JUST IN: CBN prohibits use of foreign currencies as collateral for loans

A Trusted Nigerian Newspaper

As part of efforts to strengthen the country’s currency, the Central Bank of Nigeria CBN has written to all commercial banks to stop the use of foreign currencies as collateral for naira loans.

The circular was signed by the apex bank’s acting director, Banking Supervision Department, Adetona Adedeji, and uploaded to its website. “The Central Bank of Nigeria has observed the prevailing situation where bank customers use foreign currency as collaterals for Naira loans,” the circular stated.

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