Breaking News: CBN Bans Foreign Currency

Under the new guidelines, only specific exceptions are allowed, including Eurobonds issued by the Federal Government of Nigeria and guarantees from foreign banks, such as Standby Letters of Credit. Any loans currently secured with dollar-denominated collaterals, other than the approved exceptions, must be phased out within 90 days....READ FULL ARTICLE

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Failure to comply with this directive will result in the risk-weighting of such exposures at 150 per cent for Capital Adequacy Ratio computation, along with other regulatory sanctions.

This move aligns with the CBN’s efforts to strengthen financial stability and uphold the integrity of the Naira amidst economic challenges.

The decision follows the recent announcement of minimum capital requirements for banks, indicating the CBN’s proactive approach to ensure a resilient banking sector.

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Governor Olayemi Cardoso has consistently introduced policies aimed at safeguarding the Naira and bolstering Nigeria’s economy in recent months.…READ FULL ARTICLE

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