Breaking: CBN Bans Use Of Foreign Currencies As Collateral For Naira Loan

Adoga Stephen By Adoga Stephen - Editor-In-Chief
1 Min Read

All banks in Nigeria have been instructed by the Central Bank of Nigeria to no longer accept foreign currencies as collateral for loans in naira.

This directive was announced in a circular posted on the central bank’s website on Monday.

The central bank has noticed that some bank customers have been using foreign currencies as collateral for naira loans and has decided to ban this practice immediately.

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By Adoga Stephen Editor-In-Chief
Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.