The circular, aimed at curbing banks’ forex speculation activities, was released at a time when the naira fell to an all-time low trading at ₦1,530 against the dollar in the parallel market.
On Wednesday, January 31, 2024, the Central Bank of Nigeria (CBN) issued a circular titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks.”
So, for every Adekunle Ciroma Chukwuma seeking to understand the import of the CBN’s directive, here is an explainer breaking it down in layman’s English.
