Home BANKING & FINANCE Nigeria’s Apex Bank Warns Commercial Banks Against Forex Hoarding

Nigeria’s Apex Bank Warns Commercial Banks Against Forex Hoarding

CBN-Office-Abuja
CBN-Office-Abuja

The Central Bank of Nigeria (CBN) has warned commercial Banks in Nigeria not to hoard foreign exchange so as to stay oot of trouble within thwe context of the new direction it had already designed for the economy.

Spokesman of the apex bank, Mr. Isaac Okoroafor, who spoke in an interview, said that the intervention strategy that has been designed is meant to help stabilize the economy following the economic recession that hit the country in the last two years.

He said that the apex bank would not hesitate to wield the big stick on any bank that acts contrary to the directive of CBN in forex management.

“We are monitoring banks very closely to ensure compliance. I can tell you now that no bank is cutting corners because anyone one that tries to upset the present trend will be severely sanctioned,” Okoroafor said, adding that with the apex bank’s consistent intervention, the black market business is dead.

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“The black market exchange rate is dead because the rate has come to meet the official rate. What you only have now is the BDC rate,” he said.

Okoroafor expressed optimism that the effort of the CBN would eventually stabilize the naira against other foreign currencies, adding that the bank’s effort will soon pull the country out of the economic challenges.

“With the CBN’s robust and stable policies, Nigerians should be rest assured of a robust economic furture. With our interventions in the agricultural sector and the foreign market, as well as the ban on some selected items, it will just be a matter of time before the economy returns to normalcy.”

He thanked Nigerians for their patience and cooperation in supporting the CBN’s economic policies.[myad]