HomeBanking And FinanceCBN Terminates Use Of Foreign Currencies As Collateral For Naira Loan

CBN Terminates Use Of Foreign Currencies As Collateral For Naira Loan

All banks in Nigeria have been given notice to stop the use of foreign currencies as collateral for naira loans.

According to a circular uploaded on its website on Monday, the Central Bank of Nigeria wrote to all the banks to stop such transactions.

CBN revealed that it had observed the use of FCY by bank customers as collateral for naira loans and, therefore, disallows it with immediate effect.

Details later…

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Atume, Philip Terfa is a dynamic Website Content Developer and Online Editor at Silverbird Communications Limited. He is currently spearheading digital content for the Rhythm 93.7 FM website, after managing the Silverbird TV website some years ago. With almost seven years of experience in the digital media space, he has refined his craft in creating engaging, insightful, and trend-driven content across diverse sectors, including news, entertainment, sports, music, and other areas of human interest. His expertise lies in curating compelling digital narratives that not only captivate audiences but also enhance online visibility and engagement. Passionate about storytelling and digital innovation, Atume continues to shape the media landscape with creativity and excellence.

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