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 |