Global News

CBN’s Dollar Restrictions Killing Our Businesses, Nigerians Cry Out

CBN’s Dollar Restrictions Killing Our Businesses, Nigerians Cry Out (Updated: 2 years ago)


Nigerians have expressed dissatisfaction over new foreign exchange restrictions imposed on bank customers by the Central Bank of Nigeria (CBN).

Legit.ng gathered that majority of bank customers with domiciliary accounts are barred from effecting direct FX transfers to third parties and/or withdrawing their own dollars over the counter under the new restrictions.

Speaking on the new policy, the founder of the financial advisory portal, The Money Africa, Oluwatosin Olaseinde, took to Twitter to lament the new policy on Tuesday, September 22.

She tweeted: “We have just been informed that customers can no longer effect FX transfers directly to third parties. Customers can only sell such funds to the bank. Consequently, FX transfers will be disabled on internet banking.”

 

Recall that the CBN had on August 24, issued a circular removing buying agents/companies or any third parties from accessing its inter-bank retail Secondary Market Intervention Sales (SMIS) forex window through FORM M forex purchases. In the circular, the apex bank instructed that “authorised dealers are hereby directed to desist from the opening of Form M whose payment is routed through a buying company/agent or any other third parties.”

The CBN said its decision was to ensure prudent use of our foreign exchange resources and eliminate incidences of over-invoicing, transfer pricing, double handling charges, and avoidable costs that are ultimately passed to the average Nigerian consumer.

Reacting to Olaseinde’s tweet, many Nigerians berated the CBN for constraining customer’s use of their hard-earned resources.
In his reaction, a Twitter user @dapsonblue asked the federal government to focus on developing local production, rather than make life unbearable for the citizens.

He said:-

“They should focus on developing local production, they have little power of dollars.”

Other tweets show the displeasure of Nigerians to the CBN’s policy with many placing the blame at CBN Governor Godwin Emefiele’s feet. Some even went further suggesting that Mr Emefiele should resign.

Meanwhile, Legit.ng had previously reported that President Muhammadu Buhari on Thursday, September 10, directed the CBN not to issue foreign exchange for food and importation of fertilizer.

It was reported that the president gave this directive to the CBN during the meeting of the National Food Security held in Abuja.

Tags

Add a coment

Recent Posts

DJ Enimoney
DJ Enimoney
Terry G
Terry G
OlaDips
OlaDips
Oxlade
Oxlade
Portable
Portable
Akon
Akon
Peruzzi
Peruzzi
Wizkid
Wizkid
Sinzu
Sinzu
Umu Obiligbo
Umu Obiligbo
Broda Shaggi
Broda Shaggi
Yonda
Yonda
T Classic
T Classic
Victor AD
Victor AD
Flavour
Flavour
Sean Tizzle
Sean Tizzle
Terry Tha...
Terry Tha...
Otega
Otega
Iyanya
Iyanya
Victony
Victony
Lyta
Lyta
Dr Dolor
Dr Dolor
Yomi Blaze
Yomi Blaze
Bella Shmurda
Bella Shmurda
Yemi Alade
Yemi Alade
Popcaan
Popcaan
Korede Bello
Korede Bello
Frank Edwards
Frank Edwards
Skales
Skales
Emo Grae
Emo Grae
Gyakie
Gyakie
Sugarboy
Sugarboy
Adol
Adol
Lil Kesh
Lil Kesh
DJ Lambo
DJ Lambo
Faze
Faze
Kizz Daniel
Kizz Daniel
Larry Gaaga
Larry Gaaga
Kranium
Kranium
Rudeboy
Rudeboy
NAIJAKIT.COM

Trending Posts