The director of the banking supervision department of the Central Bank of Nigeria (CBN), Haruna Mustafa, said deposit money banks (DMBs) have been barred from using the gains arising from the foreign exchange policy reforms to run their operations.
In a statement dated September 11, 2023, Mustafa said the CBN had learnt that the policy to reform the forex market might result in gains or losses for banks.
CBN instructed banks that have profited from the policy to resist using the proceeds gained for dividend payments or to fund their operations. The statement was titled; ‘Impact of Recent FX Policy Reforms: Prudential Guidance to the Banking Sector’.
