Commercial Banks in Nigeria have counted loses to the tune of N122 billion ($338) as the Central Bank of Nigeria (CBN) hit them with extra ordinary debits from their accounts. This happened Friday before the apex bank reduced the value of the naira at a retail auction in a move to unify its multiple exchange rates which is part of its forex management effort during foreign exchange shortages Nigeria’s multiple foreign-exchange rates were imposed to manage dollar demand after oil prices crashed. The bank had earlier hinted of its plans to…
Read more