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CBN orders banks with excess Forex to sell by today

Central Bank of Nigeria (CBN) has ordered that all banks with excess 20 percent foreign exchange holding should sell them off by today, February 1, 2024.

Olayemi cardosoGovernor of central bankCentral bank governorSenate committee on bankingCentral bankNet open positionReporting requirementsForeign currency exposuresGross aggregateSenate committeeFinancial institutions

CBN Issues Fresh Requirements to Mitigate Foreign Currency Risks

CBN Issues Fresh Requirements to Mitigate Foreign Currency Risks
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Abuja federal capital territoryJames emejoHassan mahmudCentral bankNet open positionRita ijeoma sikeGross aggregate

CBN Issues Circular To Curb Banks Excesses In Forex Management

January 31, (THEWILL) - The Central Bank of Nigeria (CBN) has issued a new directive to banks in the management of their foreign currency exposures which the apex bank said had created operational challenges in the system. In a letter to all banks dated January 31, 2024, and co-signed by the director, trade and exchange,

Hassan mahmudCentral bankMrs rita ijeoma sikeNet open positionGross aggregate

CBN introduces new measures for banks to manage FX risks

In a bid to manage risks and prevent potential losses with systemic implications, the CBN has issued stringent prudential requirements for banks

Hassan mahmudCentral bankBanking supervisionGross aggregateNet open positionsForeign currency trading positions

Nigeria s Central Bank Issues New Guidelines To Stop Foreign Currency Speculation, Hoarding By Commercial Banks

The Central Bank of Nigeria (CBN) on Wednesday issued new guidelines to all commercial banks operating in the country against hoarding and speculation of foreign currency. This was stated in a circular issued by the apex bank jointly signed by the Directors of Trade and Exchange, Hassan Mahmud and Director of Banking Supervision, Rita Sike, revealing that the CBN had discovered foreign currency exposures of banks through their Net Open Position (NOP) which allowed the bank to hoard the currency for a very long time unnecessarily.

Hassan mahmudCentral bankBanking supervisionRita sikeNet open positionGross aggregateInvestigative reportingBreaking news

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