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The recent naira crash has been a cause for concern among many Nigerians. However, there is hope on the horizon as the Central Bank of Nigeria (CBN) takes decisive action to address the issue.
Uncovering the Key Players
The CBN recently exposed the key players responsible for the naira crash. Bank chief executive officers (CEOs) and top officials were found to have traded in illicit foreign exchange, leading to a scarcity of forex and a surge in the dollar against the naira.
These bank CEOs allocated huge amounts of forex to their families, friends, and cronies, which contributed to delays in accessing cash and foreign exchange by bank customers.
The CBN, in a bid to hold these individuals accountable, barred bank CEOs and top officials from leaving the country between August 5 to 15, 2023.
This travel ban was not punitive but a call to national duty.
CBN’s Response and Actions
In an effort to address the forex scarcity and stabilize the naira, the CBN implemented several measures. The apex bank lifted the travel ban on August 15, 2023, after the acting Governor of CBN’s meeting with President Tinubu.
The CBN also allocated foreign exchange to commercial banks to meet legitimate demands, urging fair transactions with minimal documentation.
The commercial banks were given 48 hours to settle their customers’ foreign exchange demands, and were directed to set up teller points at designated branches across Nigeria to facilitate Forex requests.
Additionally, the banks were instructed to start accepting cash deposits of Forex from customers and to publicize the locations of the designated branches.
