Comedian wades in on CBN's new money transfer policy
CBN yesterday, August 4, 2016 stopped all privately owned money
transfer companies from wiring money, leaving only three foreign owned
companies to do it.
CBN yesterday, August 4, 2016 stopped all privately owned money transfer
companies from wiring money, leaving only three foreign owned companies
to do it. Basketmouth however thinks it is a wrong move and will make
life more difficult for Nigerians. "He took to Instagram yesterday, August 4, 2016 writing, "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.
"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," he continued.
Comments