The CBN, which made the disclosure in a new circular released on Wednesday,January 31, 2024 and also warned lenders against hoarding excess foreign currencies for profit.
Thursday, February 01, 2024
Nigeria's CBN Orders Deposit Money Banks To Sell Off Excess Dollar Stock
The Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024 in its fresh moves to stabilise the nation’s volatile exchange rate.
The CBN, which made the disclosure in a new circular released on Wednesday,January 31, 2024 and also warned lenders against hoarding excess foreign currencies for profit.
The CBN, which made the disclosure in a new circular released on Wednesday,January 31, 2024 and also warned lenders against hoarding excess foreign currencies for profit.
11 comments:
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dem no go even gree say e dey not to talk of excess
ReplyDeletethis country don tire me
Akuko!
ReplyDeleteWill they hear?
Mtchewwwwwww 😡
Pls someone in the banking sector should advise me,I have about 300k lying idle in an account. How do I buy dollar so my money doesn't depreciate. I'm terrible at anything banking. I have to open a domiciliary account I believe? Pls who can guide me thru the process.? I bank with Fidelity bank. Thanks
ReplyDeleteopen a Dom acct with your bank and transfer the fund there
DeleteDon’t buy dollar for now
DeleteYou’re late to the game
Can I suggest you buy Zenith bank or Guinness shares or any other company’s share that yields high returns on dividends. I suggested zenith because theirs is really good but you can look up online and carry out research. Alternatively, you can approach a stockbroker but still carry out research before putting your money. By March, payments of dividends will start rolling in.
DeleteDo not put your money in Nigerian stocks. Inflation and exchange rate will reduce it to nothing. You are not too late to the game. The exchange rate will keep increasing because factors that should make it come down (such as increasing the exports etc) are not being addressed by the govt. They are busy chasing shadows. If the bank makes it difficult for you to open a Dom account and transfer the funds into it, look for a reliable source to buy from. You should ask the aboki to meet you at the bank and have the dollar deposited into your account (to be sure it's not fake) before giving him the naira. If the bank rejects the dollar, the aboki gets nothing. Once they know you are meeting them in the banking hall, they will bring genuine dollars.
DeleteGood move
ReplyDeleteIt's one thing to give a directive
ReplyDeleteTo obey is another thing.
Mtcheeewww
ReplyDelete300k will buy you less than 200 usd, open a savings dom acc
ReplyDelete