Central Bank (cenbank) Governor’s Policy Somersault On Foreign Exchange, Bureau De Change, By Dr. Adeola Adeyemi | Sahara Reporters
It is quite pathetic and worrisome to hear the recent foreign currency policy of the Central Bank of Nigeria under the leadership of its Governor, Mr Godwin Emefiele. The policy which is that CBN will stop giving Bureau De Change outlets foreign currency is capable of completely destroying many businesses and households. This anti-economic cum financial policy is coming amidst obvious economic challenges occasioned by poor financial policies of CBN, economic recession and COVID-19 pandemic.
This is most times to the detriment of the economy and the rest of Nigerians, especially the middle class and downtrodden. Domiciliary account holders would travel abroad with their foreign exchange debit cards only to find out that they could only access maximum of $300 in a day. The cost of hotel accommodation, feeding and others is none of Emefiele's concern or worry.
Assuming without conceding that some BDCs launder money, is that enough reason for CBN to put the entire people in the sector of the economy out of business without weighing the grave consequences? Is there no way CBN can curb such illicit activity if any exist? A Bureau De Change employs at least four persons. Each person has at least four dependants. It is clear that to the CBN governor, there is nothing wrong in throwing away the baby with the bathwater.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How bank manager allegedly stole customer's N50 million - WitnessThe hotelier said the auditor found out that his signature was forged and used to withdraw very large sums from the account in favour...
Read more »
Wema Bank appoints Olusegun Adesegun, Adeyemi Adefarakan as directorsThe appointments of Prince Olusegun Adesegun and Adeyemi Adefarakan have been approved by the CBN, the Wema Bank board says.
Read more »
MAN tasks banks on CBN forex directive compliance | The Guardian Nigeria News - Nigeria and World NewsThe Manufacturers Association of Nigeria (MAN) has urged commercial banks to comply strictly with the Central Bank of Nigeria (CBN) directive on the sale of foreign exchange to eligible customers.
Read more »
Housing Policy Can Determine Economic And Educational Outcomes, By Dr Nasir Aminu | Sahara ReportersNigerians have seen more homes being destroyed for a different reason than being built by the government, including Borno State, where 4000 houses were recently commissioned.
Read more »
CBN Forex Ban: SMEs Battle Headwind, InflationThe ban of forex by the Central Bank of Nigeria(CBN) to Bureau De Change(BDC) operators is sending wrong signals to small business operators and the
Read more »
Why I'm Not Happy As Governor Of Katsina State—Masari | Sahara ReportersKatsina State has been a hotbed for banditry and other forms of insecurity.
Read more »