Bank Directors Association of Nigeria says it is supportive of a directive by the Central Bank of Nigeria asking commercial banks to stop “hoarding’’ foreign currencies.
The CBN had last week expressed concerns over the escalating foreign currency exposure of banks through their Net Open Positions.
Consequently, it issued a circular titled, ‘Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,’ directing lenders to sell all excess dollar stocks to their customers.
In the circular, the CBN stipulated that the NOP limit for overall foreign currency assets and liabilities should not exceed 20 per cent short or zero per cent long of shareholders’ funds.