CBN reportedly seizes N216 billion from banks

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The Naira continues to weaken, no thanks to the coronavirus pandemic.

The Central Bank of Nigeria under the leadership of Godwin Emefiele is ready to clampdown on anyone who abuses the Naira notes. (News360)

The Central Bank of Nigeria (CBN) has collected N216 billion ($598 million) from the nation's commercial banks as part of measures to strengthen the Naira.

Reuters reports that the liquidity withdrawal came before a foreign currency auction of Friday.

The Naira has weakened considerably in the face of the coronavirus pandemic, a dip in investor confidence and the oil price crash.

The Naira traded at 385 to the dollar on the official market this week, weaker than the official rate of 361.

“The central bank is trying to manage the FX rate using the CRR (cash reserve ratio),” one banker was quoted as saying by Reuters,adding that the debits had become frequent and over the 27.5% limit.

The CBN is selling forex to importers and individuals with dollar expenses to keep the Nigerian economy afloat.

However, forex sales to investors who have sold assets and need to leave the country, is yet to resume.

A CBN spokesperson wasn't immediately available for a response to this story.

SOURCE: Pulse.ng




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