The Central Bank of Nigeria (CBN) has issued a directive ordering Deposit Money Banks to sell their surplus dollar holdings by February 1, 2024, in a bid to stabilize the country’s fluctuating exchange rate. The CBN’s circular warns against hoarding foreign currencies for profit and introduces guidelines to minimize associated risks. This move comes as the nation grapples with economic challenges, including a falling naira and concerns about banks holding extensive foreign currency positions.

The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” expresses the CBN’s unease regarding the increasing trend of banks holding significant foreign currency positions. The apex bank emphasized the........

https://ratecaptain.com/cbn-directs-banks-to-sell-excess-dollar-holdings-within-24-hours/

that's the best CBN can do and I am not surprised they are doing just that.

they can't produce more dollars and if they produce more naira, the problem will worsen.

it is time we ask ourselves real questions about how to earn dollar and forex generally.

Hope it wont depreciate further to #3500 to $1?

So selling excess dollars to the same people that would buy and hoard it again for future gain. And the vicious cycle continues.

When you hear someone say it's my turn to rule just know that you are in for disaster

It's high time they change those people working there cos it seems like they're lacking sense.