Index to Nigerian Newspapers

Deposit Money Banks in Nigeria are selling excess dollar stocks ahead of the Central Bank of Nigeria's deadline of February 1, 2024. The CBN has issued a circular ordering banks to sell their excess dollar stocks and warning lenders against hoarding excess foreign currencies for profit. The circular aims to reduce risks associated with banks holding large foreign currency positions. Bureau De Change operators in Lagos, Kano, and Abuja have pushed to sell their dollar holdings amid fear the local unit might sustain the gain in coming days. The CBN has also removed the previous cap on exchange rates quoted by international money transfer operators.