ekt_bear:

Well, if we are now talking about mobile cash (cash someone has in their wallet for upcoming purchases), then this is not likely to have a huge effect on liquidity. Since it:

a) tends to be spent fairly quickly,
b) is a small % of the total amount of money available

It used to be...

with the introduction of bigger denominations, people can simply afford to hold more mobile cash without breaking a sweat...and they don't have to spend this in a long time.

ballabriggs:

Now with your ATM card and ATM machine, you can easily access money and "keep it in under your bed". Any effect on inflation and the stability of the monetary system as you want us to believe?

Stop your 'bolekaja' analysis.

Are you reading or even capable of reading at all?

Okay, here's a dumbed down version for you: 6 months ago, i would normally be wary of keeping 10 million in my room for two nights.

in the next couple of months, i can do this without breaking a sweat, and so can my friends, and their friends...

Do you even understand the terms: Liquidity and cost pull inflation at all? where did you school if i may ask?..

How about educating us on the macroeconomic indicators that apply in this case as you will have us believe? I intend to flog you intellectually.

ekt_bear:
The value of those two amounts is quite different, no? N1 million in your grandfather's day was $1 million+. Today, it is like $6k.

True!..The argument was meant to illustrate that more physical notes in an individual's possession will generally prompt use of more banking activities and in effect keep liquidity flowing through the system

200 notes of 5k, 1000 notes of 1k. What difference does it make, if someone is anti-bank?

For people who are against storing their money in the bank, there is nothing you can really do I guess.

The difference is in the comfort of holding money. If i can keep 6 notes of 5k naira in my pocket, i wouldn't normally find any reason to stash it away in a bank's vault compared to having 1500 notes of 20 naira

ballabriggs:

Mr man please stop disgracing yourself with this you groundnut and garri analysis. Go to bed and stop wasting your time.

None of you point to any macroeconomic indicator, no assessment of the current position of the economy but you just jump ignorantly with a garri and groundnut "it will cause inflation" argument. What do you even know is inflation?

In your attempt to deride the man because "he is an aboki who knows nothing", you show how ignorant you are.

This isn't an issue that can be resolved using macroeconomic indicators as we are only discussing potential effects of a policy change. Nigerian Inflation rate is currently reportedly at 12.8% and it's had an all time high of 15.6%. I believe most students of economics will expect that an a regime of rising oil price, reduced liquidity, higher costs and a benchmark interest rate at 12% may potentially force a cost push inflation....to what extent may remain open to debate.


What sort of macroeconomic indicators are you looking for?...and how do you suppose the could be used to measure the potential impact of this policy on the economy?

***I'm waiting for you to set yourself ablaze****

ekt_bear: Anyway, I don't know the habits of rich people in Nigeria very much.

But the ones I know in the US use banking pretty heavily...it is (for the most part) only poor people who avoid banks.

Storing your money under your mattress is a helluva lot more risky than storing it at a bank.

In the days of my grandfather, you will normally need a bullion van, arms wielding police support and some fetish support from Sango to transport a million bucks to the bank. In a couple of months, Nigerians will be able to keep 200 notes of 5000, equivalent of a million bucks in their homes without hassles. That's a million bucks that a bank will have to make out for in it's capital ratio to risk assets and will involve reducing lending activity.

If i don't spend this money in the next 3 years, it will probably remain in my pillow. In the bank, this money could have been learnt out to some SMEs who will now be forced to fund at a higher rate since banks have less cash.

ballabriggs:

What percentage of funds from those people who would keep money under their bed make up the total credit in the system and what percentage of credit in the system is accessed by SMEs at the moment?

Sorry Sir, this your analysis is in the most elementary form.

It may be hard to tell. But it isn't entirely unreasonable. The Total credit in the system is an accumulated sum and if more people decide to hold on to cash then by logic, this will be expected to propagate through the system. Why should i find a reason to keep 50k in the bank when i can simple hold on to 10 notes?...My 50k and those of my friend will have to be replaced one way or the other by my bank if they are to maintain their capital ratio....that takes liquidity out of the system.

ekt_bear:

So larger note = people keep all their cash under their bed? Rather than just storing the large amounts of cash more conveniently and with less risk (armed robber, fire, inflation, etc) at the bank?

OK, so let's pretend that is true.

But, won't all that money effectively taken out of the system, INCREASE the value of what is remaining rather than decrease it? So if your assumptions are correct, then there will be a small amount of deflation rather than inflation from this move.

Increase the value will mean higher prices, NO?

If the farmer that will normally fund at 1% from his local Microfinance bank is now forced to fund at 2% ---because the bank is now forced to hold more cash in its reserve since people are now keeping their billions in their pillow case without hassles --- For the farmer to break even, he'd be forced to increase the price of his cassava by at least 1%. This gradual but consistent rise in price levels is what some smart economics may term cost push inflation.

ballabriggs: The 5000 naira youhave today when you deflate and put it in real economic prices may be equal to the 1000 naira of 2005.

So what is the whole hullabaloo for. I'm yet to see any sound economic argument against the plan.

What I see is road side argument.

So let's think about this ill conceived idea for a second from the perspective of the guy with little idea of economics.

The immediate effect of introduction of higher denominated currencies will be a massive dry up of liquidity from the financial system since people can easily keep their millions at home without hassles. Not only will this mean that capital can no longer flow easily from individuals with surplus (i.e those guys now keeping their billions in a brief case under their beds) to SMEs that require funding through banks, it will also mean that banks will in effect become squeezed to hold off lending and maintain their level of capital ratio.

The effects multiplies easily through the system along with the recent consistent increase in prices due to oil subsidy removal. This results into what some guys call cost pull inflation and and kaboooom, fast forward to 2025.....we are now Zimbabwe!

I wouldn't be so quick to jump on the Access Bank Job. Just cos most of those Bank Jobs tend to be repetitious and provides little incentive for growth in the long run. In another 3 to 5 years, your total experience could be summed up in a couple of lines; which may involve; posting cash balances, handling customer queries, dealing with foreign transfer requests and probably selling the Bank's products. I have often thought to myself that these aren't necessarily responsibilities that anyone would require a University degree to handle and are probably not challenging enough for an unrelenting adventurer. Not especially someone with a degree in Economics. You'd also be giving up opportunities to develop other valuable real world transferable skills and then trade in years of your life for the bank's profitability. I'm also estimating that many Nigerian Bankers from this generation will likely end up broke, angry and frustrated as their employers may be unable to pay them higher than the current inflation rates and no one else outside the banking industry will have any use for their banking experience.


I also think University of Porthsmouth is a terrible way to spend money!...Not only will you be overpaying for a degree that adds very little to your attractiveness to future employers, you won't be getting as much as a "thank you for coming note" from the British government once you are done. "Ship em back" has been the 10 downing street phrase for some time. If you aren't getting your degree from either Oxford, Cambridge, Imperial, UCL or LSE...you'd be better off keeping your money in a Piggy Bank (a bad idea tho!)

Okay, we are done with two of your choices, what's the third option? don't tell me there isn't one....or you haven't thought of one?


By now, you will probably have wished my computer had crashed before i got the opportunity to type this trash. But then, if i were in your shoes and i don't have access to a sustainable source of income and i couldn't find any other well paying job and my parents are ready to kick me out of the house and i'm having peer pressure to "step up" like my mates, i probably would take the Access Bank offer.

....if not, i would try a career teaching economics and mathematics or both, while studying hard for GMAT/GRE exams in the short term.

bittyend1:

This thread isn't about me joining the Nigerian Police, it's about South Sudan appreciating Nigerian Police Force - and ignorant Nigerians disrespecting their servicemen who're maltreated and grossly underpaid.

This is a large chunk of dogshit!...If you don't have much to say, just shut it!..ZIP it!

Where in the world do people show warm respect and appreciation for those who terrorize them and make it a duty to make the lives of the people they swore to protect a living hell?...and your miserable excuse for this will be that they are underpaid? are you stu[i]p[/i]id? Are Teachers not underpaid?...How many civil service workers earn comfortably above the national minimum wage?...Are people forced to become service men?

Rossike's stupidity can be excused, he's long known to be the forum's id[i]i[/i]ot!..but who would have thought there are others out there?

Others who expect Nigerians to pour out adulation to the men in black:- for getting locked up in dirty cells, for getting extorted without shame, for getting robbed, for getting raped, for getting tortured, for getting framed up, for getting threatened....all on a daily basis, simply because the men in black can and often get away doing this.

Oh yeah!..let's sing their praises to high heavens, shall we? Someone even made the dirty joke that these swines risk their lives on a daily basis..haha, you must be having a laugh whoever that is!...Anyone who has bothered to live in the country for some time will know that Nigerians have come to trust their local Vigilantes than the Police and i doubt if they get paid as much!

Did you guys not date at all before you got married?

It appears to me that you probably don't know her very well, and vice versa. Did she not show signs that she's someone of an unyielding nature when it comes to religion matters? And you agreed to marry her in that same church you despised so much? I think, with all honestly, that you may need your head examined.

I do get the feeling that there are likely other issues that may have caused you to grow wearisome of your marriage and you now need any excuse to put an end to it. Your straw grasping couldn't have been anymore pronounced by mentioning: "she's 36 years", ..."we are yet to have children",... "I stumbled upon good evidence", ...."she's very close to this priest",.... "he bombards her with phone calls even at odd hours",..."I think my home is poisoned"!

Why not just spit out what's on your mind already!!

obowunmi:

Very mean. Very mean. You are not giving anyone room to grow. People need an opportunity and a chance. You can't just fire. Fire. Fire.

My neighbour walks her dog without a leash, she lacks common sense. She should be fired.

You and i may have different meaning and interpretations of what may be considered mean.

I do believe that employers have a moral obligation to treat their employees well. This includes ensuring they are well compensated and providing them with an environment that allows them to thrive.

To create such an environment, everyone must bring something to the table. An employee is expected to see himself as a vital piece that allows for the smooth running and efficiency of the company. He must be able to make use of his reasonable discretion at all times in situation that calls for him to do so.
As a matter of fact and for the purpose of this argument, making use of reasonable discretion could mean the gateman telling the client "Oh sorry sir, i don't know, but let me ask someone who does".....You shouldn't have to tell an employee to say that!!!!

An employee who does not care to employ his reasonable discretion may mean he doesn't really have the best interest of the employer at heart or he's just really stupi[i]d[/i]....either case, it will be costly to keep such persons on payroll and will ultimately be unfair to deny others who are more capable of doing his job the opportunity.

obowunmi: I didn't quote you because I'm on my phone.

Basic discretion, such as...when to say hello...when to say thank you...and yes, even how to treat customers politely, are things an employee shouldn't have to be trained on!


You have to read the book that the CEO of Zappos, Tony Hseih writes on customer service. You will be surprised on what many people don't know about etiquettes and simple professional behavior.

Like I said before, Do NOT assume anything.

I don't argue that everyone is versed on etiquette and simple professional behavior. My argument is that there are occasions when individual's are expected to use their discretion without being told to do so...those who can't are simply a right candidate for lay-offs.

It will probably cost a lot to train individuals on the things they should know already. I wouldn't want to be spending that much if i can find someone to replace them.

obowunmi: Violent, we can agree to disagree that its the company's fault because the company hired the wrong man to do the job.

Let them re-think their interview process and test employees common sense skills.

I will disagree with this.


A company hires based on perception that a potential employee may have the skills desired. This is infact only a perception and at this point, they can't vouch for the employability of a potential recruit.

This is why many companies have a grace period of 3-6 months. This period is meant for them to decide whether or not the employee does have the skills as claimed.


I would argue that the fault lies mostly with the employee. Misrepresentation could be counted as fraud in certain jurisdictions. If you are sure that you are unable to do the job, then don't apply for the job or go through the interview process. Unless the company has a CIA operative or uses a lie testing machine, it may be impossible to sift out con masters.

obowunmi:

Management is a science. You can't become a scientist without appropriate training. Not everyone has access to the same level of exposure, education, elements. So you cannot make any assumptions.

Yes, I know companies, that have trained staff how to tell a client where the bathroom is. Communication is key and if your gateman cannot communicate that he has problems on the job because you are expecting and assuming that he should take initiative. Then that's your way of doing business. I don't recommend.

Not everyone sees "taking initiative" the way you do.

Yes communication is key. But expending valuable resources that are better channeled elsewhere, just so your gateman could learn the things he should have learnt as a child isn't a way to do business either.

Communication is key. The bottom line is important as well, and resources must be managed appropriately.

obowunmi: Spicy: if we lived in a perfect world, where everyone reasoned the same way and had high IQs, then you can assume that people will make right decisions for your company. Then you can expect them to always take initiative and have your company's best decision at heart.

What I'm hearing you say is a very passive and very risky way to live. You are basing other people's judgement on your assumptions.

I've talked about protocol in my first post. Let the company take responsibility.

You can't train everyone on everything.

Part of the basic skills anyone, regardless of status, is expected to bring to a job, is discretion!

It's why company's don't hire 5 year olds in the first place.

Why would i want to hire or even keep someone who needed to be trained on how to respond when a customer asks for directions to the toilet?

obowunmi: The company has to take responsibility in this case. If you have not provided appropriate customer service trainings to your low-level staff, you cannot expect them to make such "high-level" decisions. This is why you have an organizational chart. Low-level, mid-level, upper management, and executive staff.

The protocol the company should give staff not upper or executive management is: "if customer say he wan see manager, go to "Femi." This person should be an expert at handling customer related issues. In Nigeria, everyone likes to point fingers here and there. But in this case, the company reporting and protocol process has failed. Operations and customer service managers need to take responsibility step up and stop blaming the poor gateman.

Its a cop out of a failed management system.

At what point do you separate "common sense" decisions from "High-level" decisions? bearing in mind that both, regardless who is responsible, could cost a company a business running into billions?

If you instructed your gateman never to use his mobile phones at work, would you have expected him to use "common sense" decisions to give you a quick ring if he was alone in the premises when a customer who wanted to strike a mega-deal came calling?

If you instructed your mai-guard never to leave his security post, would you have expected him to use "common sense" decisions if someone suffered heart attack and he was in a position to get them help?

Common sense, mate, shouldn't be mixed up with "high level" decisions.

High Level Decisions involve:

How many cars do we have to take delivery to break even for the rest of the year?

Common sense decisions involve:

Fine, i know i can't bring in my car, but can i at least talk to someone, i really want to buy a car from you guys.


If anyone claims they needed to be trained on how to respond to the latter, then i wouldn't want to employ them in the first place.

Served more that 30 years with good record

Are you having a laugh? Which country were you serving? Gabon or Cote d'ivoire?...Anyway, today isn't a right time to vent my anger on men of the Nigerian Police.


I think what you need to do, is to get your story to the press. Punch, Guardian, Vanguard, Sahara Reporters...take your pick. Send copies of the court doucments to the house of Assembly, the state high court, Nigerian Bar Association, and the thousands of human rights lawyers in Lagos. Sometimes, fighting low and dirty is the only thing to do.

You may also have to prepare yourself for the very worst. Anyone will rightly expect that after 30 years of "service", along with the regular steady income from --- "Oga, wetin boys go chop"..."Oga you resemble yahoo boy"..."Park!, inner light, wetin you carry"--- that you may have saved substantial sums for rainy days such as this.


I'd hope that the mods may be fair and sympathetic to give your thread some attention on the home page...but I will implore you to manage your expectations carefully on the kinds of response you'd be getting, as most people have come to develop a rare intolerance for the men in black, current or ex.

You may wish to review some people's story here https://www.nairaland.com/910876/oppressed-molested-nigerian-police-share

mitwitdot: guys are they cause of materialism in girls....buy her everything she demands even if it's very stupid or unnecessary just to get into her pants. cars, phones, expensive bags etc for a hole that has no variant just the face and body shape.

Preach!!

My advise for you will be to learn to stop typing in text speak. Nothing is guaranteed to spoil your grammar faster than the frequent use of wrong words-- "Am ashamed of myself" should really be "[b]I'm [/b]ashamed of myself" --- or the use of shortcuts.

Study good articles more often and write as soon as you have something in your head to write about.

You have only afew choices available to you right now.

a) Stay determined, get the GCE form and give it a good shot again.

b) Give up, learn a trade, become a Barber, a Carpenter or a Bricklayer.


Choice is yours. Think of what will make your parents proud and give you a better future.

I'd go with the argument that the gate man should have used his discretion in this case. Although he had explicit orders to refuse customers from driving their cars into the company's premises, he had no such instruction to turn them down if they requested to see the company's Management. His refusal to allow access to the company's management was his own personal judgement which eventually cost the company a lot in revenue.

Being quiet will only make you a "nice" guy. Nice guys are bad for business.

In the industry where i work, you've got to show that you've got some spit in your eye and some gravel in your guts. Being productive is great, it's why you are hired. But then you probably need more than that to move up in your career. You need a personality that shows you can deal with tough situations and manage people. You need a personality that exudes confidence....keeping quiet is not it.

This isn't an issue anyone can decide for you. It is up to you to find out for yourself where you stand in terms of your own ethics and whether or not the end is all that matters to you regardless of the means. If you have no fuss about moral values and can't be ashamed to tell your future kids how you cheated your way to your first job, then please, go on and give it a shot!

Does it have its implications?....Well in the UK, if you get caught out, you may serve a prison term for fraud!...In naija, i'd guess the worst an irate employer could do is give you the boot.

What do i think of it?.... I believe it is fraudulent to materially misrepresent yourself. You aren't doing anything different from what dem Yahoo guys are doing.

^^

LoL

Imagine the poster's puerile, senile insensible attempt at educating "younger ones" into making career choices. I wondered if he was sitting is dumb arse at home unemployed and feeding on dad's salary, he would have still considered certain jobs as ridiculed and rubbished.

@OP

You just appear to slid through each time i lower the standards for idiocy!

Nothing describes an Oaf more than the thinking of an individual who immediately assumes that certain jobs most be considered rubbish because "even senior lawyers back in those days now earn less than 1/2 our monthly income". Geez!...do you really make life changing decisions based on shallow thoughts as this?

I wondered if someone cared enough to educate your little brain whilst making career decisions that your choices must be made based on where your interests lie, what it is you intend to do for living and the resources available for you to achieve the future you wanted....and not on what other people considered careers with/without "prospects" or "ridiculed" professions.

I'm convinced without doubts that brainless beer parlor conversations as this are reasons for thriving cancerous perceptions that young people should take up careers that pays the most, or the ones that are most famous and clearly not ones that defines them or their abilities.

If the likes of Wole Soyinka or Chinua Achube listened to Oafs during their days, they may have ended up becoming frustrated Medical doctors or Pilots rather than the high achieving Icons they are and the legacies that will forever follow their names. Clearly, Oafs must always be defeated if people were to go after their dreams.

And just so i may make it clear, the fact that i found your post stu[i]p[/i]id does not necessarily mean I am bitter about the contents. It's simply what it is, stu[i]p[/i]id!

What sense or enlightening replies are you hoping to gain with a thread that lacks even these qualities you asked for? This section, i was told, was created for people seeking help with their career choices. As in any case, a nice well construed and meaningful humor is welcomed by people most of the time...but a thread that is solely opened just so someone with a little brain and a little ego could brag around and get his full is just distasteful!

In a country where more than 60 percent are out of jobs and young school leavers are struggling to make a choice on their career, i will recommend you stay up all night counting your stars if you've got a job that pays a steady income in the first place. Coming online to tell the rest of us that you consider Philosophy or Banking a rubbish profession and below your feet, may make some people consider you a brainless Oaf!

I could excuse your typographical errors based on the first line of your statement, but i find your grammatical errors beyond excusing. I'd advise you start brushing up on your grammatical skills by reading newspapers and articles authored by people with good writing abilities.

That said, some information on the following questions may attract more opinions:

1) What courses are you currently applying to study for?

2) What subjects are you really good at?

3) Are you financially strong enough to seek admissions at private Unis?

4) Does your Uncle have intentions to sponsor you for the foreseeable future?

5) Do you like Nurses more than you do Accountants?

6) Are there alternative career choices you have considered?

7) At 23, do you really think it is a smart decision to spend a few extra years studying science subjects?...then spend a few more more years on admissions for a nursing degree?....then spend a few more years studying AND graduating from a Nursing degree....then spend some years looking for a job, at which time you may already be too old for employment?......all of this because of what your Uncle said and not because you believe you will do well as a Nurse?

I have no issues with you making your own decisions based on your religious beliefs. What you must ask yourself however, is the strength of your conviction in this "divine direction" and your willingness to stake the rest of your future on the faith in your belief. This is probably not the best time to delve into religious arguments but i I will encourage you to ask yourself serious questions.


On your Uncle's suggestion, i have often mentioned that the bulk of the responsibilities for your career lie with you and you only!...If your Uncle does not have a big blue magic ball from which he gets a sneak peak or two into your future, then his advise is as good as that of any random person you may come in contact with. I would guess your Uncle probably made his statements based on what he considered the recent trends around him.
How has he come to the conclusion that Nursing, not accounting, will be better for YOU in the future? How did he conclude that your best prospects lie abroad? Has he considered that you are now 23 and your interest may not even be in Sciences?


Think of what you will have to sacrifice if you'd have to follow divine directions and your Uncle's suggestions at this point, then ask yourself if it's all worth it!!!...this is a question i believe only you have an answer to!