New CBN circular stops banks from spending gains of forex revaluation | The Guardian Nigeria News

📆 9/13/2023 5:03 PM
📰 GuardianNigeria

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Central Bank of Nigeria (CBN) has issued fresh rules to guide banks against abuse of ongoing forex reforms. According to a circular, BSD/DIR/CON/LAB/16/020, signed by Director, Banking Supervision Department, Haruna Mustafa, CBN reviewed impact of recent foreign exchange rate regime...

Central Bank of Nigeria has issued fresh rules to guide banks against abuse of ongoing forex reforms.

CBN, therefore, approved prudential guidance and directives for immediate implementation by banks. Under treatment of foreign exchange revaluation gains, banks are required to exercise utmost prudence and set aside the FCY revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the FX rate. In this regard, banks shall not utilise such FX revaluation gains to pay dividend or meet operating expenses.

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