The Central Bank of Nigeria (CBN) has increased the limit on banks’ foreign currency borrowings to 125 percent of shareholders’ fund after some lenders breached its regulatory limit due to the recent fall in the naira, according to a circular seen by Reuters.
The new regulation replaces a 2014 rule capping foreign borrowings, including Eurobonds, at 75 percent of shareholders’ funds as Nigeria tries to manage widespread capital shortfalls at lenders due to a currency crisis and bad...
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