As part of efforts to strengthen the country’s currency, the Central Bank of Nigeria CBN has written to all commercial banks to stop the use of foreign currencies as collateral for naira loans.
It disclosed this in a circular uploaded to its website on Monday, Monday 8, 2024.
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.
More to follow…
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