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Just In: CBN writes banks to stop use of foreign currencies as collateral for naira loan

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CBN writes banks to stop use of foreign currencies as collateral for naira loan

CBN writes banks to stop use of foreign currencies as collateral for naira loan

CBN writes banks to stop use of foreign currencies as collateral for naira loan
CBN writes banks to stop use of foreign currencies as collateral for naira loan

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

It disclosed this in a circular uploaded to its 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.

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