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.
It disclosed this in a circular uploaded to its OFFICIAL X PLATFORM 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.
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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