…allow BDCs to commence legitimate operations – Alhaji Musa
By Rashidat Olushola Okunlade
A comedian Alhaji Musa neduwazobia as popularly known has begged the CBN Governor, Mr. Godwin Emefiele on behalf of the BDC operators at the 57th CIBN Bankers’ Dinner.
The comedian neduwazobia intercedes for the Association of Bureaux De Change Operators of Nigeria (ABCON) while discharging his duties to put some smiles and laughter on the faces of guests at the event, and begged the CBN Governor to tamper justice with mercy.
He appealed to the Central Bank of Nigeria (CBN) to allow Bureaux De Change (BDC) operators to continue to sell dollars to retail end to foreign exchange (forex) buyers.
Chinedu Ani Emmanuel known as Alhaji Musa is a Nigerian personality on the air, a journalist, a television presenter, an actor, a comedian, and a content creator. He is famous for adding a unique twist to his pidgin interpretation of daily news on the popular Wazobia FM 94.1 Lagos radio station.
Teni Makanaki thrilled the guests on a digging dance floor with her performance at the 57th Annual Bankers Dinner.
Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says the number of Nigerians seeking foreign education is to blame for the fall of the naira.
Emefiele said this at the 57th Annual Bankers Dinner, organised by the Chartered Institute of Bankers Nigeria (CIBN), in Lagos on Friday 25th of November 2022.
The dinner had the theme, “Radical Responses to Abnormal Episodes: Time for Innovative decision-making” which was appropriate and well-timed.
According to Emefiele, there was a tremendous increase in visa issuances to Nigerians by the United Kingdom in 2022 alone. Central Bank Governor, Emefiele blames Nigerians traveling to the UK, US, and others for education for Naira fall.
The apex bank governor noted that the number of student visas given to Nigerians by the United Kingdom spiked from a yearly average of about 8,000 visas in 2020 to almost 66,000 in 2022, implying an eight-fold increase amounting to $2.5 billion yearly in study-related forex outflow to the UK alone.
He stated that the move had immensely put pressure on Nigeria’s foreign reserves and the Naira.
CBN Governor said, due to this and the need to increase forex earnings, the CBN and the Bankers’ Committee started the RT200 scheme in February 2022.
He added that the steady increase in headline inflation from 15.60 per cent in January to 20.77 per cent in September was consistent with global trends.
Recall that the Central Bank of Nigeria (CBN), on July 27, 2021, announced the ban of dollar sales to BDCs as a result of foreign exchange infractions, and pushed genuine demand for forex to commercial banks.
Emefiele in July 2021 said the measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians.
The Central Bank of Nigeria on July 27 2021 says it has ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft. CBN also said it will no longer process applications for BDC licences in the country. Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said on Tuesday in a live TV broadcast after announcing that the bank has retained its benchmark policy rate.
The BDC operators claim they remain the most potent tool for the CBN to achieve its forex rate management.
The Association of Bureaux De Change Operators of Nigeria (ABCON) National Executive Council (NEC) recently appealed to the CBN to revisit the stoppage of dollar sales to the BDCs to bring lasting stability to the Naira.
ABCON said Nigeria needs to balance fiscal sustainability with the need to mitigate the effects of these overlapping crises on the poorest citizens. The excruciating pressure on commodities especially oil and gas globally is not exonerating the poor in Nigeria.
