According to a report by PUNCH, Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.
The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit.
According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them profit from the volatile movements of exchange rates. Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fall
However, the news headline generated massive reactions among random social media users after it was shared on social media platforms by the news outlet, with many users taking to the comment section to react to the news by dropping different opinions below the post.
Kindly read some of the reactions from Nigerians who commented on the news on social media, Read more comments in the screenshot below, and drop your opinion in the box below:
