{"id":63865,"date":"2021-07-29T08:35:27","date_gmt":"2021-07-29T07:35:27","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=63865"},"modified":"2021-07-29T08:35:27","modified_gmt":"2021-07-29T07:35:27","slug":"mailafia-reacts-to-banning-sale-of-fx-to-bdcs-by-cbn","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/07\/29\/mailafia-reacts-to-banning-sale-of-fx-to-bdcs-by-cbn\/","title":{"rendered":"Mailafia reacts to banning sale of FX to BDCs by CBN"},"content":{"rendered":"<p>A former deputy governor of the Central Bank of Nigeria, Obadiah Mailafia has stated that the decision of the apex bank to stop sales of foreign exchange (FX) to Bureau De Change (BDCs) operators may worsen naira value.<\/p>\n<p>Recall that governor of the apex bank, Godwin Emefiele at the end of the CBN monetary policy committee meeting in Abuja on Tuesday said\u00a0BDC operators would no longer have access to FX.<\/p>\n<p dir=\"ltr\">Emefiele accused BDC operators of become a conduit for illegal financial flows working with corrupt people to conduct <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/18\/three-nigerian-nationals-convicted-for-human-trafficking-money-laundering-offences-in-ireland\/\">money laundering<\/a> in Nigeria.<\/p>\n<p dir=\"ltr\">\u201cThey have turned themselves away from their objectives,\u201d he had said.<\/p>\n<p dir=\"ltr\">\u201cThey are now agents that facilitate graft and corruption in the country.\u201d<\/p>\n<p dir=\"ltr\">To address the gap which the decision would create, Emefiele said the CBN will henceforth channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands.<\/p>\n<p dir=\"ltr\">But in an\u00a0<a href=\"https:\/\/punchng.com\/bdcs-banks-cant-be-trusted-will-hoard-dollars-says-mailafia\/\" target=\"_blank\" rel=\"noopener\"><strong>interview with ThePunch<\/strong><\/a>\u00a0on Wednesday, Mailafia said more caution is needed as the apex bank\u2019s decision may worsen the Naira value.<\/p>\n<p dir=\"ltr\">The former CBN deputy governor warned against scarcity of foreign exchange as a result of bureaucratic processes in the commercial banks.<\/p>\n<p dir=\"ltr\">\u201cIf we are not careful, that decision will actually worsen the naira value because the BDCs, you could walk into any of them anywhere and within five minutes, they will attend to you but the banks, you have to drive to your nearest bank, you have to queue most of the time,\u201d he said.<\/p>\n<p dir=\"ltr\">\u201cThe CBN has not told us the rate, the banks will want to make a profit over the official rate, we don\u2019t know whether they will make a decent profit or they will profiteer.<\/p>\n<p dir=\"ltr\">\u201cBankers were the biggest experts in round-tripping. Old habits, I don\u2019t think they change. Leopards are very unlikely to change their spots.<\/p>\n<div>\n<p dir=\"ltr\">\u201cSo, we may end up in a scenario where there is scarcity and the simple economics of demand and supply tells you that where there is increase scarcity, price is likely to shoot up.<\/p>\n<p dir=\"ltr\">\u201cIf bank bureaucracy makes it difficult for people to access dollar, what it means is that the bureaucracies, obstacles and bottlenecks are likely to put pressure on supply and pressure on supply may mean an increase in demand for the dollar and greater fall of the naira, if we don\u2019t play the cards well.\u201d<\/p>\n<p dir=\"ltr\">Mailafia added that commercial banks in Nigeria cannot be trusted with the sales of forex.<\/p>\n<p dir=\"ltr\">He said the banks will prioritise their interests and only make available to the public whatever is left.<\/p>\n<p dir=\"ltr\">\u201cHow can you totally trust these commercial banks because most of them will want to corner the dollar for themselves and whatever is left, then they can now share with the market at a rate they want?\u201d he queried.<\/p>\n<p dir=\"ltr\">\u201cOn the naira, it is not just the underlying economic fundamentals that matters like interest rate, inflation and so on, these things matter and the level of debt affect it but there are the non-quantifiable elements like violence, instability, rural banditry and terrorism, those things undermine the productive capacity of the economy.<\/p>\n<p dir=\"ltr\">\u201cThey also destroy social capital, the trust that holds the community together to do businesses together.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A former deputy governor of the Central Bank of Nigeria, Obadiah Mailafia has stated that the decision of the apex bank to stop sales of foreign exchange (FX) to Bureau De Change (BDCs) operators may worsen naira value. 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