The Central Bank of Nigeria (CBN) has asked deposit money banks (DMBs) to stop utilising gains from the revaluation of the naira to pay dividends or finance operations.
CBN said a review of the foreign exchange regime change showed the DMBs are in a position to profit from the policy because of its potential to significantly increase the naira value of banks’ foreign currency (FCY) assets and liabilities.
More to follow…
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