The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir said that manufacturers have always resorted to Bureau de Change (BDCs) to meet the forex needs as banks can only provide 20% of their needs.

Ajayi-Kadir said this yesterday morning in an interview on Morning Brief in Channels Television.

https://youtube.com/shorts/EL3CBJk0Uko?feature=shared

Nlfpmod

Banks had $5billion dollars in their vaults.

If they don't give manufacturers the credit to import the materials they need for their processes, if they also do not transfer school fees to schools abroad for those who need them, if they do not fulfill PTA/BTA needs of Nigerians, what are the banks doing with their forex allocations?

I seem to think that the banks created this scarcity to make huge profits.

Like I argued elsewhere, CBN may need to stop selling fx to banks. The banks have failed woefully. CBN also needs to kill every unregulated black market and centralize forex trading like we do in the stock exchange.

People standing on Allen Avenue in Lagos to trade forex or Upper in Benin City or banking halls nationwide for that purpose should not be tolerated. How many banks in the world so you see where people sit in one corner to trade forex from customers? These banks compromise the security of customers.

CBN, KILL THE BLACK MARKET AND CENTRALIZE THE FX MARKET!

That is the truth

Instead of cardi B (Cardozo) to face the banks who are the major culprit in this matter,he didn't.

Na Guns he dey take invade black market. Guess he has forgotten na banks dey sell to the black markets

Nonesense and Tinubu

The banks are selling the dollars to BDCs, so you go and buy there at an higher price..Round tripping.

emkz:
Banks had $5billion dollars in their vaults.

If they don't give manufacturers the credit to import the materials they need for their processes, if they also do not transfer school fees to schools abroad for those who need them, if they do not fulfill PTA/BTA needs of Nigerians, what are the banks doing with their forex allocations?

I seem to think that the banks created this scarcity to make huge profits.

Like I argued elsewhere, CBN may need to stop selling fx to banks. The banks have failed woefully. CBN also needs to kill every unregulated black market and centralize forex trading like we do in the stock exchange.

People standing on Allen Avenue in Lagos to trade forex or Upper in Benin City or banking halls nationwide for that purpose should not be tolerated. How many banks in the world so you see where people sit in one corner to trade forex from customers? These banks compromise the security of customers.

CBN, KILL THE BLACK MARKET AND CENTRALIZE THE FX MARKET!

Nigeria's problem is more of interest issues

Many of these saboteurs are government friends, they sponsor their lifestyle, give them money to run campaigns and the government in turn gives them the power to lord over others

Why has the president not probed the petroleum sector fully to know how much was stolen abi dat one no need

They would never and ever bring policies that would affect their goons and even if they do, they would create other channels to loot

So Nigeria an sorry case

If banks can't meet the FX demands, where do the BDCs get the dollars from. Just same way bank ATM are empty only for the POS beside the ATM to pay whatever amount of money you need.

Sometimes it's the banks that will refer you to a BDC in town.

WRONG. PAY FOR ALL YOUR IMPORTS THROUGH BANKS(MDBS) ON PRESENTMENT OF CERTIFIED IMPORT DOCUMENTS.

Orisa37

psucc:
If banks can't meet the FX demands, where do the BDCs get the dollars from. Just same way bank ATM are empty only for the POS beside the ATM to pay whatever amount of money you need.

Sometimes it's the banks that will refer you to a BDC in town.

That aboki sitting down in the banking hall is the plug. He can mobilize his friends to generate the funds!

Guess what? The importer brings it back to the bank for the bank to transfer for the import. Then recycle some of it into the black market.

We all know that our elites take loans they do not service. Our banks are not known to lend to those who need the funds. But these banks declare profits that are scandalizing.

What work are these banks doing? How come these banks started making these profits recently?

Why didn't they declare such profits during the military era? Like someone said above, these people fund politicians and even run for office themselves. If Nigeria must be cleaned, the cleaner must be ready to gather enemies.