Tag: Government Funds
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“How Banks Make Free Money From Govt Funds” – CBN Governor, By Henry Boyo
BY HENRY BOYO The oppressive impact of the myriad charges on the transactions of every owner of a bank account in Nigeria, was subject of discussion, in this column in recent weeks. Media reports have also suggested that these charges, may contribute trillions of Naira income for banks annually; indeed, the income from retained stamp…
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“How banks make free money from government funds”
BY HENRY BOYO In an address to Pressmen about 5 years ago, in Abuja, Lamido Sanusi, who was CBN Governor (2009-2014), unexpectedly, decried the prevailing monetary framework which made it possible for banks to make free money from their portfolio of government funds. Although this writer has consistently condemned this obvious rip-off, in several articles,…