The Central Bank of Nigeria has revoked the licenses of all money transfer companies, except three, citing “the greater economic good of Nigeria,” as its reason for embarking on such an action. It further warned that the institution would “not condone any attempt aimed at undermining the country’s foreign exchange regime.” The 3 companies allowed to operate are Western Union, MoneyGram and Ria.
It may be recalled that NairaMetrics brought to your attention that the CBN had lifted its earlier ban on foreign currency deposits, thereby allowing currency transfers. However, this unexpected decision has resulted in immediate criticism due to the immense amount of cash involved.
In 2015 alone, about $20.8 billion was remitted to Nigeria from foreign countries. Furthermore, owners of companies affected by the decision have labelled it as “arbitrary, inexplicable and hugely detrimental to the Nigerian diaspora, who rely on hundreds of money transfer companies and banks, providing them with choice, convenience and competitive pricing.”
The portion of transfers controlled by the still-free-to-operate companies had hitherto been gradually reducing due to the competitive prices provided by these banned money transfer agencies.
Another baffling concern about the sudden decision is the fact that no cogent excuses were given. Rather, the CBN used the vague “greater economic good of Nigeria”. No claims as to how these banned companies were actually detrimental to the economy of the country were made.
The tendency is high that the decision will not seat well with most Nigerians in diaspora, as the most likely result is an oligopoly, where these 3 companies may shoot up the prices for their services, with the full knowledge that there are no other competitors. The charges of MoneyGram for transferring funds to Nigeria was detailed in an earlier post.
havens helps Nigeria,when the hksb, hong kong and shangai bank wants to buy the british top bank the midland bank,the british treasury gave conditions for this purchasing.now who is the hksb /.this bank is soley owned by the british,managed by the briish located in hong kong a british colony,then.
they gave the hksb condition,that IF YOU WANT TO BUY THE MIDLAND BANK,YOU MUST BE LOCATED IN BRITAIN,OTHERWISE,GET LOST,WE WILL SUPERVISES YOU.
now major Nigeria banks are owned by foreigner,now the cbn is allowing 3 foreign companies to transfer money to nigeriawhat the f..ck is this ? do those companies pays taxes in Nigeria,you are propping up other nations economy.now the governor is trying to raises bonds from foreigner.
Nigerians should wake up.one day,we not have a country called Nigeria,except owned by foreigners.telling us how to live our lives