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JUST IN: CBN stops use of foreign currencies as collateral for naira loan

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The Central Bank of Nigeria has directed all banks in Nigeria to stop using foreign currencies as collateral for naira loans.

It revealed this in a circular uploaded to its website on Monday.

CBN said it had observed the use of FCY by bank customers as collateral for naira loans and, so, prohibits it with immediate effect.

 

Details later…

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