L
LequteMan
Guest
Several commercial banks in the country are raking in billions of dollar through the high gap in the naira-dollar exchange rate at the parallel and official markets respectively.
People close to the forex racketeering said the dollar shortage had led to a situation where prospective importers apply to the CBN through their banks for forex for months without getting it.
Out of about $10m to $25m (depending on the volume of demand by its customers) sold by the CBN to commercial banks in some weeks, illegal profit to the tune of $5m could be made by each of the banks involved in the forex racketeering.
A prospective importer narrated his ordeal:
“We need $295,000 to import some equipment. We have been on the so-called CBN queue since October. The bank said no forex. Recently, the bank called us that there was forex but not at the official rate. They wanted to sell to us at N275 to $1. Out of about N81m we are to pay, only about N59m goes to the CBN, which is the official rate. The balance goes to the bank officials who get this allocation from the CBN. This is the type of stupid money they make now, God save Nigeria.”
CBN Director of Corporate Communications, Mr. Ibrahim Mu’azu, said aggrieved customers and importers need to lodge a formal complaints with the CBN over the matter, adding that this would enable the central bank to commence thorough investigation into the matter.
“The regulatory authority can only know when there are complaints. If there are complaints, the CBN will investigate and rescue the situation,” Mu’azu said.
But economic, financial experts and ex-bankers said the CBN and commercial banks were culpable, noting there was the need for the duo to introduce mechanism to arrest the huge fraud.
An economist and Chief Executive Officer, Cowry Assets Management Limited, Mr. Johnson Chukwu, said the CBN could be held responsible for the sharp practices.
Chukwu, who is a former banker, said, “Human beings are economic agents and they will always be tempted to follow the easy path. But the regulatory authority must not create the loophole for such. The premium between the official exchange rate and the parallel market rate is too much.”
PUNCH
People close to the forex racketeering said the dollar shortage had led to a situation where prospective importers apply to the CBN through their banks for forex for months without getting it.
Out of about $10m to $25m (depending on the volume of demand by its customers) sold by the CBN to commercial banks in some weeks, illegal profit to the tune of $5m could be made by each of the banks involved in the forex racketeering.
A prospective importer narrated his ordeal:
“We need $295,000 to import some equipment. We have been on the so-called CBN queue since October. The bank said no forex. Recently, the bank called us that there was forex but not at the official rate. They wanted to sell to us at N275 to $1. Out of about N81m we are to pay, only about N59m goes to the CBN, which is the official rate. The balance goes to the bank officials who get this allocation from the CBN. This is the type of stupid money they make now, God save Nigeria.”
CBN Director of Corporate Communications, Mr. Ibrahim Mu’azu, said aggrieved customers and importers need to lodge a formal complaints with the CBN over the matter, adding that this would enable the central bank to commence thorough investigation into the matter.
“The regulatory authority can only know when there are complaints. If there are complaints, the CBN will investigate and rescue the situation,” Mu’azu said.
But economic, financial experts and ex-bankers said the CBN and commercial banks were culpable, noting there was the need for the duo to introduce mechanism to arrest the huge fraud.
An economist and Chief Executive Officer, Cowry Assets Management Limited, Mr. Johnson Chukwu, said the CBN could be held responsible for the sharp practices.
Chukwu, who is a former banker, said, “Human beings are economic agents and they will always be tempted to follow the easy path. But the regulatory authority must not create the loophole for such. The premium between the official exchange rate and the parallel market rate is too much.”
PUNCH
