Breaking News
CBN Orders Banks To Sell Excess Dollars In 24 Hours
Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.
The CBN, made the disclosure vis a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit.
According to officials, the apex bank believes some commercial banks hold long-term foreign exchange positions to enable them profit from the volatile movements of exchange rates.
The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.
The new development also came on the heels of the adjustment of the methodology used for the calculation of the nation’s official exchange rate by the FMDQ Exchange.
The review has pushed the Nigerian Autonomous Foreign Exchange Market rate (official exchange rate) from approximately N900/dollar to N1,480/dollar. The naira closed at 1,450/dollar at the parallel market on Tuesday.
The post CBN Orders Banks To Sell Excess Dollars In 24 Hours appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.
John Okafor Mr. Ibu Biography: Net Worth, Family, Movies And More
John Okafor Mr. Ibu Biography & Net Worth ( Fully Updated ) John Okafor is more commonly known as Mr....
Brely Evans Biography: Husband, Books, Age, Career
Brely Evans, who was born on December 9, 1972, in Oakland, California, and raised in Milwaukee, Wisconsin, is a multi-talented...
Meet Gbadebo Rhodes Vivour, The Labour Party Governorship Candidate In Lagos State
Gbadebo Rhodes Vivour profile Gbadebo Chinedu Rhodes-Vivour, popularly known as GRV, is a Nigerian architect, activist, and politician born on...
Yinka Okeleye Biography: Age, State Of Origin, Education, Wife, Songs, Girlfriend
Adeyinka Okeleye is a talented Gospel singer and worship leader from Ogun State, Nigeria. He currently serves as the Music...
Sunmisola Agbebi Biography: Age, Songs, Family, Boyfriend, Net worth, Education
Sunmisola Elizabeth Agbebi is a talented Nigerian gospel singer with a distinct and energetic style. She is 24 years old...
Meet Beatrice Itubo, The LP Governorship Candidate In Rivers State
Beatrice Itubo, the Labour Party gubernatorial candidate for the 2023 governorship election in Rivers State was born on Sunday, June...
Meet Somachi Chris Asoluka , The New CEO Of Tony Elumelu Foundation
Somachi Chris Asoluka was announced as the new Chief Executive Officer of Tony Elumelu Foundation on January 9, 2023. She...
Tasha Cobbs Leonard Christmas Family Photos With Husband And Children
It’s December 26 and everyone especially married people is sharing their beautiful family photos with matching pajamas . Well, famous...
10 THINGS YOU SHOULD KNOW ABOUT DEBORAH PAUL ENENCHE
Deborah Paul Enenche was born on 28 of March 1995 2. She is a Nigerian top-rated gospel singer and first...
Lillian Mutambo Biography: Age, Investment , Marriage And More
Lillian Mutambo is a 39 year -old Zambian social worker and youtuber based in the United Kingdom. Music Career Lily...