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Nigerians call for CBN governor Godwin Emefiele’s resignation over new foreign exchange restrictions

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The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has incurred the wrath of some Nigerians, who demanded his sack, over new foreign exchange restrictions imposed on bank customers.

Under the new restrictions, majority of bank customers with domicilliary accounts are virtually barred from effecting direct FX transfers to third parties and/or withdrawing their own dollars over the counter.

The Founder of financial advisory portal, The Money Africa, Oluwatosin Olaseinde, took to Twitter to lament the new policy on Tuesday afternoon.

She wrote, “We have just been informed that customers can no longer effect FX transfers directly to third parties. Customers can only sell such funds to the bank. Consequently, FX transfers will be disabled on internet banking.”

This newspaper recalls that the CBN on August 24 issued a circular removing buying agents/companies or any third parties from accessing its inter-bank retail Secondary Market Intervention Sales (SMIS) forex window through FORM M forex purchases.

In the circular, the apex bank instructed that Authorised dealers are herby directed to desist from opening of Form M whose payment are routed through a buying company/agent or any other third parties”.

The CBN hinged its decision on the need to  ensure prudent use of our foreign exchange resources and eliminate incidences of over invoicing, transfer pricing, double handling charges, and avoidable costs that are ultimately passed to the average Nigerian consumers”.

Reacting to Olaseinde’s tweet, many Nigerians berated the CBN for constraining customer’s use of their hard-earned resources.

Attai @Dacosta9110Who will call Emefiele to order?

Olúwatósìn Olaseinde·Sep 22, 2020“We have just been informed that customers can no longer effect FX transfers directly to third parties. Customers can only sell such funds to the bank. Consequently, FX transfers will be disabled on internet banking.”The Soaring Eagle@Speak4ThemAllThere should be a background check of Goddy Emefiele ‘s certificates. I suspect they are “Oluwole”.5:41 PM · Sep 22, 2020

Flo@Folarin_AAThe damage Buhari and Emefiele have done and have continued to do might take 20 years to undo.

the Morris Monye factor·Sep 22, 2020Confident naira won’t fall to N500. CBN will fight all forces both terrestrial and supernatural to ensure this. Failure to do this would lead to the resignation of Emefiele Naira can yo-yo up and down but it won’t fall to N500. You will be hearing incredible CBN interventions

Who dash Emefiele morals to resign! He’s too selfish to do that, He doesn’t even care anymore

Olúwatósìn Olaseinde·Sep 22, 2020“We have just been informed that customers can no longer effect FX transfers directly to third parties. Customers can only sell such funds to the bank. Consequently, FX transfers will be disabled on internet banking.”Olurotimi Oguntoye

Olúwatósìn Olaseinde·Sep 22, 2020“We have just been informed that customers can no longer effect FX transfers directly to third parties. Customers can only sell such funds to the bank. Consequently, FX transfers will be disabled on internet banking.”Olurotimi Oguntoye@BomfyHope they don’t stop people from withdrawing their fx over the counter at this rate1:49 PM · Sep 22, 2020

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