Amidst concerns about volatility in Nigeria’s foreign exchange market, StanbicIBTC emerges as the sole compliant bank, as revealed by the House of Representatives on Wednesday.
The House identified four banks, including prominent FUGAZ institutions, allegedly holding approximately $5 billion in surplus foreign exchange.
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However, StanbicIBTC stands out for its 100% compliance with the Central Bank of Nigeria’s (CBN) forex directive, setting a benchmark for adherence to regulatory requirements in the banking sector.
The House of Representatives raised alarms on Wednesday regarding the state of Nigeria’s foreign exchange market, highlighting issues of volatility and potential mismanagement within the banking sector. According to their findings, four banks, among them major FUGAZ institutions, are reportedly holding around $5 billion in excess foreign exchange reserves.
However, amidst these concerns, StanbicIBTC emerges as a beacon of compliance.
The lawmakers singled out StanbicIBTC as the only bank to achieve full compliance with the CBN’s forex directive.
In response to the findings, the CBN corroborated the House’s assessment, confirming that StanbicIBTC is the sole fully compliant bank.
The CBN further stated that StanbicIBTC has ensured the availability of all foreign exchange reserves to its clients, aligning with the regulatory framework set forth by the apex bank.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
