Reps discover 5 banks withholding $5bn in forex

Nass House Of Reps 768x529

On Wednesday, the House of Representatives discovered that five banks were withholding $5 billion in forex. Worried about the country’s foreign exchange market instability, the House directed the joint Committees on Banking Regulations and Banking Institutions to hold an investigative hearing into banks and financial institutions’ failure to comply with CBN directives on Net Open … Read more

Volume of transactions in exchange market hit $800m, says Cardoso

Adeyemi Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says that for the first time in a long while, Nigeria’s volume of transactions in the exchange market rose to $800 million. He stated this while addressing members of the House of Representatives at the sectoral debate on the economy. “We are not a … Read more