The tier 1 banks in Nigeria, generates N71.9 billion from account maintenance charged on their customers’ accounts.
Nigerian deposit money banks on Thursday assured the public of their readiness to carry out the function of providing foreign exchange services to customers as directed by the Central Bank of Nigeria (CBN).
Herbert Wigwe, Group managing director/CEO of Access Bank disclosed this to journalists at a zoom meeting on Thursday.
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This followed a decision by the banks regulator on Tuesday after the Monetary Policy Committee (MPC) meeting to discontinue the sale of foreign exchange to the Bureau De Change (BDC) operators, a development that has led to significant drop in the value of the naira against the dollar.
The bank CEOs present at the meeting unanimously agreed that they have the infrastructure and the capacity to meet the legitimate foreign exchange demand of the end users.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
