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
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more
The Central Bank of Nigeria, CBN, on Wednesday raised concerns over the increase in foreign currency exposures among Nigerian banks. In a bid to manage risks and prevent potential losses with systemic implications, the CBN issued stringent lending requirements for commercial banks. The requirements are contained in a circular addressed to all banks and signed … Read more