Monday, September 14, 2015

The past Regimes that authorized the Foreign Currency Account, in order to alleviate the suffering of small Businesses who could not be able to remit their transfers,

The Nigerian past Regimes have put Dollar Currency Bank Account, after various Complaints or Allegation that those bidders have bid below US$15,000.00, have no Success or connection to remit their Transfers through the Nigerian Bank foreign Exchange, which hampers small Businesses, while bigger bidders or those who want to remit large amounts are successful, as their links or Banks are ready to handle big amounts and those of small Remittances are unsuccessful. The past Regimes that authorized the Foreign Currency Account, in order to alleviate the suffering of small Businesses who could not be able to remit their transfers,. Since, the Nigerian Factors have favored those who want to remit bigger Payments. The Government intention of allowing foreign Currency Account, was not bad and this option are not meant for those whose account balances are above US$15,000.00, which have Nigerian abilities to remit their large transfer through Naria account. Now it become imperative that Buhari Regime should avail itself this international economic option, if desired to be recognized as credible and viable Government. ....................................................................... Any Nigerian bank account not more than account of US$15,000.00,should accept deposit,until it reaches US$15,000.00,to avoid anarchy and doom that might ruin Nigeria. It is Despotic & Tyrannic Regulatory Tool and Uneconomic State Control of Governance,is usually Hallmarks of Despotic & Tyranny Regime,which were part and parcel of President Buhari past Military Regime of 1983 to 1985, which he is repeating in his new Democratic Regime of 2015. There is a lot of Laws, Rules and Regulations which were not implemented and carried out as required. There is few who have accessed Nigerian Treasury and looted it, and it is the duty of EFCC, ICPC and Nigeria Crime Agency/Nigeria Financial Intelligence Unit to monitor Funds movement activities and to check all banks' accounts usage activities,specially that any account which is above 50 million Naira, as to ascertain what the money is meant/used for,if the Nigerian Security Officers did not do their jobs of checking money laundering, checkmating Nigerian institutions’ looting and to mount the required monetary movement surveillance,then the poor Nigerians have to pay for their negligence,which is not fault of Nigerian Masses, which we were meant to bear their official short coming, please. A Careful observation which have shown that the Nigeria Govt imposed uneconomic blanket bank Ban for foreign Currency Deposit Account Payments is unnecessary and which is tactically crippling and destroying Nigeria small scale businesses, whose accounts cannot exceed US$15,000.00,which have called for concern, while a decent Regime that claimed to primarily checkmate Corruption, should have consider imposed Ban on non active above US$50,000.00 bank account where the saved account money is not usually used or Dormant, but such account will be banned from receiving more deposit without usage. Any visit to any Nigeria bank branch, could ascertain on how bank accounts' usage with its activities, on its deposit/withdrawals print out of some few, could clearly show that the account deposits of huge amount balances are not regularly used, as more deposit payments are paid in, while small deposits which could not exceed US$15,000.00 are usually very active, in depositing and withdrawing for transaction owed by small Businesses. It is imperative that Buhari Regime with the CBN governmental controlled Governor, should urgently lift the Ban which they have erroneous imposed on the small scale business Depositors whose accounts’ amount balance could not exceed US$15,000.00,as to accept deposit for the bank Foreign Currency account, until their account balance reaches max. US$15,000.00, if below account balance of US$15,000.00, should continue to accept deposit payment,which normalize run of Nigerian market's commodities and could avoid pending Nigerian Economic Business collapse and for Nigeria to escape this pending economic anarchy/hardship, with the Financial Doom that might ruin Nigeria Goods Supply Systems and could jeopardize Nigeria imports/exports Businesses. Regards Mazi Patrick Thinker, Writer, Historian & Psychoanalyst.