CBN orders banks to sell excess dollars in 24 hours

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.