Naira rebounds as banks offload excess dollars

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Naira rebounds as banks offload excess dollars.


Ahead of the midnight February 1, 2024 deadline given by the Central Bank of Nigeria to commercial banks to sell all excess foreign exchange holdings, Deposit Money Banks on Thursday made frantic efforts to offload their surplus dollar stocks.

It was learnt that the treasury departments of the DMBs spent the entire day battling to sell their excess FX holdings. Officials processed several foreign exchange request forms of their customers as they sold more dollars to them, The PUNCH gathered.

The increase in the level of forex sale activities at the official foreign exchange market, it was learnt, led to the rebound of the naira at the parallel market on Thursday.

Several top bank executives, who spoke to The PUNCH on condition of anonymity because they were not authorised to speak on the matter, confirmed there were huge forex transactions in the banks.

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