#EmptyTreasury: FOREX Rate Rises As CBN Blocks Small Businesses’ Access To International Transactions

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In a latest move to finally destroy all small businesses in Nigeria, the Nigerian central bank director Godwin Emefiele, has without warning, imposed brand new “illegal” restrictions on the ability of individuals and mall businesses to make procurement from abroad, thereby suddenly crippling all small businesses in Nigeria and sending them to their grave.

No where else in the world apart from North Korea, are such sanctions in place against the payment for goods and services overseas as has just been imposed by cabal-betrothed CBN Governor Emefiele.

Godwin Emefiele, crippling businesses

Today, under the just imposed latest restriction, ordinary Nigerians (not the cabal) can no longer send any money abroad or make payments for goods and services internationally.

While big cabal-run companies receive subsidized dollars from the Apex bank, the central bank governor via a memo through banks, suddenly seized the ability of small businesses to wire money abroad without first procuring a “Form M” which is practically impossible.

Big businesses are able to get billions of dollars at subsidized rates from the CBN with a report stating how the Apex bank gives Dangote millions of subsidized dollars for his business in few months, however small business cannot buy dollars at the official rate and have to buy at black market rates.

With the new policy, the small businesses are not even yet going to be given CBN dollar rates but yet cannot wire abroad dollars they purchase from the Black market, above CBN rate and above cabal subsidized CBN rates.

For big businesses, they receive millions in subsidized dollars with just a phone call. But now small businesses are crippled to death.

The memo sent last week read:

Dear Mr Customer,

The Central Bank of Nigeria (CBN) recently made a slight modification to the provisions of the CBN Foreign Exchange Manual and this has affected the fund transfer operations on your Domiciliary account.What does this mean for you?To be able to purchase physical goods using foreign currency Funds Transfer, you will need to have a duly approved e-form M (read more about e-form M here)If you would like to process foreign currency Fund Transfer on your Onepay app, you would need to include your Form M number in the remark column.Also, foreign currency Funds Transfers for other purposes may now require the provision of an invoice too.As always, if you have any inquiries, please click here to send us an email or call us on  07008220000.


Sterling Bank

Consequent to this, there is a shortage of dollars in the market as the black market sellers are hoarding their dollars watching what the impact of the North Korea-like sudden crippling sanctions on the rights of Nigerians to purchase abroad will be. The latest in illegal policies that Emefiele has imposed to rob the poor and feed Nigeria’s super-wealthy.

Small businesses are entering irreversible damage as they are unable to procure new material and make payments to vendors abroad for services, items or logistics transactions.

There is chaos in the banking sector. And with Buhari absent from running the affairs of the country and every one being their own boss, the cabal-drunk CBN Governor Emefiele may not be held to account and forced to reverse this illegal policy only seen in North Korea, before the damage destroys Nigeria.

#EmptyTreasury: Depleted Foreign Reserves

While the handling of security, business environment and the economy as a whole has discouraged all foreign investment in Nigeria, the Buhari administration has recklessly ruined the Nigerian economy, allowing the most massive amount of brazen corruption in history with double subsidy on petroleum. the retained and expanded duel subsidy and an additional secret FOREX subsidy on the same product by the CBN which gives the cabal billions in Foreign revenue to funnel into the pockets of the CBN governor, politicians and other ruling cabal including the 3 men at the presidency.

Attorney Falana requested freedom of Information release of information on this secret FOREX subsidy being granted to cabal oil importers, but the Buhari government and CBN refused to oblige the orders of the court.

The Buhari government has been so corrupt it reclaims looted money looted by former president Abacha only to give it back the the launderers he used. As has been exposed in the case of Kebbi state governor Bagudu. Due to such gravid corruption, with billions thrown to all politicians and assembly men for frivolous projects lime “Assembly renovation,” Nigeria’s economy has been wrecked, the foreign reserves depleted and rather than sanction the wealthy cabal beneficiaries, the CBN has imposed sanctions on Nigeria;s largest employers, small businesses, in a move guaranteed to cripple the economy and lead to massive riots.

Forget The Excuses Buhari With His Emefiele Have Finally Totally Collapsed The Nigerian Economy

“In 1999 when the military handed over power to Olusegun Obasanjo, the average crude oil price was $16.56 per barrel. In 2003 when he was re-elected for a second term, average crude oil price rose to $28.05 per barrel and $69.08 per barrel in 2007. The average crude oil price during Obasanjo’s tenure from 1999 to 2007 was $37.18.”

Small businesses affected by this draconian policy are responsible for the employment of 75% of Nigerians.

The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of NewsRescue
CBN governor Godwin Emefiele
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