The Central Bank of Nigeria (CBN) has again warned of severe consequences for any financial institution in the country that hoards foreign exchange from potential customers.
Spokesman of the CBN, Mr. Isaac Okoroafor, said in an interview with our correspondent that the intervention strategy of the apex bank is designed to help stabilise the economy following the economic recession that hit the country in the last two years.
He said that the apex bank would not hesitate to wield the big stick on any bank that acts contrary to the directive of CBN in forex management.
“We are monitoring banks very closely to ensure compliance. I can tell you now that no bank is cutting corners because anyone one that tries to upset the present trend will be severely sanctioned,” Okoroafor said, adding that with the apex bank’s consistent intervention, the black market business is dead.
“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,” he said.
Okoroafor who expressed optimism in the effort of the CBN in stabilising the naira against other foreign currencies, added that the apex bank’s effort in no time would yield the desired results that pull the country comoletly out of the present economic chanllenges.
“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 selected items, it will just be a matter of time before the economy returns to normalcy,” he stated further.
He thanked Nigerians for their patience and cooperation in supporting the CBN’s economic policies.
