The Central Bank of Nigeria (CBN) has warned of stiff sanctions against any financial institution in the country that hoards foreign exchange from potential customers.
The CBN in the last six months had intervened in the foreign exchange market to the tune of about $10 billion.
The intervention strategy introduced by the apex bank is designed to help stabilse the economy following the economic recession that hit the country in the last two years and put the naira at great risk.
Spokesman of CBN Mr. Isaac Okoroafor said the apex bank will not hesitate to wield the big stick on any bank that acts contrary to the directive of CBN in forex management.
“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,” Okoroafor said adding that with the apex bank’s consitent intervention, “the black market business is dead.
“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,” he said.
He said 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 challenges.
According to him, “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 normal.”