Abuja Network News
In a shocking revelation, it appears that the nation's banks are engaging in sabotage against President Tinubu and the country's economy. The scandal revolves around the racketeering of dollars, with banks obtaining them from the Central Bank of Nigeria (CBN) at low rates and selling them to customers at exorbitant prices.
The scheme is as devious as it is detrimental to the nation's financial stability. How can banks acquire dollars at rates as low as 740/760 and then sell them for a staggering 870? This blatant manipulation of currency exchange rates has remained largely unaddressed by authorities.
However, the issue runs deeper than a simple case of profiteering. Disturbing reports suggest that banks have lost faith in the Nigerian naira, prompting them to hoard and accumulate dollars. If left unchecked, this practice could lead to a national economic catastrophe of unprecedented proportions.
Adding fuel to the fire, it appears that the Economic and Financial Crimes Commission (EFCC) has been rendered ineffective, while the CBN finds itself in a state of confusion. These two institutions, which the banks typically keep on their radar, seem incapable of curbing the rampant dollar arbitrage that continues to plague the country.
One cannot help but question the lack of progress in cleaning up the CBN, given the ongoing exploitation. It is crucial for the government to prioritize tackling foreign exchange illiquidity, just as urgently as it addresses the security crisis in neighboring Niger Republic. Failure to do so may result in dire consequences for our nation.
If banks persist in these shady practices and continue their insatiable pursuit of dollars over the well-being of the naira, the consequences could be catastrophic. The value of the Nigerian currency could plummet, sending shockwaves throughout the entire economy.
President Tinubu must remain vigilant and take swift action to address this crisis. The future of the nation's financial stability is at stake, and time is of the essence. Together, we must stand against these unethical practices and ensure a secure and prosperous future for all Nigerians.
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