The Central Bank of Nigeria has banned the use of foreign currencies as collateral for naira loan.
Nigerian banks received a letter from the CBN asking them to cease using foreign currencies as security for naira loans.
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This was revealed in a circular that was posted on its website on Monday.
The apex bank expressed that it has seen FCY being used as collateral for naira loans by its clients, and as a result, it forbids it going forward.
Details later…
