Go Back   StockMarketNigeria.com Forums > Financial products and resources > Personal Finance/ Financial Planning

Personal Finance/ Financial Planning Chat on Financial planning, Debt, Loans, Personal Expenses, Pension etc

Welcome to the StockMarketNigeria.com Forums.
If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #10461 (permalink)  
Old 26th March 2014, 06:47 AM
Waves's Avatar
Rank: Senior Member
Points: 14,716, Level: 78
Points: 14,716, Level: 78 Points: 14,716, Level: 78 Points: 14,716, Level: 78
Activity: 4%
Activity: 4% Activity: 4% Activity: 4%
 
Join Date: Mar 2009
Posts: 2,408
Thanks: 74
Thanked 275 Times in 198 Posts
Groans: 0
Groaned at 1 Time in 1 Post
Rep Power: 11
Waves will become famous soon enough
Default Re: Economicwatch

Quote:
Originally Posted by Waves View Post
http://www.cenbank.org/Out/2014/MPD/...rch%202014.pdf

So 4 members actually wanted to increase MPR.
Obviously, a lot of these analyst did not even bother to read or fully listen to Alade's statement. If I can forgive Akin Dawodu because he was already in CNBC studio when the statement was issued, Razia, who I had an argument with on Twitter, did not show she understood Alade's statement.

I guess politics may have played a part in MPC's decision not to even consider shifting the FX band.
__________________
“Successful investing is anticipating the anticipations of others.” (John Maynard Keynes quotes (English economist, journalist, and financier, 1883-1946)
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10462 (permalink)  
Old 26th March 2014, 07:05 AM
Salida's Avatar
Rank: Senior Member
Points: 51,569, Level: 100
Points: 51,569, Level: 100 Points: 51,569, Level: 100 Points: 51,569, Level: 100
Activity: 8%
Activity: 8% Activity: 8% Activity: 8%
 
Join Date: Jul 2010
Posts: 21,067
Thanks: 353
Thanked 312 Times in 248 Posts
Groans: 0
Groaned at 4 Times in 4 Posts
Blog Entries: 1
Rep Power: 29
Salida is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by Waves View Post
Obviously, a lot of these analyst did not even bother to read or fully listen to Alade's statement. If I can forgive Akin Dawodu because he was already in CNBC studio when the statement was issued, Razia, who I had an argument with on Twitter, did not show she understood Alade's statement.

I guess politics may have played a part in MPC's decision not to even consider shifting the FX band.

Sir Waves, Economics has a "political face" and as far as Naira devaluation or shifting of the FX band is concerned, it is just a matter of postponing evil days.
__________________
The cheapest stock in an overvalued market may still be overvalued
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10463 (permalink)  
Old 26th March 2014, 08:56 AM
manemi's Avatar
Rank: Senior Member
Points: 10,751, Level: 68
Points: 10,751, Level: 68 Points: 10,751, Level: 68 Points: 10,751, Level: 68
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Apr 2010
Posts: 2,800
Thanks: 68
Thanked 62 Times in 56 Posts
Groans: 1
Groaned at 3 Times in 3 Posts
Rep Power: 10
manemi is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by Salida View Post
Sir Waves, Economics has a "political face" and as far as Naira devaluation or shifting of the FX band is concerned, it is just a matter of postponing evil days.
The Americans call this "Kicking the Can Down the Road"
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10464 (permalink)  
Old 26th March 2014, 11:05 AM
egoigwe's Avatar
Rank: Senior Member
Points: 4,465, Level: 42
Points: 4,465, Level: 42 Points: 4,465, Level: 42 Points: 4,465, Level: 42
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Oct 2012
Posts: 402
Thanks: 2
Thanked 37 Times in 30 Posts
Groans: 1
Groaned at 0 Times in 0 Posts
Rep Power: 0
egoigwe is on a distinguished road
Default Re: Economicwatch

Dangote in new bid for Shell asset - Proshare
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10465 (permalink)  
Old 26th March 2014, 04:10 PM
emmanuel ewumi's Avatar
Rank: Senior Member
Points: 19,382, Level: 88
Points: 19,382, Level: 88 Points: 19,382, Level: 88 Points: 19,382, Level: 88
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Feb 2008
Posts: 5,403
Thanks: 91
Thanked 99 Times in 84 Posts
Groans: 3
Groaned at 6 Times in 6 Posts
Rep Power: 15
emmanuel ewumi is on a distinguished road
Default Re: Economicwatch

MPC meeting: Key decisions and Thoughts - Cordros - Proshare


The MPC met on March 24 and 25, 2014 to consider the future path of monetary policy in an environment of increased risks and uncertainties.

Final Decision of the meeting

• Private sector cash reserve ratio (CRR) increased from 12% to 15%.

• The Monetary policy rate (MPR) and corridor were left unchanged at 12%±200bps.

• Public sector cash reserve ratio (CRR) retained at 75%.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10466 (permalink)  
Old 26th March 2014, 04:38 PM
hustler's Avatar
Rank: Member
Points: 6,054, Level: 50
Points: 6,054, Level: 50 Points: 6,054, Level: 50 Points: 6,054, Level: 50
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Mar 2008
Posts: 95
Thanks: 14
Thanked 4 Times in 4 Posts
Groans: 0
Groaned at 1 Time in 1 Post
Rep Power: 10
hustler is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by Salida View Post
Sir Waves, Economics has a "political face" and as far as Naira devaluation or shifting of the FX band is concerned, it is just a matter of postponing evil days.
Yes Oga Salida we are just postponing the inevitable.

Well I have accumulated some $$ since last year for some speculation this year. The gradual fall in FX reserves last year showed me earlier signs that the naira will soon start coming under pressure.

With this year been a campaign year and with all the QE tapering going on,the only way for the naira to go might just be down. I am just waiting to convert at the right price and plough back into the market hopefully by the second half of the year.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10467 (permalink)  
Old 26th March 2014, 05:56 PM
Django's Avatar
Rank: Senior Member
Points: 4,046, Level: 40
Points: 4,046, Level: 40 Points: 4,046, Level: 40 Points: 4,046, Level: 40
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Feb 2014
Posts: 1,288
Thanks: 11
Thanked 43 Times in 33 Posts
Groans: 0
Groaned at 2 Times in 2 Posts
Rep Power: 0
Django is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by hustler View Post
Yes Oga Salida we are just postponing the inevitable.

Well I have accumulated some $$ since last year for some speculation this year. The gradual fall in FX reserves last year showed me earlier signs that the naira will soon start coming under pressure.

With this year been a campaign year and with all the QE tapering going on,the only way for the naira to go might just be down. I am just waiting to convert at the right price and plough back into the market hopefully by the second half of the year.
The worry is that virtually everyone has taken the position that the Naira would fall near-term and they've been hoarding $ as a result, the big question is who would they sell the $ to profitably when everyone is headed in a certain direction, huh?

Don't forget we still have the politicians' hoarded $$$ war chest incl. "allegedly" missing $20b money waiting to hit the system, once the political campaign kicks in full-blown... Historically, election spending has always been unfavourable to $...

Hey, just my 2k observation!
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10468 (permalink)  
Old 26th March 2014, 07:16 PM
nosa2's Avatar
Rank: Senior Member
Points: 53,096, Level: 100
Points: 53,096, Level: 100 Points: 53,096, Level: 100 Points: 53,096, Level: 100
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Oct 2008
Location: Lagos
Posts: 7,026
Thanks: 600
Thanked 313 Times in 272 Posts
Groans: 58
Groaned at 11 Times in 11 Posts
Blog Entries: 6
Rep Power: 16
nosa2 is on a distinguished road
Send a message via Yahoo to nosa2 Send a message via Skype™ to nosa2
Default Re: Economicwatch

Quote:
Originally Posted by Django View Post
The worry is that virtually everyone has taken the position that the Naira would fall near-term and they've been hoarding $ as a result, the big question is who would they sell the $ to profitably when everyone is headed in a certain direction, huh?

Don't forget we still have the politicians' hoarded $$$ war chest incl. "allegedly" missing $20b money waiting to hit the system, once the political campaign kicks in full-blown... Historically, election spending has always been unfavourable to $...

Hey, just my 2k observation!
Interesting take
__________________
visit www.globalnigerian.com for my thoughts and recommendations
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10469 (permalink)  
Old 26th March 2014, 09:24 PM
Waves's Avatar
Rank: Senior Member
Points: 14,716, Level: 78
Points: 14,716, Level: 78 Points: 14,716, Level: 78 Points: 14,716, Level: 78
Activity: 4%
Activity: 4% Activity: 4% Activity: 4%
 
Join Date: Mar 2009
Posts: 2,408
Thanks: 74
Thanked 275 Times in 198 Posts
Groans: 0
Groaned at 1 Time in 1 Post
Rep Power: 11
Waves will become famous soon enough
Default Re: Economicwatch

I watched the confirmation hearing of the CBN Governor nominee, Godwin Emeliefe today. My conclusion is that he is the wrong man for the job. Godwin is simply a banker with very limited understanding of Economics. Several times the Senators asked him questions on Political Economics and he could not provide satisfactory answers. At least 5 Senators kept on returning him to the question on Nigeria's Jobless GDP growth and he neither showed an understanding of the issue talk less of providing answers. Even on the question of the wide spread between deposit rates and lending rates, the man provided very shallow answers.

My conclusion is that Godwin, like most other Zenith Bankers I know, is very shallow. I used to think Adoara's lack of depth was an exception but I now believe otherwise. I don't believe we have the best man for the job

On outlook for Monetary policy under Godwin, I think it is better to look to other MPC members or the govt.
__________________
“Successful investing is anticipating the anticipations of others.” (John Maynard Keynes quotes (English economist, journalist, and financier, 1883-1946)
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
The Following 2 Users Say Thank You to Waves For This Useful Post:
hispy99 (26th March 2014), nosa2 (27th March 2014)
  #10470 (permalink)  
Old 27th March 2014, 01:26 AM
hispy99's Avatar
Forum Moderator
Rank: Senior Member
Points: 100,651, Level: 100
Points: 100,651, Level: 100 Points: 100,651, Level: 100 Points: 100,651, Level: 100
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Aug 2007
Location: Chicago
Posts: 33,493
Thanks: 129
Thanked 270 Times in 221 Posts
Groans: 2
Groaned at 6 Times in 6 Posts
Rep Power: 47
hispy99 is just really nicehispy99 is just really nicehispy99 is just really nicehispy99 is just really nicehispy99 is just really nice
Default Re: Economicwatch

Naira holds firm against dollar after CBN tightens liquidity | BusinessDay
__________________
“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
"The one absolute requirement of a money manager is emotional maturity. If you don’t know who you are, the stock market is an expensive place to find out." - Adam Smith
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10471 (permalink)  
Old 27th March 2014, 06:18 AM
Salida's Avatar
Rank: Senior Member
Points: 51,569, Level: 100
Points: 51,569, Level: 100 Points: 51,569, Level: 100 Points: 51,569, Level: 100
Activity: 8%
Activity: 8% Activity: 8% Activity: 8%
 
Join Date: Jul 2010
Posts: 21,067
Thanks: 353
Thanked 312 Times in 248 Posts
Groans: 0
Groaned at 4 Times in 4 Posts
Blog Entries: 1
Rep Power: 29
Salida is on a distinguished road
Default Re: Economicwatch

Chinese slowdown a net negative for Nigeria says O’Neill | BusinessDay
__________________
The cheapest stock in an overvalued market may still be overvalued
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10472 (permalink)  
Old 27th March 2014, 08:28 AM
manemi's Avatar
Rank: Senior Member
Points: 10,751, Level: 68
Points: 10,751, Level: 68 Points: 10,751, Level: 68 Points: 10,751, Level: 68
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Apr 2010
Posts: 2,800
Thanks: 68
Thanked 62 Times in 56 Posts
Groans: 1
Groaned at 3 Times in 3 Posts
Rep Power: 10
manemi is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by Waves View Post
I watched the confirmation hearing of the CBN Governor nominee, Godwin Emeliefe today. My conclusion is that he is the wrong man for the job. Godwin is simply a banker with very limited understanding of Economics. Several times the Senators asked him questions on Political Economics and he could not provide satisfactory answers. At least 5 Senators kept on returning him to the question on Nigeria's Jobless GDP growth and he neither showed an understanding of the issue talk less of providing answers. Even on the question of the wide spread between deposit rates and lending rates, the man provided very shallow answers.

My conclusion is that Godwin, like most other Zenith Bankers I know, is very shallow. I used to think Adoara's lack of depth was an exception but I now believe otherwise. I don't believe we have the best man for the job

On outlook for Monetary policy under Godwin, I think it is better to look to other MPC members or the govt.
As they say ... "be careful what you wish for..."
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10473 (permalink)  
Old 27th March 2014, 08:57 AM
laso's Avatar
Rank: Senior Member
Points: 5,705, Level: 48
Points: 5,705, Level: 48 Points: 5,705, Level: 48 Points: 5,705, Level: 48
Activity: 1%
Activity: 1% Activity: 1% Activity: 1%
 
Join Date: Jan 2012
Posts: 726
Thanks: 2
Thanked 73 Times in 56 Posts
Groans: 1
Groaned at 0 Times in 0 Posts
Rep Power: 0
laso is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by Waves View Post
I watched the confirmation hearing of the CBN Governor nominee, Godwin Emeliefe today. My conclusion is that he is the wrong man for the job. Godwin is simply a banker with very limited understanding of Economics. Several times the Senators asked him questions on Political Economics and he could not provide satisfactory answers. At least 5 Senators kept on returning him to the question on Nigeria's Jobless GDP growth and he neither showed an understanding of the issue talk less of providing answers. Even on the question of the wide spread between deposit rates and lending rates, the man provided very shallow answers.

My conclusion is that Godwin, like most other Zenith Bankers I know, is very shallow. I used to think Adoara's lack of depth was an exception but I now believe otherwise. I don't believe we have the best man for the job

On outlook for Monetary policy under Godwin, I think it is better to look to other MPC members or the govt.
I dont want to believe that Godwin performance yesterday at d senate has anything to do with his background as a banker.you dont have to b an economist to answer some of d questions put to him. I also watched d screening and i was highly disappointed. It was like he did not understand most of d questions.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10474 (permalink)  
Old 27th March 2014, 10:00 AM
migiets's Avatar
Rank: Senior Member
Points: 27,487, Level: 98
Points: 27,487, Level: 98 Points: 27,487, Level: 98 Points: 27,487, Level: 98
Activity: 3%
Activity: 3% Activity: 3% Activity: 3%
 
Join Date: Mar 2008
Posts: 8,361
Thanks: 209
Thanked 319 Times in 282 Posts
Groans: 0
Groaned at 11 Times in 11 Posts
Rep Power: 18
migiets is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by Waves View Post
I watched the confirmation hearing of the CBN Governor nominee, Godwin Emeliefe today. My conclusion is that he is the wrong man for the job. Godwin is simply a banker with very limited understanding of Economics. Several times the Senators asked him questions on Political Economics and he could not provide satisfactory answers. At least 5 Senators kept on returning him to the question on Nigeria's Jobless GDP growth and he neither showed an understanding of the issue talk less of providing answers. Even on the question of the wide spread between deposit rates and lending rates, the man provided very shallow answers.

My conclusion is that Godwin, like most other Zenith Bankers I know, is very shallow. I used to think Adoara's lack of depth was an exception but I now believe otherwise. I don't believe we have the best man for the job

On outlook for Monetary policy under Godwin, I think it is better to look to other MPC members or the govt.
There is always this argument about whether an economics or a banker should be made the CBN governor. When Soludo, an economics was made the CBN governor, many bankers kicked against it saying that he was not a banker. Some of them even went to the extent of saying that he does not know what a Letter of Credit (LC) is or how it is processed and that why should such a person be made a CBN governor.

So, the question now is: 'Who should be a CBN governor, a Banker or an Economics'?.

This is not to pull down Nigerian Bankers. Most of them are not really up there because banking in Nigeria is not really banking.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
The Following User Says Thank You to migiets For This Useful Post:
Salida (30th March 2014)
  #10475 (permalink)  
Old 27th March 2014, 10:28 AM
citizen's Avatar
Rank: Senior Member
Points: 16,020, Level: 81
Points: 16,020, Level: 81 Points: 16,020, Level: 81 Points: 16,020, Level: 81
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Mar 2008
Posts: 4,382
Thanks: 3
Thanked 61 Times in 46 Posts
Groans: 0
Groaned at 4 Times in 4 Posts
Rep Power: 14
citizen will become famous soon enough
Default Re: Economicwatch

China's Credit Pipeline Slams Shut: Companies Scramble For The Last Drops Of Liquidity | Zero Hedge

Which brings us to today, when we find that China's credit formation, until now proceeding at a breakneck speed, has suddenly ground to a halt. Reuters explains:

Some of China's struggling firms are finally getting the reception that regulators have been hoping for - a cold shoulder from banks in the form of smaller and costlier loans.

Reuters has contacted over 80 companies with elevated debt ratios or problems with overcapacity. Interviews with 15 that agreed to discuss their funding showed that more discriminate lending, long a missing ingredient of China's economic transformation, has become a reality.

Up against a cooling Chinese economy and signs that authorities will not step in every time a loan goes bad, banks are becoming more hard-nosed and selective about whom they lend to.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10476 (permalink)  
Old 27th March 2014, 10:38 AM
Waves's Avatar
Rank: Senior Member
Points: 14,716, Level: 78
Points: 14,716, Level: 78 Points: 14,716, Level: 78 Points: 14,716, Level: 78
Activity: 4%
Activity: 4% Activity: 4% Activity: 4%
 
Join Date: Mar 2009
Posts: 2,408
Thanks: 74
Thanked 275 Times in 198 Posts
Groans: 0
Groaned at 1 Time in 1 Post
Rep Power: 11
Waves will become famous soon enough
Default Re: Economicwatch

Quote:
Originally Posted by migiets View Post
There is always this argument about whether an economics or a banker should be made the CBN governor. When Soludo, an economics was made the CBN governor, many bankers kicked against it saying that he was not a banker. Some of them even went to the extent of saying that he does not know what a Letter of Credit (LC) is or how it is processed and that why should such a person be made a CBN governor.

So, the question now is: 'Who should be a CBN governor, a Banker or an Economics'?.

This is not to pull down Nigerian Bankers. Most of them are not really up there because banking in Nigeria is not really banking.
What has a CBN Governor got to do with mundane issues like LCs?

It will continue to be difficult to find sound Economists in Banks to appoint as CBN Governors partly because of the way banking is done and how bankers work in Nigeria. Sometimes, you don't have to have a degree in Economists to understand Economics.

With the current situation, I will suggest that the government

1) Separate Banking supervision from CBN and create an FSA type of organizations. Bankers should head the new organization while Economist in or out of banks head CBN

2) Create a succession pool amongst Deputy Governors by appointing Economist from other field (There was no point appointing that FBN CFO as DG)

3) Create another succession pool through MPC members by appoint sound Economist that could be appointed Governors as members. For instance, even now Jonathan could have considered Dr Doyin Salami or Professor Garba (both MPC members from LBS and ABU respectively).

I don't know what input NOI had in this appointment. But if she did, I will be disappointed.
__________________
“Successful investing is anticipating the anticipations of others.” (John Maynard Keynes quotes (English economist, journalist, and financier, 1883-1946)
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
The Following User Says Thank You to Waves For This Useful Post:
Salida (30th March 2014)
  #10477 (permalink)  
Old 27th March 2014, 10:39 AM
oyo's Avatar
oyo oyo is offline
Rank: Senior Member
Points: 11,614, Level: 70
Points: 11,614, Level: 70 Points: 11,614, Level: 70 Points: 11,614, Level: 70
Activity: 16%
Activity: 16% Activity: 16% Activity: 16%
 
Join Date: Jan 2013
Posts: 3,897
Thanks: 42
Thanked 82 Times in 72 Posts
Groans: 1
Groaned at 8 Times in 7 Posts
Rep Power: 0
oyo is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by migiets View Post
There is always this argument about whether an economics or a banker should be made the CBN governor. When Soludo, an economics was made the CBN governor, many bankers kicked against it saying that he was not a banker. Some of them even went to the extent of saying that he does not know what a Letter of Credit (LC) is or how it is processed and that why should such a person be made a CBN governor.

So, the question now is: 'Who should be a CBN governor, a Banker or an Economics'?.

This is not to pull down Nigerian Bankers. Most of them are not really up there because banking in Nigeria is not really banking.
I agree with you on this one, for once.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10478 (permalink)  
Old 27th March 2014, 11:00 AM
migiets's Avatar
Rank: Senior Member
Points: 27,487, Level: 98
Points: 27,487, Level: 98 Points: 27,487, Level: 98 Points: 27,487, Level: 98
Activity: 3%
Activity: 3% Activity: 3% Activity: 3%
 
Join Date: Mar 2008
Posts: 8,361
Thanks: 209
Thanked 319 Times in 282 Posts
Groans: 0
Groaned at 11 Times in 11 Posts
Rep Power: 18
migiets is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by Waves View Post
What has a CBN Governor got to do with mundane issues like LCs?

It will continue to be difficult to find sound Economists in Banks to appoint as CBN Governors partly because of the way banking is done and how bankers work in Nigeria. Sometimes, you don't have to have a degree in Economists to understand Economics.

With the current situation, I will suggest that the government

1) Separate Banking supervision from CBN and create an FSA type of organizations. Bankers should head the new organization while Economist in or out of banks head CBN

2) Create a succession pool amongst Deputy Governors by appointing Economist from other field (There was no point appointing that FBN CFO as DG)

3) Create another succession pool through MPC members by appoint sound Economist that could be appointed Governors as members. For instance, even now Jonathan could have considered Dr Doyin Salami or Professor Garba (both MPC members from LBS and ABU respectively).

I don't know what input NOI had in this appointment. But if she did, I will be disappointed.
That was the same question i was asking the bankers at that time when the statement was made.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10479 (permalink)  
Old 27th March 2014, 11:07 AM
migiets's Avatar
Rank: Senior Member
Points: 27,487, Level: 98
Points: 27,487, Level: 98 Points: 27,487, Level: 98 Points: 27,487, Level: 98
Activity: 3%
Activity: 3% Activity: 3% Activity: 3%
 
Join Date: Mar 2008
Posts: 8,361
Thanks: 209
Thanked 319 Times in 282 Posts
Groans: 0
Groaned at 11 Times in 11 Posts
Rep Power: 18
migiets is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by oyo View Post
I agree with you on this one, for once.
Chei, Youth Oyo, you mean you do not always agree with me?.

Anyway, no wahala. Iam a practical person and not a 'noise maker'. I believe in practicability and not theories.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #10480 (permalink)  
Old 27th March 2014, 11:15 AM
dupeodus's Avatar
Rank: Senior Member
Points: 5,577, Level: 48
Points: 5,577, Level: 48 Points: 5,577, Level: 48 Points: 5,577, Level: 48
Activity: 4%
Activity: 4% Activity: 4% Activity: 4%
 
Join Date: Nov 2012
Posts: 698
Thanks: 2
Thanked 98 Times in 75 Posts
Groans: 0
Groaned at 1 Time in 1 Post
Rep Power: 0
dupeodus is on a distinguished road
Default Re: Economicwatch

Quote:
Originally Posted by migiets View Post
There is always this argument about whether an economics or a banker should be made the CBN governor. When Soludo, an economics was made the CBN governor, many bankers kicked against it saying that he was not a banker. Some of them even went to the extent of saying that he does not know what a Letter of Credit (LC) is or how it is processed and that why should such a person be made a CBN governor.

So, the question now is: 'Who should be a CBN governor, a Banker or an Economics'?.

This is not to pull down Nigerian Bankers. Most of them are not really up there because banking in Nigeria is not really banking.
There is no debate regarding the training and skills required of a central bank governor. Look around the world and see the training and skills of central bank governors in developed economies. The trouble is that we see the role of CBN primarily as banking supervision. Under SLS, this extended to an unprecedented intrusion into the management of banks. In my opinion, the CBN became and is still a rule making power drunk instead of a manager of the monetary policy aspect of the economy. In my view, the banking supervision function should be removed from CBN and placed with NDIC. That way, CBN governors will not only be free from the distraction of banking supervision, they and Nigerians will realize that their role is to focus primarily on monetary policy.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
The Following User Says Thank You to dupeodus For This Useful Post:
Salida (30th March 2014)
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT +1. The time now is 07:50 PM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.3.0
StockMarketNigeria.comAd Management plugin by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37