{"id":314717,"date":"2024-03-15T14:55:15","date_gmt":"2024-03-15T13:55:15","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=314717"},"modified":"2024-03-15T15:34:40","modified_gmt":"2024-03-15T14:34:40","slug":"cbn-bars-banks-from-profiting-from-forex-revaluation","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/03\/15\/cbn-bars-banks-from-profiting-from-forex-revaluation\/","title":{"rendered":"CBN bars banks from profiting from forex revaluation"},"content":{"rendered":"<ul>\n<li><strong>Foreign exchange revaluation gains occur when a bank\u2019s assets or liabilities denominated in foreign currencies increase in value due to fluctuations in exchange rates<\/strong><\/li>\n<\/ul>\n<p>The Central Bank of Nigeria (CBN) has re-emphasised that banks are barred from paying dividends to shareholders or spend on operating expenses from foreign currency revaluation gains but are expected to set the gains aside.<\/p>\n<p>Foreign exchange revaluation gains occur when a bank\u2019s assets or liabilities denominated in foreign currencies increase in value due to fluctuations in exchange rates.<\/p>\n<p>In the context of <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/03\/12\/cbn-urges-microfinance-banks-to-promptly-submit-monthly-returns\/\" target=\"_blank\" rel=\"noopener\">Nigerian banks<\/a>, these gains typically arise from the revaluation of foreign currency-denominated assets, such as loans, investments, or deposits, when the value of the naira depreciates. So far in 2024, the value of the naira had depreciated by 76.5 per cent from N915 to the dollar which it sold officially on the first trading day this year to N1,615 to the dollar.<\/p>\n<p>Banks\u2019 foreign-currency loans when converted back to naira on their balance sheets have ballooned as a result of the devaluation, causing some banks to breach both their lending limits and open positions on foreign exchange trading.<\/p>\n<p>In a letter titled \u2018Re: Impact Of Recent FX Policy Reforms: Prudential Guidance to the Banking a Sector,\u2019 issued to all banks on Thursday, the apex bank referring to a circular it had issued last year stated that \u201cbanks shall not utilise such FX revaluation gains to pay dividends or meet operating expenses.\u201d<\/p>\n<p>Last September, the CBN had noted that changes to the currency regime have impacted banks to varying degrees and that \u201cbanks are required to \u2026 set aside the foreign currency (FCY) revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the foreign exchange rate.\u201d<\/p>\n<p>In the letter issued on Thursday and signed by acting director, Banking Supervision department of the apex bank, Dr Adetona Adedeji, the CBN said: \u201cfurther to our letter dated September 11, 2023.referenced BSD\/DIR\/CON\/LAB\/16\/020 on the above subject, the Central Bank of Nigeria wishes to reiterate that banks are required to exercise utmost prudence and set aside FCY revaluation gains as a counter-cyclical buffer to cushion any adverse movements in the FX rate.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Foreign exchange revaluation gains occur when a bank\u2019s assets or liabilities denominated in foreign currencies increase in value due to fluctuations in exchange rates The Central Bank of Nigeria (CBN) has re-emphasised that banks are barred from paying dividends to shareholders or spend on operating expenses from foreign currency revaluation gains but are expected to [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":275010,"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 by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[2602,41970,658,77289,77288],"class_list":["post-314717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-banks","tag-bar","tag-cbn","tag-forex-revaluation","tag-profiting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ 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