CBN stops use of foreign currencies as collateral for naira loan

By Toyibat Ajose On Apr 8, 2024

The Central Bank of Nigeria has written to all Nigerian banks, requesting that they stop using foreign currencies as collateral for naira loans.

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It announced this in a circular posted to its website on Monday.

The apex bank said it had observed the use of FCY by bank customers as collateral for naira loans and, therefore, prohibits it with immediate effect.

Foreign currencies naira loan

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