Deposit Money Banks (DMBs) found to be frustrating the electricity power intervention by the Central Bank of Nigeria (CBN) under the Nigeria Electricity Stabilisation Facility (NESF) are to face severe sanctions, including removal from participation, the apex bank has warned. The CBN had made over N200 billion available to enable power Generation Companies (GenCos) and Distribution Companies (DisCos) have access … Read More
Make Provision For Forex Loans – CBN
In a communique issued by the CBN and signed by Tokunbo Martins; the director Banking Supervision, banks in the country have been directed to make provisions for foreign currency denominated loans. This is informed by the impact of the higher exchange rate on banks’ operations. CBN noted that the liberalization of the foreign exchange (forex) market has led to the … Read More