A financial expert, Dr Uche Uwaleke, on Wednesday commended the Central Bank of Nigeria (CNB) for directing commercial banks to publish the names of bad debtors in newspapers. He said, This people had been given ample time to pay their debts and they refused to pay, so they do not have any excuse for non compliance.
I think the directive by the CBN is a step in the right direction, it is the way forward.”
Refusal of banks to collect foreign currency from customers would curb illicit flows of currency associated with Nigeria’s banking sector.He said the measure would reduce money laundering and shore up the value of the naira, especially in the black market.
If you notice, we are already beginning to feel the effect because since the introduction of this measure, naira in the parallel market seems to be appreciating.
Before this measure was taken, the parallel market rate was around N250 to the dollar but now the rate is between N209 and N210 with an official rate of N197.
So we are seeing a situation where in the near future the margin will keep on narrowing down to bridge the gap,’’ he said.
In his viewpoint, The CBN should continue to watch and react to circumstances as they arise
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