CBN’s Director of Communications, Ibrahim Mu’azu, assured the banking public that the Nigerian banking system is sound and that all banks are in compliance with both the regulatory and prudential requirements.
Meanwhile, the naira yesterday strengthened by 2.1 per cent to N235 per dollar on the unofficial market. The local currency became upbeat after the Central Bank of Nigeria (CBN) moved to enforce documentation requirements on bureau de change (BDC) operators prior to dollar sales.
The naira had fallen sharply on Wednesday, a day after the apex bank unexpectedly cut interest rates to stimulate lending. The currency was quoted at the pegged rate of N197 on the official interbank market on Thursday. “It has been observed that a good number of bureaux de change purchased foreign exchange from the central bank without rendering returns on their utilisation,” the CBN said.