CBN tightens belt on banks: Declares FX gains off limits for dividends, operations

The Central Bank of Nigeria (CBN) has clamped down on how banks can utilize foreign exchange (FX) revaluation gains.

In a recent directive, the CBN emphasized that these gains cannot be used to pay dividends to shareholders.

In a circular from the apex bank on Thursday signed by the acting Director, the Banking Supervision Department, Adetona Adedeji, banks were warned against such a move.

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