
Others are bidding for export proceeds in excess of the Bankers’ Committee guidance rates, N4.8m; violating the CBN circular in respect of the 2015 Risk-based Examination, N2m; and inadvertent omission of two customers from the PEP returns, N2m.
Others are errors in response to an enquiry on offshore subsidiaries, N6m; and processing import transaction for a customer, pending the receipt of the customer’s renewed NAFDAC certificate.
Zenith Bank, which had the second largest fine, paid the sum of N60.1m to the central bank for committing nine offences.
The offences comprise infractions arising from risk assets examination as of December 31, 2014, N2m; late rendition of fraud and forgeries returns, N2m; fraudulent instant pay from an account in the Enterprise Bank to the Valluci Properties Limited, N10m; and late rendition of returns in respect of CDL, N4m.
Others are anti money laundering spot check exception, N4m; the TSA deadline exception, N4m; late rendition of returns, N100,000; penalty in relation to reporting of public sector deposit, N32m; and failure to implement auditors recommendation contained in a management letter.
The CBN fined GTBank the sum of N60.05m for committing three offences in the 2015 financial year. The offences involved delay in transmitting the list of the TSA names to the CBN, N2m; late rendition of returns, N50,000; and contravention of the CBN circular on prior clearance of prospective employees of banks, N4m.
Sterling Bank, which had the least fine among the four banks, was fined N13m for committing five offences.
The offences listed against the bank are failure of its system in preventing tiered-customers from exceeding their thresholds, N2m; not classifying customers into appropriate risk category and incomplete account opening forms, N4m; and failure of the bank to provide reports to the Nigerian Interbank Settlement System Plc as required in the circular, N1m.
Others are failure of the bank to meet the deadline for transfer of funds to the TSA, N4m; and delay in response to the CBN directive in respect of reporting lines of the Chief Compliance Officer, N2m.

Happy Belated birthday mercylicious

mercylicious:


i have not experienced such with them. i get my money in less than 3 hours after request. However, the money to be paid must be x +3 days after sale or you attract a charge. i dont see any issue with that, it just accounting.

Mercylicious, I dont understand pls. Could u explain what the 'However...x + 3...' paragraph means. Thanks.

mercylicious:
Guess what? Today is my bday.

Happy birthday dear sister.

4everGrand:


Mercylicious, I dont understand pls. Could u explain what the 'However...x + 3...' paragraph means. Thanks.

3 days after a sell transation was done

ogbs2020love:
Any news on diamond bank? Please what is wrong with this bank?

Any news?

[quote author=spicytayomic post=44996948]https://www.nairaland.com/3066228/cbn-fines-zenith-uba-gtbank

The Central Bank of Nigeria has imposed a total fine of N3.2bn on United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc for committing various kinds of regulatory

Is this another fine or the one dat has been settled