The Central Bank of Nigeria (CBN) has disclosed its plan to introduce a new FCY Gateway bank with a single foreign currency to ease the country’s foreign (FX) crisis.
This was announced by the governor of the CBN, Olayemi Cardoso, during a television interview on Tuesday.
Cordoso said the CBN is “Introducing a single FCY gateway bank to centralize all correspondent banking activities, currently dominated by two major banks in the corresponding banking space.”
The new financial institution, termed the apex bank’s medium-term plan, will solve Nigeria’s lingering foreign exchange problem by centralizing all correspondent banking activities.
The CBN governor said the gateway bank will not function alone to improve the management of the country’s international financial transactions but accompany some other broader reforms.
The reforms were articulated as part of the apex bank’s strategy to enhance the inflow of foreign exchange and bring stability to the Naira.
According to him, two significant banks currently control the majority of correspondent banking in Nigeria, which allows domestic banks to conduct business and offer services to their clients internationally, hence facilitating international commerce and economic operations.