CBN releases fresh directives to check FX speculation, hoarding by banks

The Central Bank of Nigeria (CBN) on Wednesday issued fresh directives to commercial banks in the country to check suspected cases of excessive foreign exchange speculation and hoarding.

The apex bank gave the directives in a new circular titled: “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks.”

These highlight the CBN’s concerns over the growing trend of banks holding large foreign currency positions.

RipplesNigeria : Read More