WHY NIGERIA WILL GROAN FOR A LONG TIME IF...

It is obvious that the Nigerian economy will stay in the woods for a long time to come if it is true that President Buhari and his very patriotic, anti corruption and  well focussed gang of ministers and advisers have approved sale of foreign exchange to pilgrims outside the inter bank market.

Henates is in possession of what seems to be a circular from the Central Bank of Nigeria dated August 4, to banks to that effect.

With reference number TED/FEM/EPC/GEN/01/005 purportedly from the Trade and Exchange department, the circular directs banks to sell basic travel allowance to intending pilgrims at N197 to the dollar.

Besides, banks are also asked not to charge commission on the sale transactions.

Each pilgrim says the circular is allowed to purchase minimum of $750 and maximum of $1000 as BTA for the trip.

The dollars will be sold to banks by the CBN and the sale to pilgrims will take place  through designated banks for specifically stated pilgrims from each state as a group.

This means that about 65,157 pilgrims estimated for this years hajj will purchase at least $48.9m as BTA at the rate the CBN abandoned earlier this year for more productive and relevant businesses.

The banks are not only to offer their services free of commission, other Nigerians who have no business with annual pilgrimage and more with daily survival in these times, will have to bear the brunt of the pampering of a tiny percentage of Nigerians.

It is this kind of slave logic that brought Nigeria to its knees and it will so remain if we do not stop behaving like oil rich Arab nations with far less mouth to feed.

While job opportunities are begging to be created; national electricity is demanding to be increased, while the world outside is challenging  the so called giant of Africa to at least attempt to catch up, while food scarcity and galloping inflation is becoming the order of the day, all Nigeria in the mood for change can think of is subsidised pilgrimage, free food for primary school pupils and political in fighting.

It had better not be true that the so called circular is real. On the CBN website, there was nothing of the sort. And as Henates writes this, no word from CBN spokesman, Isaac Okorafor despite attempts to reach him.

If it is true by any stretch of imagination, then it is equally unfortunate that such an important circular is not in the public domain through the CBN site like other equally important recent and old circulars.

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