NIGERIA’S ECONOMY CONTINUES TO HAEMORRHAGE, f February ,2016 ,this reporter accompanied one of his bosom friends to cash some amount of money in an Automated Teller Machine [A.T.M.]terminal belonging to Zenith International Bank Plc and Ecobank Nigeria Plc and to their amazements there was not a single dime inside the machines. On the 10th of February,2016,this reporter spotted officials of First City Monument Bank Plc as they were combing the railway station axis of Ikeja,Lagos,Nigeria asthey hunted for new customers as against the past when they were comfortable staying back in their offices. The same scenario was also spotted elsewhere around Iyana Ipaja ,Lagos as First Bank Plc searched for a new customer clientele . An impeccable source who was a contractor at Skyebank Plc before now said he was no longer getting any new contractual jobs since the advent of the present regime in Nigeria. His Words:”Things are really tight and I learnt that Skye Bank sacked workers in November,2015 and now they are thinking of sacking again” “I learnt that there is a lot of job cuts going on at the moment in the financial services sector ,on Monday ,8th February ,2016 ,this reporter scanned the inner pages of The Punch Newspapers and they had less than 20 pages of advertising thus showing the level of stress and strains businesses are going through at the moment” In a related issue,this reporter has also witnessed first -hand how there has been poor or epileptic electricity power supply for up to a month now in the metropolitan city of Lagos. Sources claim that a place like Ogba,Ifako Ijaiye and Agege arwe affected due to a high tension pole which got hit by a car ,some others claim that around this period of the year there was always cases of low water level at the Kainji Hydro electricity Dam in New Bussa ,Niger State. Several sources are also not very pleased with the decision of the Federal Government in partnership with its power sector stakeholders who have jerked up the tariffs in the sector but have not improved upon the quality of electricity being consumed by the consumers. In a related issue,The News Office Desk of Paedia Express Multimedia in Lagos ,Nigeria has also learnt on the 30th of March,2016,that famous celebrity journal: National Encomium was not on the vendor stands due to the inability of the publisher to raise the cash to buy news prints. Just last month ,there was a resignation of a key editor at the Hallmark Newspapers and a mass sack due to the inability of the publisher to raise cash to run his operations the brand was said to have being off the news stand for two to three weeks before it returned. The Ogun State chapter of the Independent Petroleum Marketers of Nigeria[ I.P.M.A.N]has since declared that it will be difficult for the present Buhari regime to restrict prices per litre of petroleum to N40. , April 1 (Reuters) - Nigerian overnight interbank lending rates fell more than half on Friday to around 5 percent from last week's 13 percent after the central bank injected fresh liquidity into the system, traders said. The central bank retired about 179 billion naira ($900.40 million) in matured treasury bills through open market operations (OMO) on Thursday. On Wednesday the bank refunded about 500 billion naira in unused balance of cash deposited by commercial lenders for forex purchases, swelling liquidity in the market and forcing down cost of borrowing among banks. Overnight placement rose sharply last week to around 20 percent after the central bank recalled some 400 billion naira from the banking system to meet a new cash reserves ratio (CRR) on deposits. The market closed at 13 percent last week after cash payments from international oil companies operating in Africa's largest crude producer under a joint venture agreement hit the system. Nigeria's central bank raised its benchmark interest rate from 11 to 12 percent last week, and the cash reserve ratio for commercial banks to 22.5 percent from 20 percent, to try to curb an increase in inflation, leading to fears of higher interest rates. The total commercial lenders' credit balance with the central bank rose to 564.35 billion naira, up from 320.9 billion naira last week Thursday, traders said. Traders said the central bank floated 50 billion naira in 209-day OMO bills on Friday, but was yet to release the auction results. "We expect to see interbank rate inching up slightly next week as banks make provisions for foreign exchange purchases and possible sales of more OMO bills by the central bank," one dealer said. The interbank rate reflects the level of naira cash liquidity in the banking system. ($1 = 198.8 naira)

NIGERIA’S ECONOMY CONTINUES TO HEMORRHAGE

BY ABDULMUMINI ADEKU,OLUDARE MAOWA AND CLELIA OZIEL.


.
NIGERIA'S ECONOMY UNDER BUHARI NEEDS URGENT PALLIATIVES

The  Nigerian economy is in serious trouble and this is no pub talk.

Checks by the News Office Desk of Paedia Express Multimedia in Lagos,Nigeria recently shows that unless there were urgent palliatives provided by the financial regulator,The Central Bank of Nigeria ,the nation’s economy may grind to a screeching halt soon.

On the 7^th of February ,2016 ,this reporter accompanied one of his bosom friends to cash some amount of money in an Automated Teller Machine [A.T.M.]terminal belonging to  Zenith International Bank Plc and Ecobank Nigeria Plc and to their amazements there was not a single dime inside the machines.

On the 10^th of February,2016,this reporter spotted officials of First City Monument Bank Plc as they were combing the railway station axis of Ikeja,Lagos,Nigeria asthey hunted for new customers as against the past when they were comfortable staying back in their offices.

The same scenario was also spotted elsewhere around  Iyana Ipaja ,Lagos as First Bank Plc searched for a new customer clientele .

An impeccable source who was a contractor at Skyebank Plc before now said he was no longer getting any new contractual jobs since the advent of the present regime in Nigeria.

His Words:”Things are really tight and  I learnt that Skye Bank sacked workers in November,2015 and now they are thinking of sacking again”

“I learnt that there is a lot of job cuts going on at the moment in the financial services sector ,on Monday ,8^th February ,2016 ,this reporter scanned the inner pages of The Punch Newspapers  and they had less than 20 pages of advertising thus showing the level of stress and strains businesses are going through at the moment”

In a related issue,this reporter has also witnessed first -hand how there has been poor or epileptic electricity power supply for up to a month now in the metropolitan city of Lagos.

Sources claim that a place like Ogba,Ifako Ijaiye and Agege arwe affected due to a high tension pole which got hit by a car ,some others claim that around this period of the year there was always cases of low water level at the Kainji Hydro  electricity Dam in New Bussa ,Niger State.

Several sources are also not very pleased with the decision of the Federal Government in partnership with its power sector stakeholders who have jerked up the tariffs  in the sector but have not improved upon the quality of electricity being consumed by the consumers.

In a related issue,The News Office Desk of Paedia Express Multimedia in Lagos ,Nigeria has also learnt on the 30^th of March,2016,that famous celebrity journal: National Encomium was not on the vendor stands due to the inability of the publisher to raise the cash to buy news prints.

Just last month ,there was a resignation of a key editor at the Hallmark Newspapers  and a mass sack due to  the inability of the publisher to raise cash to run his operations the brand was said to have being off the news stand for two to three weeks before it returned.

The Ogun State chapter of the Independent Petroleum Marketers of Nigeria[ I.P.M.A.N]has since declared that it will be difficult for the present Buhari regime to restrict prices per litre of petroleum to N40.

, April 1 (Reuters) - Nigerian overnight interbank lending rates fell more than half on Friday to around 5 percent from last week's 13 percent after the central bank injected fresh liquidity into the system, traders said.
The central bank retired about 179 billion naira ($900.40 million) in matured treasury bills through open market operations (OMO) on Thursday.
On Wednesday the bank refunded about 500 billion naira in unused balance of cash deposited by commercial lenders for forex purchases, swelling liquidity in the market and forcing down cost of borrowing among banks.
Overnight placement rose sharply last week to around 20 percent after the central bank recalled some 400 billion naira from the banking system to meet a new cash reserves ratio (CRR) on deposits.
The market closed at 13 percent last week after cash payments from international oil companies operating in Africa's largest crude producer under a joint venture agreement hit the system.
Nigeria's central bank raised its benchmark interest rate from 11 to 12 percent last week, and the cash reserve ratio for commercial banks to 22.5 percent from 20 percent, to try to curb an increase in inflation, leading to fears of higher interest rates.
The total commercial lenders' credit balance with the central bank rose to 564.35 billion naira, up from 320.9 billion naira last week Thursday, traders said.
Traders said the central bank floated 50 billion naira in 209-day OMO bills on Friday, but was yet to release the auction results.
"We expect to see interbank rate inching up slightly next week as banks make provisions for foreign exchange purchases and possible sales of more OMO bills by the central bank," one dealer said.
The interbank rate reflects the level of naira cash liquidity in the banking system.
($1 = 198.8 naira)

The  Nigerian economy is in serious trouble and this is no pub talk.

Checks by the News Office Desk of Paedia Express Multimedia in Lagos,Nigeria recently shows that unless there were urgent palliatives provided by the financial regulator,The Central Bank of Nigeria ,the nation’s economy may grind to a screeching halt soon.

On the 7^th of February ,2016 ,this reporter accompanied one of his bosom friends to cash some amount of money in an Automated Teller Machine [A.T.M.]terminal belonging to  Zenith International Bank Plc and Ecobank Nigeria Plc and to their amazements there was not a single dime inside the machines.

On the 10^th of February,2016,this reporter spotted officials of First City Monument Bank Plc as they were combing the railway station axis of Ikeja,Lagos,Nigeria asthey hunted for new customers as against the past when they were comfortable staying back in their offices.

The same scenario was also spotted elsewhere around  Iyana Ipaja ,Lagos as First Bank Plc searched for a new customer clientele .

An impeccable source who was a contractor at Skyebank Plc before now said he was no longer getting any new contractual jobs since the advent of the present regime in Nigeria.

His Words:”Things are really tight and  I learnt that Skye Bank sacked workers in November,2015 and now they are thinking of sacking again”

“I learnt that there is a lot of job cuts going on at the moment in the financial services sector ,on Monday ,8^th February ,2016 ,this reporter scanned the inner pages of The Punch Newspapers  and they had less than 20 pages of advertising thus showing the level of stress and strains businesses are going through at the moment”

In a related issue,this reporter has also witnessed first -hand how there has been poor or epileptic electricity power supply for up to a month now in the metropolitan city of Lagos.

Sources claim that a place like Ogba,Ifako Ijaiye and Agege arwe affected due to a high tension pole which got hit by a car ,some others claim that around this period of the year there was always cases of low water level at the Kainji Hydro  electricity Dam in New Bussa ,Niger State.

Several sources are also not very pleased with the decision of the Federal Government in partnership with its power sector stakeholders who have jerked up the tariffs  in the sector but have not improved upon the quality of electricity being consumed by the consumers.

In a related issue,The News Office Desk of Paedia Express Multimedia in Lagos ,Nigeria has also learnt on the 30^th of March,2016,that famous celebrity journal: National Encomium was not on the vendor stands due to the inability of the publisher to raise the cash to buy news prints.

Just last month ,there was a resignation of a key editor at the Hallmark Newspapers  and a mass sack due to  the inability of the publisher to raise cash to run his operations the brand was said to have being off the news stand for two to three weeks before it returned.

The Ogun State chapter of the Independent Petroleum Marketers of Nigeria[ I.P.M.A.N]has since declared that it will be difficult for the present Buhari regime to restrict prices per litre of petroleum to N40.

, April 1 (Reuters) - Nigerian overnight interbank lending rates fell more than half on Friday to around 5 percent from last week's 13 percent after the central bank injected fresh liquidity into the system, traders said.
The central bank retired about 179 billion naira ($900.40 million) in matured treasury bills through open market operations (OMO) on Thursday.
On Wednesday the bank refunded about 500 billion naira in unused balance of cash deposited by commercial lenders for forex purchases, swelling liquidity in the market and forcing down cost of borrowing among banks.
Overnight placement rose sharply last week to around 20 percent after the central bank recalled some 400 billion naira from the banking system to meet a new cash reserves ratio (CRR) on deposits.
The market closed at 13 percent last week after cash payments from international oil companies operating in Africa's largest crude producer under a joint venture agreement hit the system.
Nigeria's central bank raised its benchmark interest rate from 11 to 12 percent last week, and the cash reserve ratio for commercial banks to 22.5 percent from 20 percent, to try to curb an increase in inflation, leading to fears of higher interest rates.
The total commercial lenders' credit balance with the central bank rose to 564.35 billion naira, up from 320.9 billion naira last week Thursday, traders said.
Traders said the central bank floated 50 billion naira in 209-day OMO bills on Friday, but was yet to release the auction results.
"We expect to see interbank rate inching up slightly next week as banks make provisions for foreign exchange purchases and possible sales of more OMO bills by the central bank," one dealer said.
The interbank rate reflects the level of naira cash liquidity in the banking system.
($1 = 198.8 naira)