Big one: “With Central Bank of Nigeria (CBN) suspending Foreign Exchange (FX) supply to Bureau De Changes (BDCs), a total of six banks in nine months of 2021 generated N145.6billion income from trading in FX. The six banks in prior nine months of 2020 had generated a total of N47.16billion from trading in the FX market.”
(Source: Thisday)
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All the treatments our naira has been getting seem to come from wrong diagnosis, from banning of 41 items to freezing of BDCs; from attacking AbokiFx to receiving dollars as remittance, you can include launching e-Naira to the mix, none has helped the poor naira; we are yet to properly diagnose what the actual ailment is.
Now we stopped the BDCs from eating, only to overfed the banks, with no value addition all this while.
I do not think Emefiele needs to finish his tenure, but when you have a Buhari as president, and a national assembly that seemed befuddled, you cannot really raise your expectations.
So true. I believe that the refrain of Emefiele and his ilk is the fear of Buhari and his ilk is the beginning of his job security.
Is very unfortunate situation CBN policy doesn’t help naria at all he needs rethinking
Actually not even the Naira alone but the entire economy. Emefele has to use his brain and think of a substantial way to make something big in the Nigerian economy not banning everything he thinks it’s the cause. A lot of people lost their jobs because of CBN bannings. This should be enough