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Nairaland Forum / Nairaland / General / Business / Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars (13970 Views)
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Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by valentineuwakwe(m): 2:46am On Jul 29, 2021 |
A former Deputy Governor of the Central Bank of Nigeria, Dr. Obadiah Mailafia, says commercial banks in the country cannot be trusted with forex sales, adding that they will “corner” the dollars and only release whatever that is left after satisfying their interest. Source: https://punchng.com/bdcs-banks-cant-be-trusted-will-hoard-dollars-says-mailafia/ 24 Likes 5 Shares
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Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Moferere: 3:02am On Jul 29, 2021 |
I agreed with Mailafia. 1. Being a former CBN staff, he understands the game; 2. From personal experience, I can't trust DMBs. It will interest you to know that DMBs hoard mints and resale to their own people 98 Likes 5 Shares |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Nukilia: 3:02am On Jul 29, 2021 |
This man is always speaking the truth! 47 Likes 1 Share |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Maxymilliano(m): 3:28am On Jul 29, 2021 |
Nigeria banks are not much different from the so called BDC. They will hoard the dollars and recommend you buy from a Malam 61 Likes 3 Shares |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Ceenachi: 5:18am On Jul 29, 2021 |
Then stop dollar being a legal tender on Nigeria soil. Naira is our own currency and that should be the currency for local transactions. When it comes to foreign transactions, there should be electronic conversion via commercial banks ( through individual account that is domiciled in a commercial banks) and this does not involve physical touch of Dollars . Our leaders know what to do but there is no political will to do it Can you go to United States and find Naira being moved physically ? Or China ? 138 Likes 12 Shares |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by owagbeba: 7:57am On Jul 29, 2021 |
Ceenachi: This is always what I have thought to be a good solution to this dollar issue. Let the DMBs sell e-dollars for FCY remittance. and for BTA they can issue a travelers cheque or visa/master card with higher daily withdrawal limit. This way nobody needs cash dollars. For those wanting dollar to pay school fee in Nigerian school, same e-dollar bought at counter and transferred to the schools dormicilliary account. Why can’t we just find a simple easy way for those dollar issue. This cbn’s back and forth with BDC is just creating problems for the economy. Dollar is now 525... expect another uptick in the price of goods, and eventually price of service; meanwhile salary for the employed remains the same, creating need for the employed to find a “short-cut” means to make up for the deficiencies in their personal finance. Of course, expect more corruption! More agbero harassing truckers and commercial buses, more cases of police extortion, more bureaucracy at government office, and many more. 70 Likes 10 Shares |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by owagbeba: 8:08am On Jul 29, 2021 |
Why is it so hard for our policy makers / administrators in this country to make / implement the best policy for our numerous problems? Why do they always put their interest above the people? Why is everything so hard and difficult in this country? Why? Take “inner” city roads as an example: Since they can not build “inner” city roads, why can’t they initiate a policy that would encourage home owners to interlock the half portion of road in front their building, and waive some of the land use charge. By so doing, we can have better inner city roads. 26 Likes 1 Share |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by judetov2(m): 9:33am On Jul 29, 2021 |
Lol |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Nobody: 9:33am On Jul 29, 2021 |
Forget about dollars, banks can't be trusted generally. That was how a client paid me via Western Union, and the same client started receiving strange calls from Nigeria. I never exposed our transaction to a third party, but this same client started getting unsolicited phone calls from Nigerians with fake accents. Thanks to Pay Pal! 32 Likes 1 Share |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Thisis2raw(m): 9:33am On Jul 29, 2021 |
Ok 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Skoonheid(f): 9:33am On Jul 29, 2021 |
The CBN and DMB's are amongst the most deadly hostilities existing, against we the people and against the principles and form of our Constitution. Ignorance is bliss. 2 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Dailymice: 9:34am On Jul 29, 2021 |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Optimistguy1969: 9:34am On Jul 29, 2021 |
Stupid country that don't even know the direction it is heading to. 1 Like 1 Share |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by foeedaba: 9:34am On Jul 29, 2021 |
Of course, as long as the head and managers of the bank are Nigerians, they will surely engage in nefarious activities, since 99% of Nigerians are corrupt. 9 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by MANNABBQGRILLS: 9:34am On Jul 29, 2021 |
The CBN will continue to closely monitor banks conduct and compliance with this directive in order to ensure an efficient FX market for all legitimate users. Note that any breach of the directive by any banks will be severely sanctioned. Simplythebest:True that. 9 Likes 5 Shares |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Optimistguy1969: 9:35am On Jul 29, 2021 |
post=104206763:Drop the trash 3 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Nuelito: 9:35am On Jul 29, 2021 |
Very true |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by fasho01(m): 9:35am On Jul 29, 2021 |
That's the gospel truth |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Muhylonaire007: 9:36am On Jul 29, 2021 |
You all will learn the hard way. At times I wonder if that Emefiele really earned his degrees, because I have never seen a CBN governor as clueless and stupid as he is. When 1 dollar hits 700naira or 900naira we will all be here. 2 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Lanretoye(m): 9:36am On Jul 29, 2021 |
Time for banks to cash out big time,this is the real time to be a banker.crypto is the real way to go,nobody can hoard,only the market decides. 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by ATEAMS: 9:37am On Jul 29, 2021 |
War |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by CharlesJok3r: 9:37am On Jul 29, 2021 |
This is sad. So CBN sells $20,000 to BDC every week at the rate of ₦393 and these guys resells to us at the rate of ₦500+. We are our own problem. 24 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Simplythebest: 9:37am On Jul 29, 2021 |
Bank don't withhold dollars. Have u ever go to bank to collect western union and the told u no dollar? Or have u requested for PTA and the bank told u no dollar. I think this the best decision CBN has made so far. They can control and checkmate the bank not not those BDC Moferere: 7 Likes 1 Share |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by temptnow: 9:37am On Jul 29, 2021 |
He's right, criminal bank staff will arrange dollars for BDC mallams to make quick bucks too. |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Nobody: 9:37am On Jul 29, 2021 |
Dollar will get N800... mark it !!! 1 Like |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Ferdinandu(m): 9:37am On Jul 29, 2021 |
In a corrupt country like Nigeria there is no fucking way this CBN policy will work. Are they all dumb in that CBN. Whether they sell it to BDC or banks, it is still same thing. Those items and services you think you will restrict from accessing fx are the one ready to pay top margins to get the dollar and you think there is a way you will restrict any institution or person from finding the back door to sell with top margin in a fantastically corrupt country like Nigeria. CBN should just hands down and allow market forces determine the exchange rate while other regulatory agencies step up their efforts in checkmating importation of banned goids 2 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by SmartPolician: 9:38am On Jul 29, 2021 |
This is FALSE. Banks are the most organized institutions we have in Nigeria today. That's simply because of stringent regulations. What we need is laws to get them to do the needful. If this government decides to shut down most BDC, lots of northerners will become jobless because they apparently control that space. I have never gone to my bank to withdraw funds and I was told they don't have money. Sometimes, when their USD gets exhausted, they refer you to the next branch. 4 Likes |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Plut01: 9:38am On Jul 29, 2021 |
owagbeba:. CBN representative on Nairaland, I hope you're seeing this? . 4 Likes 2 Shares |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by ChasinGood(m): 9:39am On Jul 29, 2021 |
Rogues everywhere |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by Yankee101: 9:40am On Jul 29, 2021 |
Directionless government |
Re: Mailafia: Banks Can’t Be Trusted, Will Hoard Dollars by masakk(m): 9:40am On Jul 29, 2021 |
.what he is saying is the real truth |
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