Nigerian comedian, Basketmouth has voiced out his opinion about the new policy by CBN (Central Bank of Nigeria) to give exclusive access to Western Union, Money Gram and Ria Money Transfer on Nigerian forex.
According to Basketmouth;
CBN agrees exclusive deal with Western Union, Money Gram and Ria Money Transfer to stop all Nigerian money transfer businesses and ensuring all worldwide transfers go through only these 3 American companies in and out of Nigeria.
This senseless money transfer deal to Nigeria is what has caused the recent spike in FX rates. I hear FX will be £1 to N700 and $1 to N550 in the next couple of days
I wonder which planet CBN is on, when you give a whole country’s source for foreign currency to just 3 foreign companies and think it is sensible.
Empower local companies, these companies need us more than we need them… Please let’s not stay mute and watch this happen to us.