Banks in dilemma over idle $5bn deposit

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...towards a better life for the people

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VOL. 25: NO. 62479

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WEDNESDAY, AUGUST 26, 2015

WITHDRAWAL OF OFFICERS FROM VIPS:

Police deploy men to airports, highways to enforce directive

FG reduces salaries of federal lawmakers 9

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Banks in dilemma over idle $5bn deposits By Omoh Gabriel, Business Editor

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•Refuse to accept dollar cash deposits •Won't buy dollar from customers

AGOS — I N D I CAT I O N S emerged, yesterday, that banks in the country are now in a dilemma on what to do with an estimated $5 billion that is currently idle in their vaults. Banks, it was gathered, have their vaults full of dollars that they do not know how to dispose of. It is funds they can neither lend to other banks nor sell to CBN, and the only option open to them is to sell. Bank foreign exchange Continues on Page 5

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Mr & Mrs LAUNCH: From left, Kufre Ekanem, Corporate Affairs Adviser; Nicolaas Vervelde, MD/CEO, both of Nigerian Breweries Plc.; Sam Nwobodo, Commissioner for Commerce and Industry, Enugu State (representing Governor Ifeanyi Ugwuanyi); Clementine Vervelde, wife of the MD/CEO of NB Plc and Hubert Eze, Sales Director, also of NB Plc at the launch of the world's biggest poster by Gulder at Okpara Square, Enugu, Monday.

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