CBN Stops Use Of Foreign Currencies As Collateral For Naira Loans

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 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.

Source:- Punchng