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JUST IN: CBN bans use of foreign currencies as collateral for naira loan

By AnchorNews | 08 Apr, 2024 04:11:21pm | 484

The Central Bank of Nigeria, CBN has directed all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans.

This was disclosed in a circular uploaded to CBN 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.

Details later…

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