Going forward, all deposit money banks are to disclose their
positions on foreign exchange holdings and draw it down to not more than 20 per
cent short of their shareholders’ funds. In a memo addressed to all banks
yesterday, the Central Bank of Nigeria said the latest move was informed by the
need to curb the growth in foreign currency exposures of banks through their
net open position. The new directive comes on the heels of rising panic in the
monetary authority over the fate of the naira, which dipped further to about
N1520/$ at the parallel market as at press time. Read the full story in today's
edition of The Guardian.
Comments:
Leave a Reply