Nigeria: Central Bank Releases Guidelines For Banks Wanting To Manage Forex Reserves

The Central Bank of Nigeria released guidelines to be followed by Nigerian banks that are willing to manage the country's forex reserves. Nigerian newspaper Thisday reported that CBN, in a two-page circular, addressed to all the 25 banks that emerged after the banking consolidation exercise, said that the majority of the banks are trying to negotiate with foreign banks to jointly manage Nigeria's foreign reserves. However, CBN has made it clear that it would encourage such partnership only if it transforms local banks into becoming global players. In December, CBN asserted that if any foreign bank is interested in managing Nigeria 's foreign reserve, it should partner with a local bank in order to develop them into world class players.