L
LequteMan
Guest
It's not news that there is a form of sharp practices by Nigerian banks and other financial bodies by taking advantage of the gap between Naira-Dollar exchange rate at the official and parallel markets.
The currency currently sells at N197 per dollar at the official market, as mandated by the CBN, and hovers around N290 -N300 at the unofficial parallel market.
It's believed that banks buy dollars from Nigerians (via Western Union money transfer, dollar cards, etc) at the rate of between N185 to N199 per dollar and then sell to Nigerians seeking to buy the currency at the rate of around N270 to N287, or more.
Many have complained - it's common knowledge, and few people in authority positions are talking about it.
However, Opeyemi Agbaje, CEO of RTC Advisory Services, has enumerated ways at which this can be combated.
Speaking in an interactive Proshare session on Social Media on Monday, the ex GTB Assistant General Manager condemned the situation. According to him, the "CBN is not confronting our economic reality with candour & intellect but impressing Presidency."
"The greatest absurdity of current policy is the N100 gap btw official & market FX rates," he said, listing ways the situation can be countered as a sure recipe for
The Central Bank of Nigeria is set to hold a meeting with foreign exchange officials of Nigerian banks and other bodies on Thursday 4 February 2016. The matter is expected to be visited at the meeting.
The currency currently sells at N197 per dollar at the official market, as mandated by the CBN, and hovers around N290 -N300 at the unofficial parallel market.
It's believed that banks buy dollars from Nigerians (via Western Union money transfer, dollar cards, etc) at the rate of between N185 to N199 per dollar and then sell to Nigerians seeking to buy the currency at the rate of around N270 to N287, or more.
Many have complained - it's common knowledge, and few people in authority positions are talking about it.
However, Opeyemi Agbaje, CEO of RTC Advisory Services, has enumerated ways at which this can be combated.
Speaking in an interactive Proshare session on Social Media on Monday, the ex GTB Assistant General Manager condemned the situation. According to him, the "CBN is not confronting our economic reality with candour & intellect but impressing Presidency."
"The greatest absurdity of current policy is the N100 gap btw official & market FX rates," he said, listing ways the situation can be countered as a sure recipe for
- corruption,
- roundtripping
- influence peddling around FX markets in CBN & banks
The Central Bank of Nigeria is set to hold a meeting with foreign exchange officials of Nigerian banks and other bodies on Thursday 4 February 2016. The matter is expected to be visited at the meeting.
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