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The Central Bank of Nigeria CBN has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024, in a bid to stabilise the nation’s volatile exchange rate,
The CBN, which made the disclosure in a new circular titled, “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks”, which was released on Wednesday, warned lenders against hoarding excess foreign currencies in other for them to profit from the volatile movements of exchange rates.
The new circular which introduced a set of guidelines aimed at reducing the risks associated with these practices, Is coming barely 48 hours after the CBN released a circular, warning banks and FX dealers against reporting false exchange rates, among others.
An unidentified number of people were reportedly burnt beyond recognition after a tanker suspected to be used by oil bunkerers exploded in the forest of Obitti, Ohaji/Egbema Local Government Area of Imo State. According to an eyewitness report, the Vandals drove to Ndorama Pipeline, on Tuesday in a tanker suspected to be used for the illegal bunkering and dug deep into the ground until they located the pipeline, where they […]
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