2024-03-14 | BSD/DIR/PUB/LAB/017/003

Re: Impact of Recent Policy Reforms-Prudential Guidance to the Banking Sector

The Central Bank of Nigeria has issued a letter to all banks, reminding them of the requirement to set aside foreign currency revaluation gains as a buffer against potential negative FX rate movements. Banks are instructed not to use these gains for dividend payments or operational expenses. This guidance aims to ensure the banking sector remains stable and resilient in the face of potential FX rate fluctuations.

Nigeria

Central Bank of Nigeria

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