Petition to demand an investigation into the activities of Nigerian Banks in the forex market.
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.