The Central Bank of Nigeria, CBN, has made it known that it will come hard on any bank(s) that is confirmed to be encouraging an uncertain Foreign Exchange , Forex demand.
The CBN governor Godwin Emefiele revealed this yesterday while addressing the Directors, Executives and Stakeholders in the Industries and economy of the Nigerian nation in Lagos.
The CBN Boss, Godwin affirmed that there is an urgent need to lessen demand, that is to say no speculative assertions should be made by banks, because the CBN is at watch to monitor the financial market and to ensure that assistance is provided whenever it is necessary.
It therefore stated that the CBN has in its reserve about $34 billion, and is ever willing to intercede when it calls for it, but will not fail to withdraw the licenses of bank detected to be fanning any unpredictable demand of Foreign exchange.
Godwin also made it known that CBN is working to put an end to the sale of US Dollars for the importation of goods , because it's only leading to the dwindling of the local currency, following the plummet of the prices crude oil.
He therefore said the only means through which the pressure witnessed on our local currency which is due to the drop down on our economy is to start the production of those goods that we always go to import.
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