The Price Club II: Beware of Demons
Feyi Fawehinmi

I have two questions sir.

  1. You suggest that price fixing is one of the demons rearing it’s head on the FX arena. Does that mean the new FX policy eliminates interbank rates? If it doesn’t, isn’t that like a cartel that can’t be broken by any market forces irrespective of FX policy? Or I’m I mixing things up?

“… When the CBN announced the policy last week, it released some arbitrary rules based on bank size to qualify as FXPDs. By those rules, only Zenith, UBA, Access, GTBank, Diamond and maybe Union Bank qualified to be FXPDs…”

First Bank isn’t on that list. Rather surprising. Can you explain a bit why?

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