Why CBN Barred Nine Banks from Forex

Street talk in Nigeria has it that Nigerian Banks operate like legitimate businesses run by crooks or more like crooked businesses run by dubious people. It appears Nigeria’s Central Bank has just found that one out. As part of its regulatory functions and in a very clear reaction to it, the CBN has barred nine erring commercial banks from all foreign exchange transactions and operations. A very severe punishment and quite shocking indeed considering the importance of Forex to the overall viability and profitability of most Nigerian money deposit Banks.

Reports coming out of the apex Bank indicate that the nine banks were barred for hiding some $2.12 billion belonging to the nation’s oil corporation, the Nigerian National Petroleum Corporation, NNPC. That they all deliberately neglected or failed to remit the funds into the Treasury Single Account, TSA, a key policy trust of President Muhammadu Buhari’s administration. The Banks are to remain shut out from foreign exchange transactions until they fully remit the NNPC funds into government coffers via the Treasury Single Account, the apex Bank insists.

Why the Physically Challenged Can Make Money

 Have you heard of Ray Charles, Stevie Wonder and other physically challenged persons who are using their God-given talents to earn good money to make a living? Good if you have. Here let me tell you the story of Jose Feliciano who incidentally is less well known as the first two just mentioned. 

Jose Feliciano was born blind in Puerto Rico at a time and in a place where even able-bodied people had a tough time making a living. His handicap notwithstanding, he pursued his passion for music by acquiring an old guitar and teaching himself to play. His passion for music was so great that he at times practiced until his fingers bled. He moved on to become one of the greatest musicians of our time and earned millions of dollars from his works. One of the finest pieces of music ever played is a Christmas carol called “Feliz Navidad.” It was written by Jose Feliciano. 

Just like Jose Feliciano and all others, all you need is to find your passion and deploy it to good use. You too can make money even if you are physically challenged.