CBN Warns Banks, Hoard Forex, Face Stiff Sanctions

The Central Bank of Nigeria (CBN) will not hesitate to impose stiff sanctions against any financial Institution caught flouting its directive on Forex management.

This was according to CBN’s Acting Director, Corporate Communications, Isaac Okorafor, who on Friday stated that the apex bank has its eagle eye on commercial banks so as to ensure compliance.

In an interview with newsmen, Okorafor said the “black market business is dead” thanks to CBN’s consistent intervention at various segments of Nigeria’s Foreign Exchange Market.

He therefore implored all financial institutions to continue to play by the rules.

“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.

“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.

The CBN spokesperson further expressed optimism in the Bank’s spirited effort to stabilise the Naira against other foreign currencies.

“With the CBN’s robust and stable policies, Nigerians should be rest assured of a robust economic future. 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 said