Naira Depreciation: Reps To Investigate Banks, Financial Institutions

The New Diplomat
Writer

Ad

Nigerian Varsities Set to Shut Down as ASUU Declares Nationwide Two-Week Warning Strike

By Abiola Olawale The Academic Staff Union of Universities (ASUU) has officially declared a comprehensive two-week warning strike across all public universities in Nigeria. The action is set to begin at midnight on Monday, October 13, 2025. ASUU's National President, Prof. Chris Piwuna, announced the decision during a press briefing at the University of Abuja…

Umahi Declares: It’s not yet South East’s turn to produce Nigeria’s president

By Obinna Uballa Minister of Works, Engr. David Umahi, has told Nigerians from the South East to exercise patience in their quest for the presidency, insisting that it is “not yet the region’s turn” to produce the country’s next leader. Speaking in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja,…

Madagascar Crisis: Mutinous soldiers claim control as President Rajoelina warns of coup attempt

By Obinna Uballa Madagascar plunged deeper into political turmoil on Sunday after a renegade army unit declared it had seized control of all military forces in the country, prompting President Andry Rajoelina to accuse the group of attempting to “seize power illegally and by force.” Reports said the mutinous CAPSAT contingent, a corps of administrative…

Ad

By Agency Report

Nigeria’s House of Representatives has mandated its Committees on Banking Regulations and Banking Institutions to investigative the non-compliance by banks and financial institutions with CBN directives on the Net Open Position Limits.

This resolution followed a matter of urgent importance on the need for banks to implement CBN’s policies on holding excess long foreign exchange and net open Position limits.

The lawmakers noted that the speculative activity by commercial banks and certain financial institutions has further contributed to the harsh economic situation in the country and led to difficulty by legitimate businesses to obtain forex for their business transactions.

They decried the refusal of commercial banks and certain financial institutions that are reluctant to implement the monetary measures put in place by the apex bank to check this unwholesome practice by banks and other financial institutions in the country.

The lawmakers emphasized that if drastic legislative measures are not taken to enforce the implementation of these directives, the country will continue to experience dire economic hardship as a result of continuous rise in foreign exchange rate.

Source: AIT

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp