Mr.
Godwin Emefiele, Central Bank Governor presented a dreadful disclosure on
Thursday March 3rd, 2016 about the massive dollar treasure in Nigerian banks,
as the country goes cap in hand begging for foreign loan.
According to him, over $20 billion is lying in domiciliary
accounts of private individuals at a time when the country is confronted with
foreign exchange crisis and is chasing foreign loans, when its citizens could
offer the loan.
The figure of idle dollars is $7.8 billion less than the entire
national reserve of $27.8 billion, managed by the Central Bank.
Mr. Godwin Emefiele, who was represented by the
Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana, stated
this during a meeting of the Joint Appropriation Committees of the National
Assembly with government officials on the 2016 budget.
He also said
keeping the huge volume of dollars idle had compounded the forex crisis the
country is facing.
“As I’m talking to you, $20billion is in various domiciliary
accounts of individuals. Naira is our currency, why are they keeping the
foreign currency? From my experience in the international finance, I have never
seen a country where its nationals speculate on its currency,” he said.
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