It's high time we look into this Forex racket in Nigeria. Today at
exactly 9am, I walked into Diamond Bank Maryland branch to do a MoneyGram
transfer. As a good and law abiding Nigerian I stayed on the queue and
waited my turn. I got to the cashier and asked to send dollars only for her
to tell me "We have exceeded our daily limit". I was so shocked and wasted no
time in asking how possible it was to have exceeded daily limit as early as 9am, she replied saying "madam it’s not our fault we have exceeded our
limit for the day you can come back tomorrow". I was so livid but kept my cool and approached another colleague of
hers whom am quite familiar with, she advise i try another bank
because their branch has never succeeded in sending MoneyGram. Of course I rushed to a nearby
Bank, where after wasting 30 minutes of my time waiting for the Forex cashier to appear told me what i dint want to hear "madam we have exceeded our limits even our boss want to send dollars out but we can't seem to send, it is unavailable". This
got me thinking, who has actually succeeded in
sending dollars from Nigerian Banks? Who is this mysterious person or persons that wakes
up before 9am to exhaust the dollars in the banks? Everyone I know can’t
seem to send dollar out but this banks always seem to have exceeded their daily limits
before 8am. This brings me to my point, Aren’t this banks running a racket here. It seems like they are reselling dollar to the highest bidder? I think the banking sector as a whole
be probed because this crazy margin between the black market rate and official
rate has made some bankers very rich. The EFCC had better shine their light on the big racket going on in the banking industry.
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