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In recent times, online money transfer platforms have sprung
up worldwide as telecommunications and the internet have revolutionised the
banking and financial industries. "Online banking" and "mobile
money" are now everyday phrases while Billionaire investors such as Sir
Richard Branson are now putting their money in online money transfer
businesses.
Against this backdrop, our very own dear CBN has now decided
that for us in “naija”, it’s back to the "old school" as far as money
transfer is concerned. In saner climes, financial regulation authorities would
have started investigating this latest decision to grant only 3 companies the
rights to operate in a market with more than 150million customers, but na naija
so anything goes I guess.
Abeg no need to stop there. Why don’t we revoke the licences
of all new generation banks and let only UBA, UNION and FIRSTBANK operate.
Better still, why don’t we revive the defunct NATIONAL BANK since we are so
hooked on our Old ways? With the way science has advanced now, I am getting
suspicious that we might have a clone at the helms of the CBN. I think a DNA
test is in order.
CBN agrees exclusive
deal with Western Union, Money Gram and Ria Money Transfer to stop all Nigerian
money transfer businesses and ensuring all worldwide transfers go through only
these 3 American companies in and out of Nigeria.
This senseless money transfer deal to Nigeria is what has caused the recent spike in FX rates. I hear FX will be £1 to N700 and $1 to N550 in the next couple of days
I wonder which
planet CBN is on, when you give a whole country's source for foreign currency
to just 3 foreign companies and think it is sensible.
Empower local
companies, these companies need us more than we need them... Pls let's not stay
mute and watch this happen to us.
3 Comments
Did Basketmouth travel all these while?
ReplyDeleteThat's why I laugh when someone say we aren't facing recession.
ReplyDeleteAll these started with Buhari's administration.
ReplyDelete