Nigerian banks lose N122bn to CBN’s forex rate harmonization drive

Nigerian banks lose N122bn to CBN’s forex rate harmonization drive

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…

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