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Banks prevented from holding funds in dollars

19 December 2014, 17:19

Abuja - The Central Bank of Nigeria has stopped commercial banks from holding any part of their funds in United State dollars, Punch reports.

The CBN ordered the banks to stop keeping one per cent of their shareholders’ funds in dollars as foreign exchange trading position at the close of each business day.

It said  in order to preserve the stability of the market, the foreign exchange trading position of individual authorised dealer, which is currently at one per cent of its shareholders’ fund unimpaired by losses, has been temporarily reviewed downward to zero per cent with immediate effect.

Read more at Punch

- News 24

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