Nigerian lawmakers to probe alleged FX hoarding by banks

The House of Representatives has resolved to investigate the alleged hoarding of dollars by some commercial banks.

This resolution was a sequel to a motion moved by Babajimi Benson (APC, Lagos) on Wednesday during plenary.

Mr Benson, in his motion, said some banks are sabotaging the efforts of the Central Bank of Nigeria to halt the slide of the naira against major currencies. He stated that the banks have not been complying with the new FX risk management circular released by the CBN.

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