Nigeria CB to Sanction Banks Hoarding Forex

The Central Bank of Nigeria said it is reviewing ways to toughen sanctions against financial institutions in the country that hoards foreign exchange from potential customers, newsghana reported. “We are monitoring every bank very closely to ensure compliance. I can tell you now that no bank is cutting corners because anyone that tries to upset the present trend will be severely sanctioned,” said spokesperson Isaac Okoroafor. “I can comfortably tell you now that the black market exchange rate is dead because the rate has come to meet the official rate,” Okoroafor said.