The crisis has spilled over to digital trading and other online platforms with the currency also losing its reasonable value to its peers.
Gwadabe also confirmed that speculators have taken over the market, cashing in on the absence of a “control mechanism in the open market.” On why everybody with genuine need cannot access FX from the banks, a source in the banks said the exercise was “still at an experimentation phase” and that the problem would ease out gradually as the system improves.However, another source at a second-generation bank said there is more than enough FX for those with genuine needs. He disclosed that his bank rarely exhausts 70 per cent of their weekly allocations and that “everybody that meets the set criteria have access to dollars.
“It takes a minimum of two to three hours besides documentation requirements to access forex in banks. That is a waste of time. I do not see our banks doing a better job than the BDCs. The reason is that the regulator is either compromised or handicapped to the extent that it is unable to enforce rules.
“Some work with agents who file fictitious documents to claim dollars, which eventually end up at the black market,” a source said.The Bankers’ Committee, at a recent meeting, warned that it would not hesitate to hand over individuals involved in fake documentation. It also insisted that banks who flouted the rules would also face sanctions.
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