Friday 22 June
Powered by Ajaxy
Aug 2, 2016 @ 13:42

Banks jostle for dollar to scale up foreign loan provisions


Nigerians will, from today, struggle harder for foreign exchange as banks are also looking for it, especially the United States dollar, to scale up their loan provisions.

The Central Bank of Nigeria (CBN) gave August 5, 2016, as the deadline for all Deposit Money Banks (DMBs) to increase their provisioning for foreign currency-denominated loans and related exposures.

An increased loan provisioning for banks became necessary following a new foreign exchange policy that brought imbalance in earlier provisioning made on the basis of N197/$ official exchange rate.

Tags: , , , ,

Related Stories
Outstanding debt went up in February to reflect foreign exchange adjustments.
Diversified conglomerate said recurring net income rose 11 percent to P55 billion on strong contributions
The country’s second largest nickel producer, Global Ferronickel Holdings Inc. said its net income surged
President Donald Trump waded into the uproar over the US currency Thursday, saying he wants

Read full Article here »

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.