You loaned your friend N4,000,000/= last year BUT since then he has refused to pay back, which has really deteriorated the friendship. You beg him to just pay you N2,000,000/= and forget the rest because you are in a financial crisis.
Your friend then says he can only get you N1,500,000/= since that's all he has.
You feel like you have no option but to accept. You give him your account details to send the amount directly to your bank.
You wake up the next day, check your acct and there is N15,000,000/= in it.
You keep staring at the screen in disbelief but it is indeed 15m.
You grab your phone and find 53 missed calls from him and an additional 27 text messages begging you to transfer back N13,500,000/= since he only meant to send N1,500,000/= and accidentally added an extra "0."
As a well brought person, what are you supposed to do? 1. Send back N13,500,000/=? 2. Take your full N4,000,000/=? 3. Keep the entire N15,000,000/=?
To contribute to this wise idea, banks will be begging people for loans. As a committee in loan focus group witha bank, CBN may increase loan to deposit ratio (LDR) from 65% to 75%. LDR is the percentage provision the bank is willing to give as loans out of its total cash deposit
with the apex bank. By implication, Nigerian banks to give N75 as loans for every N100 they have as deposits.
Mr Godwin Emefiele (CBN Gov), said the committee urged deposit money banks to increase the percentage of their total deposit base available for lending.
He said the committee underlined the need to grow consumer, mortgage (@Millishield fyi) and corporate credit to drive aggregate demand and ensure a reduction in unemployment and an increase in output growth.
We have lazy people in this country that doesn't want to do anything, just complaining. Government brought an empowerment project and asked them to register free. Government will give land free, open the land free, tractorwork free,
give seed to plant free and soft loan to every registered members at no interest and no collateral, yet all what you complain of is price of food item. It is pathetic. Is the price going to come down by itself without input?
They even brought manufacturers together to offtake the produce automatically thereby increasing production and expanding the industries to employ millions of people. We are not ready for that but expecting magic price fall.