CBN Accuses Banks of Stock Pilling Dollars; Orders them to Sell Excess

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilize the nation’s volatile exchange rate.
Titled, “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks”, the apex bank raised concerns over the growing trend of banks holding large foreign currency positions. The move comes barely 48 hours after the CBN released a circular, warning banks and FX dealers against reporting false exchange rates, among others
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