Today, February 1st, 2024 is the last day given by the Central Bank of Nigeria (CBN) to Deposit Money Banks to sell their excess dollar stock.
The order, contained in a new circular released on Wednesday by CBN, was another measure adopted to stabilize the nation’s volatile exchange rate.
CBN had also warned lenders against hoarding excess foreign currencies for profit.
There is a set of guidelines also introduced in the new circular, which are aimed at reducing the risks associated with these practices.
CBN frowned on banks and FX dealers who keep reporting false exchange rates.
The CBN is endeavoring to unify the official and parallel market exchange rates.
Some economists and other stakeholders have already hailed the move.
In the Nigerian Autonomous Foreign Exchange Market, the rate (official exchange rate) had moved from approximately N900/dollar to N1,480/dollar.
On Tuesday, the naira closed at 1,450/dollar at the parallel market.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
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The economic crisis and hardship in Nigeria are parts of the discussion.
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