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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.

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