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CBN Restricts Banks From Using Forex Gains For Dividends

In a move that aims to safeguard the stability of Nigeria’s financial sector, the Central Bank of Nigeria (CBN) has issued a directive to Deposit Money Banks (DMBs), compelling them to refrain from utilizing gains accrued from foreign exchange revaluation for dividends and operational expenditures. In a letter dated September 11, 2023, and signed by |
Haruna Mustafa Central Bank Banking Division Department Deposit Money Banks Obligor Limit Single Obligor Limit

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