Fidelity bank card banner Camano banner
Banks barred from holding funds in dollars

By News Express on 19/12/2014

Views: 2,503

As part of fresh measures to reduce pressure on the naira, the Central Bank of Nigeria (CBN) yesterday barred banks from holding their own funds in dollars.

Reuters quoted CBN Governor, Mr. Godwin Emefiele, as saying: “We do not want speculators in this market any longer.” He added that he believed the current naira band, set last month at N160-N170, was “appropriately priced at this time,” meaning that the apex bank will continue to defend the currency even as it is currently trading below the band. According to Reuters, the naira fell to a record low of 188.85 to the dollar after his comments.

The news agency reported that currency traders were mostly reluctant to quote prices for the naira yesterday amid confusion about the impact of a central bank adjustment to foreign exchange trading regulations. The financial regulator stipulated overnight that dealers had to reduce the percentage of “shareholders funds” that they could hold in dollars from 1 percent to zero.

•Sourced from Newswatch Times. Photo shows CBN Governor Emefiele.

Source News Express

Posted 19/12/2014 08:02:22 AM





You may also like...
Buhari has a very clear agenda to defeat...

Protesters stone Haitian President's home, battle police

BREAKING NEWS: Messi quits international football after penalty...

Buhari to address UN on plight of Lake...

Fidelity Bank dangles N110 million cash prizes in...

Why nobody knows how many Nigerians there are...

South East Governors: We’ll resist attempt to use...

Foreign Affairs Minister makes FDI top priority

Mainstream CSOs, Buhari and DSS behind regime atrocities,...

Understanding stool colour: 5 things to know, By...

Police beefs up security, as Ondo Assembly embarks...

China bans burial, seizes coffins


Latest News 14 Army officers, soldiers face trial for murder, kidnapping We expect ministerial list in two weeks: Senators Baby cut from womb during brutal attack of mother dies Omo-Agege is a mace thief, Dino Melaye blasts new deputy senate president Ihedioha harassing me and my family, Okorocha cries out Some PDP lawmakers betrayed our party during NASS elections - Wike Nigeria’s universities have failed the country - Buhari Two killed in fresh Ebonyi, Cross River boundary crisis Kaduna: Governorship tribunal adjourns to June 17, as petitioners set to present 685 witnesses Insecurity: OPC warns kidnappers, herdsmen in southwest Drugmakers kick against prices on TV adverts Fire razes market in Ibadan, destroys goods worth millions of naira


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (493,845 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,155 views) Shameless Genevieve Nnaji exposes breasts in public (364,905 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (311,430 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (275,901 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (243,806 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (233,676 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,605 views) 10 cars more expensive than Jets (212,062 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,151 views) Lagos plane crash: Journalist releases victims’ names (184,319 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,631 views)


NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (92) Business & Economy (4,308) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (622) Features (759) Global Business Monitor (377) ICT Monitor (53) International (3,584) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (302) News (47,363) Opinion (1,260) Pidgin (17) Politics (11,012) Religion (1,021) Sports (2,041) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera