Adebayo Adenrele
A former deputy governor of Central Bank of Nigeria (CBN), Professor Kingsley Moghalu has called on the apex bank to crack down on commercial banks in order to solve the forex crisis that is militating the stability of the country’s financial system.
Moghalu stated this on Wednesday on Arise TV’s morning show.
He said while CBN is focusing on Binance as the culprit, the apex bank should also discipline the banks hoarding forex.
He added that naira will have more value at the parallel market if the Chief Executive Officers of banks where the infractions of forex is found, are sacked.
His words, “If you go to the banking system, less than 5 percent of Nigerians have more than 500 thousand naira in their bank accounts and that should tell you something.
“There have been reports that some of the banks have been hoarding forex.
“I think we have like $700bn in the bank and there was a regulation put out by the CBN on the net open position.
“So, it is very clear that there are many aspect of speculations that has driven the naira down.
“One, is with the crypto market, with binance but there is also the aspect of the banks.
“The CBN focusing a lot on binance and crypto but we don’t see a push to bring the bank under discipline. If you can’t discipline the bank, you can’t stabilize the financial system.
“To the CBN, investigate the banks thoroughly, if you find that any one of them have infractions of forex guidelines, crack down hard, fire a couple of CEOs and everybody will sit up.
“We need to focus on the banks, we need to crack down on them, they are part of the problem”
