Naira Needs a Nap: CBN Tells Banks to Stop Hoarding Dollars and “Make it Rain!”


CBN Dollar

The Central Bank of Nigeria, apparently tired of watching banks sunbathe on a beach of Benjamins — Dollars, for the uninitiated– while the Naira did the drowsy galala, just dropped a truth bomb hotter than jollof rice on a Tuesday afternoon. Turns out, these lenders have been hoarding more dollars than a Nigerian politician with accursed avarice.

So, the CBN, acting like your grandma tired of seeing your room overflowing with dirty laundry, said, “Enough is enough!” and basically told the banks to “Sell that stash faster than Usain Bolt on Red Bull!”

Apparently, some banks were holding onto these dollars like they were the last slice of pizza at a party. But the CBN is having none of it! They’re like, “Listen up, financial friends, either share the wealth or prepare for an intervention that’ll make late Sani Abacha look like a drill sergeant!”

So, get ready for some interesting financial acrobatics, Nigeria. We might see banks doing cartwheels to get rid of their dollars, or maybe even a fire sale with prices so low they’ll make your wallet do a happy dance. Who knows, maybe we’ll all be swimming in a pool of greenbacks soon (don’t get too excited, that’s probably not happening). But hey, at least the drama never ends in the world of Nigerian finance, right?

Meanwhile, here are what Nigerians are saying on Twitter (sorry, X) on the matter:

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