{"id":308286,"date":"2024-01-31T16:22:42","date_gmt":"2024-01-31T15:22:42","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=308286"},"modified":"2024-01-31T16:22:42","modified_gmt":"2024-01-31T15:22:42","slug":"cbn-goes-tough-on-commercial-banks-hoarding-foreign-currencies","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/01\/31\/cbn-goes-tough-on-commercial-banks-hoarding-foreign-currencies\/","title":{"rendered":"CBN goes tough on commercial banks hoarding foreign currencies"},"content":{"rendered":"<ul>\n<li><strong><strong>The NOP measures the difference between a bank&#8217;s foreign currency assets and liabilities<\/strong><\/strong><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p>On Wednesday, the Central Bank of Nigeria (CBN) issued new guidelines to curb hoarding and speculation of foreign currency by commercial banks.<\/p>\n<p>The circular, jointly signed by Directors Hassan Mahmud and Rita Sike, revealed that the <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/01\/22\/nimc-suspends-third-party-agents-from-nin-registration-as-cbns-revalidation-deadline-nears\/\">CBN<\/a> identified foreign currency exposures through Net Open Position (NOP), allowing banks to hoard currency unnecessarily.<\/p>\n<p>The NOP measures the difference between a bank&#8217;s foreign currency assets and liabilities. The guidelines aim to mitigate risks associated with hoarding and speculation, emphasizing that some banks hold long-term forex positions in anticipation of profit during currency fluctuations.<\/p>\n<p>To address these challenges, the CBN has imposed prudential rules for banks to follow:<\/p>\n<p>\u201cThe Net Open Position (NOP) limit of the overall foreign currency assets and liabilities taking into cognizance both those on and off-balance sheet should not exceed 20% short or 0% long of shareholders&#8217; funds unimpaired by losses using the Gross Aggregate Method.<\/p>\n<p>\u201cBanks whose current NOP exceed 20% short and 0% long of their shareholders&#8217; funds unimpaired by losses are required to bring them to prudential limit by February 1, 2024.<\/p>\n<p>\u201cBanks are required to compute their daily and monthly NOP and Foreign currency trading position (FCTP) using the attached templates.<\/p>\n<p>\u201cBanks are also required to have adequate stock of high-quality liquid foreign assets, i.e. cash and government securities in each significant currency to cover their maturing foreign currency obligations. In addition, banks should have in place a foreign exchange contingency funding arrangement with other financial institutions.\u201d<\/p>\n<p>The circular further reads, \u201cBanks should borrow and lend in the same currency (natural hedging) to avoid currency mismatch associated with foreign currency risk.<\/p>\n<p>\u201cThe basis of the interest rate for borrowing should be the same as that of lending i.e. there should be no mismatch in floating and fixed interest rates, to mitigate basis risk associated with foreign borrowing interest rate risk.<\/p>\n<p>\u201cWith respect to Eurobonds, any clause of early redemption should be at the instance of the issuer and approval obtained from the CBN in this regard, even if the bond does not qualify as tier 2 capital.<\/p>\n<p>\u201cAll banks are required to adopt adequate treasury and risk management systems. to provide oversight of all foreign exchange exposures and ensure accurate reporting on a timely basis.<\/p>\n<p>\u201cBanks are expected to bring all their exposures within the set limits immediately and ensure that all returns submitted to the CBN provide an accurate reflection of their balance sheets.\u201d<\/p>\n<p>\u201cPlease, note that non-compliance with the NOP limit will result in immediate sanction and\/or the suspension from participation in the foreign exchange market,\u201d the circular adds.<\/p>\n<p>&nbsp;<\/p>\n<p>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The NOP measures the difference between a bank&#8217;s foreign currency assets and liabilities On Wednesday, the Central Bank of Nigeria (CBN) issued new guidelines to curb hoarding and speculation of foreign currency by commercial banks. The circular, jointly signed by Directors Hassan Mahmud and Rita Sike, revealed that the CBN identified foreign currency exposures through [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":206205,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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