BREAKING: Cardoso Led CBN Stops Use Of Foreign Currencies As Collateral For Naira Loan—-The Central Bank of Nigeria has written to all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans.
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It disclosed this in a circular uploaded to its OFFICIAL X PLATFORM on Monday.
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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.
CBN WROTE:
The Use of Foreign Currency Denominated Collaterals for Naira Loans… https://t.co/PrvmCoFI4E pic.twitter.com/VaLOXYwh9J
— Central Bank of Nigeria (@cenbank) April 8, 2024
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