CBN prohibits use of foreign currency collateral for Naira loans

The Central Bank of Nigeria (CBN) on Monday issued a directive to all banks prohibiting the use of foreign currency as collateral for Naira loans.

This move comes amid efforts to strengthen the country’s financial sector and ensure regulatory compliance.

In a letter addressed to all banks, the CBN outlined new guidelines prohibiting the practice, with exceptions for specific types of foreign currency collateral.

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