BusinessTrending Story

CBN considers tougher sanctions against banks hoarding forex

121

[dropcap]T[/dropcap]he Central Bank of Nigeria (CBN) Friday said it is reviewing ways to toughen sanctions against financial institutions in the country that hoards foreign exchange from potential customers.

“We are monitoring every bank very closely to ensure compliance. I can tell you now that no bank is cutting corners because anyone that tries to upset the present trend will be severely sanctioned,” said Spokesperson Mr. Isaac Okoroafor in an interview.

“I can comfortably tell you now that the black market exchange rate is dead because the rate has come to meet the official rate. What you only have now is the BDC rate,” Okoroafor revealed.

Okoroafor who expressed optimism in the efforts of the CBN in stabilising the naira against other major foreign currencies added that the apex bank’s effort in no time will begin to yield the desired results that will pull the country completely out of the present economic chanllenges.

While thanking Nigerians for their patience and cooperation in supporting the CBN’s economic policies Okoroafor maintained that “with the CBN’s robust and stable policies, Nigerians should be rest assured of a robust economic furture.

“With our interventions in the agricultural sector and the foreign market as well as the ban on some slected items, it will just be a matter of time before the econony returns to nomalcy”.

In Q2’17, Nigeria’s economy returned to positive growth as real GDP grew 0.5% y/y after successive declines for five quarters, according to PricewaterhouseCoopers, (PWC).

“This recovery was supported by a strong rebound in the oil sector (8.8 % of GDP), which expanded by 1.6% y/y (–15.6%y/y in Q1’17). The non-oil sector on the other hand was boosted by a strengthening of the broader manufacturing sector, reflecting the impact of improved foreign exchange liquidity, said the multinational professional services network headquartered in London.

 

 

 

 

 

Leave a comment

Related Articles

Naira bullish gains restore confidence among investors, businesses – CBN Gov. Cardoso

The Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso,...

Pres. Tinubu commends Dangote Group over new gantry price of diesel

President Bola Tinubu has applauded Dangote Oil and Gas Limited for reducing...

Industry and Trade Minister promises Nigerian Breweries, business community enabling environment

The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, has reaffirmed...

Transcorp Power Plc grows topline by 57.03%, profit up by 75% in 2023 audited results

Transcorp Power Plc (Transcorp Power), one of the power subsidiaries of Nigeria’s...

UBA records impressive gross earnings rise of 143%, profit hits N757.7bn in financial year 2023

The United Bank for Africa (UBA) Plc has recorded a 143 per...

Billionaire philanthropist Tony Elumelu mulls buying NPFL team

As part of his corporate social responsibility, billionaire banker and philanthropist Tony...

Breaking: Nigeria to get oil-backed $1bln Afreximbank loan in May

Nigeria is set to receive $1.05 billion from a syndicated loan backed...

Breaking: CBN sells $10,000 to BDCs at N1,101/$

The Central Bank of Nigeria (CBN) on Monday announced the sale of...

Premium Pension Ltd., industry leader, records impressive N1.134trn revenue growth in 2023

A leading pension fund administrator in Nigeria, Premium Pension Limited, has said...

Transcorp Group records robust growth in 2023, revenue up by 47.3%, profit-before-tax of 93.5% Transnational Corporation Plc

(“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate, has announced its financial...

Terry G speaks on Davido, Wizkid, and Burna Boy rivalries, faces backlash from fans

Nigerian music sensation Terry G, also known as the Apako master, has...

Updated: We raised interest rate to 24.75 percent to fight inflation – CBN

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN)...

Don’t sell dollar above N1,269, CBN orders Bureau de Change

As part of measures to strengthen the naira against the dollar, the...

Dani Alves pays €1m bail, set to leave Spanish jail

Former Brazil and Barcelona star Dani Alves, convicted of rape in Spain,...

World TB Day: 70 percent of TB cases in Africa now being diagnosed and treated – WHO

The World Health Organization (WHO) has disclosed that about 70 percent of...

Dangote set to disburse N15bln food items to 774 LGAs to cushion harsh economic conditions

Nigerian businessman and industrialist Alhaji Aliko Dangote says he has allocated N15...

13th AAG: Tobi Amusan wins gold in women’s 100m hurdles

The Nigerian sprint star, Tobi Amusan, won gold in the women’s 100m...

Naira strengthens to N1400/$ at parallel market as speculators sell

The naira strengthened on Wednesday to close at N1400/$1 in the parallel...

Just In: Zenith Bank names Adaora Umeoji as its first female Group Managing Director

The Board Directors of Zenith Bank Plc has announced the appointment the...

Nigerian Business Community to FG: Use Ghana Trade Office to solve our problems

The Nigerian business community in Ghana has urged the federal government to...