Status: Closed — this petition is no longer accepting signatures.
Petition to demand an investigation into the activities of Nigerian Banks in the forex market.
Final supporters
Sign this petition to demand an investigation by the Nigerian Government, into the activities of banks in the forex market.
When you use your Naira debit card for a cash withdrawal, online payment or POS transaction abroad Nigerian Banks charge between N270 to N310 for every US Dollar. This has been going on for a long time without any intervention by the CBN or any Nigerian Government agency.
When the so called BDC's were denied forex by the CBN everybody was happy and we thank President Buhari for such a bold and decisive action but now it looks like the BDC's are a lesser evil when compared to Nigerian Banks. After all the intervention in the forex market by the CBN it seems the problem is still becoming worse.
We demand answers to the following;
1. Have Nigerian Banks turned to black marketers? Why should they be making a profit of at least Eighty naira on each US Dollar?
2. Is the 3% profit margin on Dollar sales only applicable to BDC's? If not why is the CBN looking the other way and allowing banks to rip off Nigerians?
3. Are the banks not contributing on the continued pressure on our Naira with this excessive profiteering?
4. Why should the CBN provide Dollars to the banks at the official rate and won't follow up on how much they sell to end users?
5. Whose interest is the CBN protecting? Is it the Banks or the Nigerian masses?
We thereby call on President Buhari's Government to look into the activities of Nigerian Banks in this forex business before they sabotage his administration. Banks should face their banking business and stop all these profiteering. They should go and lend to the real sector of our economy and stop all their tricks. Stop the profiteering and the Naira will increase in value.
Nigerians must make their voices heard. We must not allow a few corporate bodies to continue fleecing and profiteering our common wealth. Our continued silence will only make matters worse. Let us speak up until our voices are heard. Sign this petition, and publicise it until it reaches to the appropriate authority.
God Bless the Federal Republic of Nigeria.
Yusuf M Yunusa 12 February 2016.
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Updates
February 12, 2016
The feedback from those affected by these bank charges confirms that this remains a widespread burden for many citizens. I am currently compiling your personal accounts to present a comprehensive report to the relevant oversight bodies. Your experiences illustrate the urgent necessity for transparency regarding these financial practices.
February 12, 2016
The momentum behind this petition highlights a significant public frustration regarding current banking practices. This support confirms that our collective demand for transparency within the foreign exchange market requires immediate government attention.
30 Comments
As a bonafide Nigerian I join this crusade demanding that the federal government takes action by way of probe on the activities of all commercial banks as regards to FOREX trading. This is an SOS. Please FG save suffering Nigerian masses
CBN is looking the other way while Banks are ripping off Nigerians. This cannot and will not stand.
CBN cannot sincerely deny knowledge of this forex fraud by banks. These banks and CBN are clearly bent on sabotaging our Naira and our economy, and by extension, this administration. Their activities are worse than those of the BDCs. Government must do something about this urgently!
Who's making money from the difference between the international dollar rate and the rate the bank use for foreign transactions. Someone has to be making money from that gap. Where does the money go to?
I'm a victim of the scam by nigeria bank if the banks as we say get direct inflow of Forex from the federal Govt, why should customers be charged astronomically for using their cards abroad. ( dollar rate from CBN 207, charge when used abroad 300) I am in support of the investigation into the activities of nigeria bank on the hardship inflicted on Nigerian.
A proper investigation should be launched.
A proper investigation should be launched.
Share Petition
Don't stop at signing, share the petition link with friends to multiply our impact
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Status: Closed — this petition is no longer accepting signatures.
Petition to demand an investigation into the activities of Nigerian Banks in the forex market.
Final supporters
Sign this petition to demand an investigation by the Nigerian Government, into the activities of banks in the forex market.
When you use your Naira debit card for a cash withdrawal, online payment or POS transaction abroad Nigerian Banks charge between N270 to N310 for every US Dollar. This has been going on for a long time without any intervention by the CBN or any Nigerian Government agency.
When the so called BDC's were denied forex by the CBN everybody was happy and we thank President Buhari for such a bold and decisive action but now it looks like the BDC's are a lesser evil when compared to Nigerian Banks. After all the intervention in the forex market by the CBN it seems the problem is still becoming worse.
We demand answers to the following;
1. Have Nigerian Banks turned to black marketers? Why should they be making a profit of at least Eighty naira on each US Dollar?
2. Is the 3% profit margin on Dollar sales only applicable to BDC's? If not why is the CBN looking the other way and allowing banks to rip off Nigerians?
3. Are the banks not contributing on the continued pressure on our Naira with this excessive profiteering?
4. Why should the CBN provide Dollars to the banks at the official rate and won't follow up on how much they sell to end users?
5. Whose interest is the CBN protecting? Is it the Banks or the Nigerian masses?
We thereby call on President Buhari's Government to look into the activities of Nigerian Banks in this forex business before they sabotage his administration. Banks should face their banking business and stop all these profiteering. They should go and lend to the real sector of our economy and stop all their tricks. Stop the profiteering and the Naira will increase in value.
Nigerians must make their voices heard. We must not allow a few corporate bodies to continue fleecing and profiteering our common wealth. Our continued silence will only make matters worse. Let us speak up until our voices are heard. Sign this petition, and publicise it until it reaches to the appropriate authority.
God Bless the Federal Republic of Nigeria.
Yusuf M Yunusa 12 February 2016.
Updates
February 12, 2016
The feedback from those affected by these bank charges confirms that this remains a widespread burden for many citizens. I am currently compiling your personal accounts to present a comprehensive report to the relevant oversight bodies. Your experiences illustrate the urgent necessity for transparency regarding these financial practices.
February 12, 2016
The momentum behind this petition highlights a significant public frustration regarding current banking practices. This support confirms that our collective demand for transparency within the foreign exchange market requires immediate government attention.
30 Comments
the FG should investigate the activities of banks in the forex market. why should i be charge more than official exchange rate when making transaction online
As a bonafide Nigerian I join this crusade demanding that the federal government takes action by way of probe on the activities of all commercial banks as regards to FOREX trading. This is an SOS. Please FG save suffering Nigerian masses
CBN is looking the other way while Banks are ripping off Nigerians. This cannot and will not stand.
CBN cannot sincerely deny knowledge of this forex fraud by banks. These banks and CBN are clearly bent on sabotaging our Naira and our economy, and by extension, this administration. Their activities are worse than those of the BDCs. Government must do something about this urgently!
Who's making money from the difference between the international dollar rate and the rate the bank use for foreign transactions. Someone has to be making money from that gap. Where does the money go to?
I'm a victim of the scam by nigeria bank if the banks as we say get direct inflow of Forex from the federal Govt, why should customers be charged astronomically for using their cards abroad. ( dollar rate from CBN 207, charge when used abroad 300) I am in support of the investigation into the activities of nigeria bank on the hardship inflicted on Nigerian.
A proper investigation should be launched.
A proper investigation should be launched.
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the FG should investigate the activities of banks in the forex market. why should i be charge more than official exchange rate when making transaction online