This is a serious allegation and I am paying attention to it because somehow it affects everyone....Please as you read,forward to the appropriate authority like the last one (On returnees paying at Abuja airport to evade COVID 19 tests)that got a response from the Appropriate body.
According to the Lady ranting to Stella Dimoko Korkus Blog......
''Stella,the Central Bank Of Nigeria's official rate for forex inclusive of bank charges is at 390, but banks are now extorting their customers and frustrating people's businesses. They sell to their customers between the rates of N430 to N460 per dollar, then the bank staff in collaboration with their various branch managers take the differences.
For each transaction of USD20.000 form Q, the bank makes between N1 million to N1.3 million(unofficial money) from each customer. Is this fair? How does one survive in this country called Nigeria?
The banks are the brain behind the inflation of prices of goods in the market, sabotaging the efforts of the CBN. If you apply for form Q, after crediting your account with the required amount of the local currency, it takes them more than two to three months to process it for you, but if you are ready to PLAY BALL, they will urgently attend to you request.
Most bank staff have their own personal companies they use for FX.
CBN should please launch an immediate investigation into these FX form Q requests in banks because they are destabilizing people's businesses''.
I took out the name of the named Bank in this rant because they are not the only ones guilty of doing this...
It is the duty of the Central Bank of Nigeria to investigate these allegations and do what must be done!!!
Na we dey do ourselves last last .This is so bad
ReplyDeleteImagine.
ReplyDeletePlease the right authorities should take note, so that few individuals will not destroy this nation pit of greed
ReplyDeleteI had a similar experience with a bank in July after contacting them via mail, their WhatsApp channel absolutely nothing was done about it. Most of these banks are killing SMEs in Nigeria. Day light fraud is the order of the day...
ReplyDeleteWhat is the difference between bank exchange rates and that of parallel (black) markets? Why is the gap so wide? When these issues are sorted out extortion would also be eliminated.
ReplyDeleteNawa o
ReplyDeleteFirst Bank dey this table. Forex Round tripping.
ReplyDeleteSome CBN workers are also involve in this not just the commercial banks only.
DeleteI believe this rant 100%.
ReplyDeletePoster is true.
ReplyDeleteWhen you see some Bankers living large.
This is their side hustle.
As a Marketer, if your BM or GH is involved and you choose not to join them. They might frustrate you out of the job.
Kwarrupshion is everywhere in Nigeria.
Political Parties and Public Offices na Headquarters.
Bank na Secretariat.
The lady is wrong unless she is paying more of what she filled . Also, what kind of FX purchase is she making? Is it PTA/BTA,medicals,bidding for LC etc. So let her state exactly her issue.
ReplyDeleteShe has already stated it,it is called FORM Q for SMES.
DeleteShe is right and she mentioned the payment was for Form Q
Deleteit's quite unfortunate those who have family members engaged in such act will come to this post to call on authorities to do the needful.
ReplyDeleteBefore you call the government,ask yourself where that family member of yours get additional monies after his/her monthly pay.These are things happening under our roofs but we're okay with it when we benefit from it.show your hubby who is a branch manager this post
It's nothing new in the banking industry, that's how most banks in Nigeria had a major breakthrough in the 90's / 2000. It's called "Round Tripping". Illegal ? Yes! But it's the same CBN that created the loop holes so everybody is happy except the common man... God dey
ReplyDeleteAmor of rubbish going on among many bankers.
ReplyDeleteI need to get in there, to create a change.
Pls whoever has the connect, should connect me pls. It's hightime we have trustworthy, reliable and honest bank staff,
Not robbers wearing suits.
See honest banker
DeleteNigeria is a wicked country.
ReplyDeleteThe lady is wrong. It is actually CBN that is causing all these. They regulate the quantity of FX they sell to banks. Infact right now there is a lot FX backlogs to settle by CBN. How does CBN do this? At the beginning of every week before CBN sells FX to the banks, they debit the bank's books in the name of CRR at zero percent rate, thereby limiting the cash available for purchase of FX. When banks couldn't meet their customer's FX demands because of the incessant debits they source for it outside CBN at a higher price and sell at a price close to BDCs
ReplyDeletePure lie! Customer’s fund their account, nothing to do with CRR
DeleteHow do you think bankers fund their largess? No be today.
ReplyDeleteWe use our hands to kill and destroy ourselves, then blame government.
ReplyDeleteCBN has a big role to play here, CBN will say something else but will do something else while putting the blame on banks.
ReplyDeleteThe lady's assertion is not totally correct. Yes there is round tripping and fx manipulation amongst banks and bankers. Form Q is a special CBN intervention window that allows SME access fx up to a maximum of $20000 per quarter. There is currently a huge backlog and shortage of FX in the country thus the delay. And this intervention also excluded quite a number of items, so you need to be sure your business falls into this category otherwise your application will eventually be turned down.
ReplyDeleteWhat happens is that bank staff can help you source for this funds outside this window and make their margins. Some may even present fraudulent documentations on your behalf and get this money out. This is called parallel banking and it is wrong and fraudulent because of the conflict of interest.
This does not happen where I bank - that bank that is at the peak. I don't want to mention their name for free advert, for that they need to pay SDK.
ReplyDeleteIt's a fact that there is a backlog of FX transactions in banks due to scarcity.
Unfortunately, this country is heavily import-dependent and also the main foreign exchange earner is crude oil.
Successive governments destroyed the manufacturing industries and refused to develop infrastructure except late President Yar'dua's government.
The present leaders should continue on their path of corruption and pillaging the fortunes of the land.
They will bequeath the same ruins to their children. They cannot be first-class citizens in another country.
NIGERIA, THIS IS JUST THE BEGINNING.
The bank isn't the ones making the money. its the bank workers. The ranter should get evidence of the fraud and report them to FCPC, CBN and bank management.
ReplyDeleteGbamsolutely!!!!
DeleteThats the point. The bank staffs are the people making the money. I pray and hope the authorities do the needful.
Most of them even avoid calls for fear of being recorded, they always like to meet with you one on one.
I can tell you categorically that this is false. I mean the part of getting money from CBN and selling to Customers at a high rate. I'm opportuned to know the workings of bank operations and can let you know that the CBN monitors the utilisation of every FX that it provides to banks up to the last $1. Reports are submitted to the CBN on how the Dollars banks get from the CBN are utilized and the CBN does random spot checks on the information in this report to confirm authenticity of people who received the Dollars, no bank would want to risk paying huge fines for some small change they will make by selling Dollars higher than official rate.
ReplyDeleteThat being said, I can also tell you that the CBN for a long while mow has not been able to meet the FX demand for importers, so they may be providing FX but a very small amount estimated at 15% of importers' need. So what some banks do is help importers/anyone needs FX to black market Dollar dealers so they can get their FX faster, now what may be happening in that arrangement were the bank staff helps to connect you to black market trader is that the staff may be getting some margin or commission behind the scene. This is a different scenario from the Bank getting dollars and selling at higher rates.
Well, whether you people believe or not, i know for a fact that shortage of FX for all settlements is a CBN problem. You cant speak like a lay man without proves. If bankers are into round tripping for personal gains, certainly not all banks because zenith bank staff can never be involved in such, take it the bank. Poster you can name and shame the banks. But keep in mind that the CBN you are calling to investigate is the main reason for dollar hike, thats the Headquarters for dollar corruption so get your facts right. If they have been intervening properly in parallel markets and banks, we wont have this hikes in the first place.
ReplyDelete