FG, pay attention to banks’ treatment of customers

Since the assumption of President Buhari into the mantle of leadership to chair Nigeria to the greatness. Buhari comes into power under the mantra of change. Mr. President in different fora promised to make the value of Nigeria be appreciated but instead Naira is continuosly collapsing under the watch of Buhari. Firstly, Buhari inherited one […]

Since the assumption of President Buhari into the mantle of leadership to chair Nigeria to the greatness. Buhari comes into power under the mantra of change. Mr. President in different fora promised to make the value of Nigeria be appreciated but instead Naira is continuosly collapsing under the watch of Buhari. Firstly, Buhari inherited one British Pound at N330 and USD 1/NGN 180 at Bank commercial exchange rate but today GBP 1/NGN411 to N440. Nigeria seems to be losing control of recent time since the Banks are not observing or regulated by any rules in selling or settling foreign currencies. For example, some banks charge £1 at N411, while others charge their customers at £1 at N440, each Bank is selling according to the way they like. I am not an economist, but I know it is not ideal for any financial institutions to sell foreign currency at an exorbitant price as if like no rules are regulating the Banks Forex in Nigeria under the watch of Buhari. Secondly, the easiest way to control Nigeria’s messed up monetary policy is for President Buhari as a matter of urgency constitute an economic team. With what is happening with the commercial Banks and their customers is something that must look into for the benefit of Nigerians.
Hurso Adam, PhD Candidate, wrote from Holloway Road, London, Email: [email protected]