Nigeria, June 17 -- Some of Nigeria's largest banks, including Zenith Bank, FirstBank, and Access Bank, are likely to be the most affected by the Central Bank of Nigeria's (CBN) recent directive suspending dividend payments and bonuses for institutions benefiting from regulatory forbearance, a new report by Renaissance Capital has shown.

The CBN, in a circular dated 13 June and signed by its Director of Banking Supervision, Olubukola Akinwunmi, directed banks under regulatory forbearance to halt dividend payments to shareholders, defer bonuses to directors and senior management, and suspend investments in foreign subsidiaries or offshore ventures.

The policy, the CBN said, is part of efforts to strengthen capital buffers and encourage i...