Its a known fact that in Nigeria to open a domiciliary account of any kind requires foreign exchange.
To open a dollar domiciliary account requires a $100 note and the same applies to pounds and euro.
Despite the fact that the federal govt pumped millions of dollars into the market to sustain liquidity of dollars in the inter-bank foreign exchange market, commercial banks still ask its customers to patronize parallel markets for dollar notes to open domiciliary accounts when they can collect its equivalent in naira and credit the domiciliary account .
In what way will this policy stabilize the foreign exchange market?
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