Some Bank CEOs Are Running Nigeria's Economy Not BDCs - Economists It has been almost 48 hours since the EFCC, which fights against peo...
Some Bank CEOs Are Running Nigeria's Economy Not BDCs - Economists
It has been almost 48 hours since the EFCC, which fights against people who sabotage the economy, continues to raid the money changer market in Zone 4 of the Federal City of Abuja, economists say. This is not the solution and it is not the people who are changing the markets behind the scenes that are causing serious damage to the Nigerian economy, it is some of the leaders of the country's commercial banks.
Economists underlined this at the same time that the price of the dollar against the Naira reached over 1,800 today, Wednesday, February 21.
On his part, the economist, Mallam Kasim Garba Kurfi, said that the government should investigate the country's commercial banks because they are the ones who are profiting from the situation, as long as there is a solution to the problem of scarcity and rising dollar prices in the markets.
The Chairman of Bayan Fagge Market Changers Association, Alhaji Aminu Gwadabe said that the rise in the price of the dollar is not related to the issue of scarcity and demand that is greater than demand in addition to some Nigerians living abroad who are in the business of spreading price rumours. , and then some established websites that fix prices illegally.
Since today, Nigerian commercial banks have been accused of what is called "round tripping" in English, that is, hiding foreign currency such as dollars to sell through the doors where a low profit is obtained. They will take on this blame but all efforts failed after calling on the phone and leaving a message or overnight to the Department of Banking Supervision.
Annual statistics from the FMDQ website show that at the end of 2023, the value of the naira fell by 96.55 percent to 907.11 naira per dollar compared to 461.61 naira at the end of 2022 in the exchange market. Nigeria's foreign exchange that is NAFEM.
Listen to Halima Abdulrauf's full report:
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