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Nairaland Forum / Nairaland / General / Business / Prices Of Cattle Crash In Taraba Due To Naira Scarcity (39856 Views)
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Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by Mboi: 8:44pm On Feb 01, 2023 |
thebosstrevor1:It's not true. Those who buy and sell agricultural products have bank accounts and today hardly can you see people that don't have smart phone. Also even if you don't have a smart phone, there's a USSD code to dial and make a transfer. Nigerians do not just want to change. I read on that passage that the cattle sellers rejected transfers. They should continue o.. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by grandstar(m): 8:57pm On Feb 01, 2023 |
aboreofe: This is not how developed countries deal with inflation. What you said is offhand and inaccurate in regards to how rich countries attack inflation. In developed countries, the central banks usually have an inflation target of 2%. When it breaches the 2% mark, the central bank goes into action. It begins to gradually increase interest rates . Why the increase in interest rates? Higher interest rates encourage people to save rather than spends. By saving, money is withdrawn from circulation. The higher the rates, the more money is saved. Also, higher interest rates discourage borrowing, from both consumer and companies, reducing the amount of money that would have entered into circulation. At times, the interest rates can be increased so high that many companies can not service their debt and go bankrupt. It usually leads to a downturn or an outright recession Most often when inflation breaches the 2% mark, it is because the economy is overheated (growing too fast) and that's why inflation is high. High interest will cool the economy down. Once inflation goes below the 2% and inflationary pressure is low, the central bank begins to reduce interest rates. What if the president begins to scream that interest rates are too high and the central bank should bring it down? In rich countries, the central bank is usually independent and will not be lectured to by anyone unlike here where president Buhari will be dictating exchange rates to the governor of the central bank. The central bank will perform its duty as it deems fit as long as its within its power. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by Nobody: 9:03pm On Feb 01, 2023 |
SmartPolician:Don't take life too seriously man, no one is getting out alive |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by grandstar(m): 9:04pm On Feb 01, 2023 |
DADYLEED: I am apolitical. I dobt even vote. Goodluck Jonathan appointed him a the governor of the central bank after suspending the former head, Lamido Sanusi for basically being a straight talking loud mouth. It seemed the then president wanted someone who would be submissive unlike Lamido Sanusi Sadly, it's the type of person that PMB needed. Someone who would not challenge PMBs nauseating interference into the CBNs policy implementations. If Sanusi was there, PMB would have been found a rather stubborn CBN governor to contend with. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by Sammy5413(m): 9:34pm On Feb 01, 2023 |
Make them chop am, we no buy again |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by Saintinoo(m): 9:53pm On Feb 01, 2023 |
thebosstrevor1: Who told you this, where has scarcity of cash ever caused agriculture product price crash? what economics us that, farmers are currently hoarding their grains and inflating the price, forget Nigeria junk newspapers, prices of grains are currently going up. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by dochenaj: 10:12pm On Feb 01, 2023 |
It looks like this cash scarcity is driving price inflation down. To sustain it will be the major work now. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by President2001(m): 10:15pm On Feb 01, 2023 |
Deoo1125: |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by just2endowed: 10:51pm On Feb 01, 2023 |
BloomingDale: Almost all don't have a bank account but they have phone number. They dont pay any form of indirect tax like Vat but they share vat collected from Southern part of Nigeria. Its about time, government force all to open bank account with their phone number and collect vat on each transaction. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by loganx: 12:50am On Feb 02, 2023 |
elementary economy: too many cash chasing too few goods leads to inflation. Even the CBN governor and his bunch did not know that the number 1 consequence of their action will combat inflation. Prices of goods will continue to decline to match available cash supply, at least for the small household food items you basically would exchange cash for. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by ChicagoBar(m): 3:55am On Feb 02, 2023 |
Treasure17:Ogun go kill you. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by ChicagoBar(m): 3:58am On Feb 02, 2023 |
Vote Jagaban Bola Ahmad Tinubu
|
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by PaNnamdi: 4:31am On Feb 02, 2023 |
thebosstrevor1:Ipob is definitely responsible for this hardship😎 |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by DaInferno(m): 7:30am On Feb 02, 2023 |
Olasyke:catch looters |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by alphaNomega: 10:59am On Feb 02, 2023 |
Treasure17:Two of them are fighting tooth and nail to enter aso rock this year. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by COMPAQ(m): 12:34pm On Feb 02, 2023 |
thebosstrevor1: Going by this analysis, then it is only expected to be a short term thing. Cos eventually in a few months, the cash situation should normalize then things go back to the way they were. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by COMPAQ(m): 12:39pm On Feb 02, 2023 |
Deoo1125: There is nothing fantastic about cashless economy that we are not ready for. How are these same people ready to use GSM, but not ready for cashless. Its just a state of mind. In time, they will get used to it. Yes it can be hacked, but let's not over glorify that. If you take the necessary precautions, then you are relatively safe. Same way you can be robbed of your cash. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by Nobody: 1:22pm On Feb 02, 2023 |
COMPAQ: It is a short term effect, everything will come back to normal, i am expecting that some withdrawal limitations will be removed in the future as we get back to normal. |
Re: Prices Of Cattle Crash In Taraba Due To Naira Scarcity by iyerenath(m): 2:16pm On Feb 02, 2023 |
We all know who these is targeted at... To be fair, the policy itself isn't bad but the TIMING and IMPLEMENTATION is all shades of wrong. |
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