For over five weeks now the Nigerian
foreign exchange system has been on drama sketch. It is unbelievable that at a
time of harsh economic circumstances manifesting in the form of sharp decline
in foreign exchange earnings from oil revenue, soaring inflation and interest
rates, a slump in gross domestic products (GDP), rising unemployment, mounting
salary arrears amongst many economic woes, the banking industry is complaining
of excess dollar cash up to US$5 billion (approximately N1 trillion) either
stuck in some people’s hands or lying idle in bank vaults as a result of a
foreign exchange directive.
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