The CBN, in a letter dated September 11, 2023, and signed by its Director, Banking Division Department, Haruna Mustafa, said the implementation of the new directive is with immediate effect.
Forex revaluation gains occur when there is an increase in the value of a bank’s assets and liabilities denominated in foreign currency when there is a change in the exchange rate between the foreign currency and the local currency.
The CBN said it has assessed the consequences of the recent FX rate regime change on the banking system and identified its potential to substantially impact the naira values of banks’ foreign currency assets and liabilities.
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