BREAKING: CBN stops banks from utilising FX gains caused by naira devaluation

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…

TheCable.