CBN instructs banks to divest surplus dollars within a 24-hour timeframe

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In an effort to stabilize the nation’s exchange rate, the Central Bank of Nigeria has directed Deposit Money Banks to sell their surplus dollar reserves by February 1, 2024.

This move, outlined in a recent circular, aims to prevent banks from hoarding foreign currencies for speculative gains.

The circular introduces guidelines to mitigate risks associated with holding large foreign currency positions, focusing on managing the Net Open Position (NOP).

Banks exceeding the specified limits must adjust their positions by February 1, 2024, and non-compliance may result in sanctions and suspension from the foreign exchange market.

 

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