The increased CRR will limit banks’ lending capacity.
The memo stated that Aquicorn Projects Limited, a safety assessment firm, will audit the facilities of the aforementioned organisations between September and November.
The more than 4 per cent fall against the dollar adds to concerns about a global recession.
It was the 21st collapse so far this year, although not all the instances were publicly announced by power generators and distributors.
The Gazette had reported in July that the dollar hit a record high, trading at N710 against the dollar.
The union said the two weeks ultimatum given to the federal government to resolve the crisis had elapsed.
Minister of Information and Communication, Lai Mohammed, argues that Nigerian leaders have been borrowing to fund the country’s budget since 2009.
First Bank’s move comes as the country continues to tackle forex scarcity crisis.
The board will assist Binance navigate the regulatory and political minefield that is the cryptocurrency industry.
Mr Bagudu’s remarks, however, come despite the country achieving its worst numbers in critical economic indices under Mr Buhari.
