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CBN Offers Banks $20m Weekly Allocation For Invisibles - Business - Nairaland

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CBN Offers Banks $20m Weekly Allocation For Invisibles by Adesiji77: 11:16pm On Feb 17, 2017
Each of Nigeria’s twenty banks will receive an allocation of one million dollars weekly from Monday for sale to their customers to cover medicals, school fees, personal and business travel, BusinessDay has authoritatively learnt. The relief was agreed at Friday’s bankers committee meeting.

Details later...

http://www.businessdayonline.com/cbn-offers-banks-20m-weekly-allocation-invisibles/ Mynd44, lalasticlala, dominique

1 Like 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by kabrud: 11:36pm On Feb 17, 2017
Watch and see how the bank top management staff will seize this as opportunity to enrich themselves. I know this wouldn't work, the corruption wey dey naija, I no fit shout abeg.

39 Likes 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by veekid(m): 8:00am On Feb 18, 2017
chai! Chisos! $20m?

4 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by veacea: 8:01am On Feb 18, 2017
Niaja: I used to think that the reason this country is in dis situation wasn't the lack of policies but rather lack of will power to implement but now I guess policy no even dey

3 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by farouk2much(m): 8:01am On Feb 18, 2017
first page kawai
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by fulaniHERDSman(m): 8:01am On Feb 18, 2017
angry
Who will monitor it .... abuse already in the offing

8 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Einl(m): 8:03am On Feb 18, 2017
I work in a bank. I know how PTA and BTA is sold.

All the money is for the top management and their friends.

Normal walk in customers won't get sh¡t.

50 Likes 4 Shares

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Jabioro: 8:04am On Feb 18, 2017
It would not definitely have no effect ..another corruption avenue for the bankers

2 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by habex005(m): 8:04am On Feb 18, 2017
We need serious policy, what is this?

2 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by clems88(m): 8:04am On Feb 18, 2017
OK na . they yaff come again

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by MosD: 8:04am On Feb 18, 2017
The dollars will still end up in black market

2 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by DozieInc(m): 8:05am On Feb 18, 2017
The Finance ministry, CBN and co. are just deceiving themselves.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by ebonytarki(m): 8:05am On Feb 18, 2017
Anoda room for embezzlement

1 Like 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by thestevens: 8:05am On Feb 18, 2017
For ghost in Baba's govt

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by decepticos(m): 8:05am On Feb 18, 2017
Its small sha
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Miles300: 8:06am On Feb 18, 2017
It's only in nigeria corruption is about politicians looting ..... We know how to make policies but enforcing is alys a problem ... This one is dead on arrival nothin will work

2 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Mayor75(m): 8:06am On Feb 18, 2017
Ha! This is an opportunity for all those corrupted top managers

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Kx: 8:06am On Feb 18, 2017
Do the same thing over and over again an expect a different result??

It's time for a fresh idea over there at the cbn.

What's wrong in trying out another hand for God's sake

3 Likes 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by wildchild1: 8:07am On Feb 18, 2017
How does this affect the commom who doesn't have a child abroad, who doesn't have to go abroad for medical care?


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1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by repogirl(f): 8:08am On Feb 18, 2017
I'm skeptic but still hopeful.

2 Likes 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by mesoprogress(m): 8:09am On Feb 18, 2017
Tool small and also not a good idea. $1M=N320M for each bank per week. Who's it going to serve? Bankers will just share it among themselves
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by mailingdgreat: 8:10am On Feb 18, 2017
It will still end up in d hands of black market operators and work done will be zero. Who is now deceiving who?

2 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Dfinex(f): 8:11am On Feb 18, 2017
wildchild1:
How does this affect the commom who doesn't have a child abroad, who doesn't have to go abroad for medical care?


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must u comment?
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by ednut1(m): 8:11am On Feb 18, 2017
Einl:
I work in a bank. I know how PTA and BTA is sold.

All the money is for the top management and their friends.

Normal walk in customers won't get sh¡t.
when u bcom AGM u self go do same too

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by emperorAY(m): 8:12am On Feb 18, 2017
We need a blueprint for d economy nt dis trial and error. Policy dat will crash tomorrow.
Anyway happy looting to d bank managers angryWe need a blueprint for d economy nt dis trial and error. Policy dat will crash tomorrow.
Anyway happy looting to d bank managers

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Rollsnjaguar(m): 8:13am On Feb 18, 2017
Am more Interested In the business travel

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Einl(m): 8:14am On Feb 18, 2017
ednut1:
when u bcom AGM u self go do same too


Hmmmm...how do you know?

You've suddenly become Mystic Meg?
Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by sholatech(m): 8:20am On Feb 18, 2017
Another flip flop..This is clearly CBN immediate response to the FEC order that they should tweak the foreign exchange policy.

My observation and projection:
1. It will give interim stability to the daily galloping ride of the Naira to the USD;

2. Weekly sales to BDCs via Travellex will reduce;

3. It will reduce the rate at which our foreign reserves have been increasing of recent.

4. Signals we will have devaluation soon from the official rate of 305 to band within 375-400 Naira to 1 USD

4 Likes

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Kobicove(m): 8:24am On Feb 18, 2017
The gap between the official and the black market rate is very wide...this encourages corrupt practices in banks on a grand scale undecided

Top management staff will divert a significant portion of the funds to their cronies and their BDC

Why would a bank staff own a BDC?

Some of them even own up to 2 or 3 different BDCs

The rot in the Nigerian system is deep rooted!

2 Likes 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by deenee: 8:24am On Feb 18, 2017
Everybody in Nigeria is corrupt. This is the same pattern that played out with the ECA during Jona's time.

The bank directors are putting pressure for money to be shared from the foreign reserves esp now that it's itching towards 30b dollars.

The truth is I doubt is our FX invisible needs is up to amount to be shared.

What will happen is that it's will eventually end up in the hands of the black market people when it has been hijacked by the top mgt in the banks

Later someone will come here and start abusing Buhari and the CBN gov.

1 Like

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by MabraO: 8:25am On Feb 18, 2017
Adesiji77:
Each of Nigeria’s twenty banks will receive an allocation of one million dollars weekly from Monday for sale to their customers to cover medicals, school fees, personal and business travel, BusinessDay has authoritatively learnt. The relief was agreed at Friday’s bankers committee meeting.

Details later...

http://www.businessdayonline.com/cbn-offers-banks-20m-weekly-allocation-invisibles/ Mynd44, lalasticlala, dominique

Is it that the present CBN governor can't be sacked?
That guy ruining this country

4 Likes 1 Share

Re: CBN Offers Banks $20m Weekly Allocation For Invisibles by Obinnau(m): 8:25am On Feb 18, 2017
instead of this silly policy, why not do some manipulations and increase customers monthly dollar limit by say 50 or 75%?

3 Likes

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