CBN: A lame federal bank in limbo….

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The CBN is scrambling for cover as we speak. The CBN is running helter skater right now. The CBN has come out with a policy banning people from transacting in forex in some ways. Specifically the CBN has greatly limited the amount of forex that can “legitimately”pass through the banking system in Nigeria. The CBN has suddenly realised what we have been saying all along: Dem nor smart at all, people don guy dem plenty…Now all the money hiding under the pillow might not come out again the way things are going.

This is simple; The CBN has just confirmed what many of knew, we have been saying that the crude sales of Nigeria has been going into different accounts not known to the CBN. People have been selling and dealing in Nigeria common patrimony and putting the money in their accounts. What this has done is simple; A lot of money(dollars), not known to the system, is in circulation. This is a very difficult thing to deal with I tell you.

Please take a deep breath and ponder where a total of 15million dollars that was ferried in aircraft to South Africa came from? The CBN claimed they didn’t know anything about it. So it must have come from under some people’s pillows definitely. How about the dollars that were distributed during the elections? The CBN denied everything about the source of the money in the same vein. Of course na from some people’s underground safe vaults the moni appear from. Also ponder about what had happened to the various sums of money that were either undeclared or unilaterally deducted by the NNPC from the crude sales? The money must be in some people’s safe houses littered around. I nor wan talk about customs o, that na another matter entirely.. Finally the CBN has admitted that it was never in control of government total finances. There are other CBN-like individuals in the mix.

This issue has always been there I tell you. This has never made the CBN governor and the oil minister(who controls NNPC) friends. They can never be, because the controller of federal money(CBN) knows he is just the controller in name. Others are in charge I tell you.

The CBN is fighting a losing battle in this case unless you remove the power to collect the crude oil sales from NNPC and place it under the direct control of the CBN. Let NNPC fend for herself. The customs, in this case, cannot just be left as it is. E nor go work..Additionally, no attempt should be done to diminish the corruption investigation of people who stole. The result of cuddling thieves in power is what we are observing. Once a billionaire cannot show commensurate tax that indicates the amount he is making then there is an issue.

The millions of dollars in the system ,that CBN is uncomfortable with, is likely our money. Once you cannot show the real source of your money, then what else can someone say?

The chicken is coming home to roost….. God dey!! Ewolewoooo!!! 

About the author / 

Ik Uremeh

Ik uremeh is a social commentator who believes that everyone deserves to live within the confines of his strengths. He is just like YOU.He says: Life is good when everyone desires so...

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