Basketmouth attacks CBN’s new money transfer policy

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Following Central Bank of Nigeria
(CBN), new money transfer policy, popular
comedian, Basketmouth has aired his thoughts.

CBN on Thursday August 4, 2016 stopped all privately owned money transfer
companies from wiring money, leaving only three foreign owned companies to do it.

Basketmouth however thinks it is a wrong move and will make life more difficult for
Nigerians.

He took to Instagram on Thursday to share his misgivings .
“This senseless money transfer deal to Nigeria is what has caused the recent spike in FX rates. I hear FX will be £1 to N700 and $1 to N550 in the next couple of
days. I wonder which planet CBN is on, when you give a whole country’s source for foreign currency to just 3 foreign
companies and think it is
sensible.Empower local companies, these companies need us more than we need
them… Pls let’s not stay mute and watch this happen to us,” he said.
CBN agrees exclusive deal with
Western Union, Money Gram and Ria Money Transfer to stop all Nigerian money transfer businesses and ensuring all worldwide transfers go
through only these 3 American
companies in and out of Nigeria.

This senseless money transfer deal to Nigeria is what has caused the recent spike in FX rates. I hear FX will be £1 to
N700 and $1 to N550 in the next
couple of days I wonder which planet CBN is on, when you give a whole
country’s source for foreign currency
to just 3 foreign companies and think
it is sensible. Empower local
companies, these companies need us
more than we need them… Pls let’s not
stay mute and watch this happen to
us. @westerunion @riafinancial
@moneygram.manager

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