The Nation Newspaper Naira may rise as CBN plans tosanction banks hoarding dollars
Hoarding of foreign exchange, round tripping by Deposit Money Banks , have been identified as reasons for the free fall of naira., is about to probe and sanction DMBs that are currently sabotaging government’s effort to halt the free fall of the naira in a bid to strengthen the national currency, it has been learnt .
However, a CBN source also said that speculators are keeping piles of dollars with plans to trade for massive profits in future deals. “The World Bank and the International Monetary Fund had greenlighted the unification but insisted that more efforts are required for the full dividends to be delivered.
The move ABCON said would sanitise the parallel market and help the naira rebound from N1,200 to around N900 or N950 in the days ahead.
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