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The Central Bank of Nigeria (CBN) on Wednesday issued new guidelines to all commercial banks operating in the country against hoarding and speculation of foreign currency. This was stated in a circular issued by the apex bank jointly signed by the Directors of Trade and Exchange, Hassan Mahmud and Director of Banking Supervision, Rita Sike, revealing that the CBN had discovered foreign currency exposures of banks through their Net Open Position (NOP) which allowed the bank to hoard the currency for a very long time unnecessarily. 

The CBN has expressed concern over the growth in foreign currency exposures of banks through their Net Open Position.

By Tony Obiechina, Abuja In a bid to manage risks and prevent potential losses with systemic implications, the CBN on Wednesday issued stringent prudential requirements for banks. The requirements are contained in a circular addressed to all banks and signed by the duo of the apex bank’s Director of Trade and Exchange, Hassan Mahmud, and

Fixed income markets were volatile for most of last year over stickier-than-expected inflation and a historic tightening of monetary policy from central banks. But...