Central Bank Of Nigeria’s Decision To Sell Subsidized Forex To Pilgrims Will Cost N7.6 Billion (MY FEELING)

The Central Bank of Nigeria has issued circular notice instructing commercial banks to sell dollars to Pilgrims going to the Hajj at an exchange rate of N197.

The Central Bank explains that the sale of the forex will be funneled through commercial banks who are then mandated to sell to pilgrims at N197. Pilgrims are expected to purchase a minimum of $750 and a maximum of $1000 per pilgrim. The circular also reveals there are a total of 65,197 Pilgrims, thus the CBN will sell as much as $65,197,000 assuming every Pilgrim buys as much as $1000 each.

Nigeria’s official exchange rate closed at about N315 which suggest that this sale could cost Nigerian tax payers about N7, 693, 246,000 in exchange rate loss (based on 315 -197=118).

MY THOUGHTS:

How on earth will a government prioritize religion over the economic growth of the nation? What values has this Pilgrimage brought to this country. None, instead we keep spending billions on something that has no economic value to the country.

If this policy has been channeled to the Manufacturers, do they know how it would have helped the country come out of its present woes, do they know how many people they would have helped to revive their business. Today, businesses are been crippled down because of the harsh forex policy of the Federal Government, Forex is scarce, when you find anyone they are too expensive to get. But the Government deemed it fit to subsidize this same Forex for people going on Pilgrimage to either Mecca or Jerusalem, something that adds no value to the economy. This pilgrims even come back worst than they were when they travelled.

I think this country is not serious about revitalizing the economy; the people there at the Central Bank of Nigeria are highly incompetent for coming up with such an Idiotic policy. What kind of segregation is this? A parent cannot afford to send school fees to their wards schooling abroad because of scarcity of  Forex, a manufacturer cannot afford to import tools for production because of scarcity of Forex, a businessman cannot afford to buys good and services abroad because of scarcity of Forex; yet a Pilgrim going on Pilgrimage without adding any value to the country is giving preferential treatment over others (the real economic boosters) because someone at the top values religion over the economic well being of the country. Too bad!!!

CONCLUSION:

Until we begin to pay more attention to the wellbeing of this country and on how to improve the economic decay of this country, instead of thinking on Religion divides, this country will continue to go downwards.

Anything about Pilgrimage to either Mecca or Jerusalem should be a private business, either the Mosques or Churches should sponsor them, the government should stop sponsoring of Religious activities because this country is a SECULAR STATE, though I still have my doubt about that because of the imbalance of our CONSTITUTION.

A WORD IS ENOUGH FOR THE WISE!!!!

DEVELOPES COUNTRIES LEARN FROM MISTAKES, BUT THIRD WORLD COUNTRIES KEEP DWELLING ON THEIR PAST MISTAKES, HENCE MAKING THE SAME MISTAKES THEIR FOUNDING FATHERS MADE!!!

I REST MY CASE!!!!