Reps claim four banks have $5 billion excess FX, to probe non-compliance to CBN’s directives

The House of Representatives asserted on Wednesday that four banks are holding approximately $5 billion in surplus foreign exchange, signalling concerns about the volatility in Nigeria’s foreign exchange market.

Responding to this, the House directed the joint Committees on Banking Regulations and Banking Institutions to undertake an investigative hearing into the failure of banks and financial institutions to adhere to Central Bank of Nigeria (CBN) directives regarding Net Open Position Limits.

This decision was reached following the adoption of a motion addressing an urgent national concern regarding the imperative for banks to adhere to the CBN’s guidelines on excess long foreign exchange holdings and net open position limits.