I just received a text today from my bank that CBN has
mandated that all foreign transfers e.g. western union, money gram etc should
be paid in Naira equivalent to the receivers here in Nigeria , which means that
we will no longer be paid in foreign currencies.
I have no problem with CBN asking banks to pay in Naira, my
problem or rather question is, if the CBN want us to be paid in Naira instead
of the foreign currency sent, should we also start depositing Naira equivalent
into our domiciliary accounts instead of going to source for foreign currency
from road side sellers (black market) and then taking it to the bank. I think
it should work both ways.
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