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EXCLUSIVE: Northern senators move against Akpabio over alleged N4trn budget paddingClimate change, extreme weather, conflict exacerbate global food crisisIWD 2024: Investing in women and fostering inclusion, By Weng DungEXCLUSIVE: Northern senators move against Akpabio over alleged N4trn budget paddingClimate change, extreme weather, conflict exacerbate global food crisisIWD 2024: Investing in women and fostering inclusion, By Weng DungCentral Bank of...
According to the directive, banks are required to set aside FCY revaluation gains as a counter-cyclical buffer to mitigate any adverse movements in the foreign exchange rate. It specified that banks should not use such gains to pay dividends or cover operating expenses. “Banks and financial institutions are advised to take note of this directive and comply accordingly to avoid any sanctions or regulatory actions from the CBN.”In September 2023, the CBN instructed banks to cease using profits from their foreign exchange revaluation for dividends and operational costs. The directive, outlined in a letter dated 11 September 2023, and signed by the then Director of the CBN’s Banking Division Department, Haruna Mustafa, was to be implemented promptly.
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