Banking in Nigeria has greatly advanced. In the past, you will find long queues but today the opposite is the case. Many of them have embraced technology and have simplified the banking process. Regardless, there are still some annoying things that these banks do that are very frustrating. In line with this, Jumia Travel, the leading online travel agency shares some of these things.
Asking you to bring utility bill to open an account
Whenever you visit a bank in Nigeria to open an account, you are asked to bring a utility bill to confirm your address. Sometimes you begin to wonder, what you really need a utility bill for when you have BVN. BVN has every information about an individual including the fingerprints. You cannot change your fingerprint but you can change your address.
They deduct your money due to unnecessary charges
You know one of the annoying alerts you get every month are the charges from your bank. The way some banks remove your money will tempt you to go to the bank to withdraw all of it and transfer it to another one.
They cannot process your complaint because your names are different
If you use two names in one document and use three names in another document, some banks will never accept or process the document from you. They will tell you the process may get stuck because of the name difference.
You have to wait for days when the ATM refuses to dispense money and you have been debited
A faithful morning, you use the ATM of another bank to withdraw but the ATM refuse to dispense and your account is debited. Just be prepared for a long battle with your bank because you will not get your money back in 24 hours. First, you have to complain to your bank for them to reverse and depending on the bank, it can take weeks or months. If you don’t have money, you are on your own for that day. The question is why can’t they reverse it immediately?
And you need money urgently and they tell you ‘no network’
You don’t have money and you have tried several ATMs and they are not dispensing cash. You have no choice than to withdraw money at your bank. You walk into your bank and they tell you that there is no network, you will just get frustrated. The annoying thing is that if there is no network at that branch, it will be same at other branches. And without the network, they cannot do anything! Just start praying that the network comes back!
Naira Crashes, Now Exchanging At N412 For A Dollar
The Nigerian Naira plunged further in value on Monday March 30, as it exchanged at N412 for a dollar following a temporary suspension of sale of forex to the Bureau De Change operators in the country by the Central Bank of Nigeria.
Recall that the apex bank had pegged the exchange rate of the Naira at N380 to the dollar, a move it insisted was not a devaluation of the Nigerian currency.
The CBN however granted the Association of Bureaux De Change Operators of Nigeria its request of going on holiday due to challenges in the local and global economies over the coronavirus pandemic.
While the Naira has crashed in its value due to the low price of crude oil in the international market in recent times, BDC operators have disclosed that there has been a drastic decline in demand for forex due to the impact of coronavirus on the economy. The financial market stakeholders also disclosed that businesses are down and many people are not travelling.
Naira Crashes In Value, Dollar Sells For N420
On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market, Punch reports
The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general.
He said this caused speculations in the market which were not necessary.
Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.
“The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”
While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day.
According to him, the CBN had maintained stability at N360 in more than three years.
He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions.
The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences.
Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.
“Today, we still sold for up to N420 but the price was fluctuating.”
The CBN also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.
“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” it stated.
It added, “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”
N2.5trn Financing For One million Farmers On The Way
Commodities Exchange Limited has initiated moves to raise N2.5 trillion for 1 million farmers in the next five years.
Addressing journalists at the Memorandum of Understanding (MoU) signing ceremony in Abuja on Wednesday, Chief Executive Officer of AFEX, Ayodeji Balogun said “AFEX is on a path to building Africa’s second commodities derivative market,
The MoU was signed between AFEX, FMDQ and Dubai Gold and Commodity Exchange (DGCX).
Ayodeji Balogun noted that this partnership sets the tone for that journey.
He noted that AFEX develop product innovations that will unlock a wider range of products that are able to be traded within Nigeria’s capital markets to promote broad-based wealth creation that’s accessible to every Nigerian.
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