The Central Bank of Nigeria (CBN) has ordered banks to stop the use of foreign currency as collateral for naira loans.
This was announced in a circular posted on CBN’s website on Monday, April 8, 2024.
The CBN said it had observed the use of foreign currencies by bank customers as collateral for naira loans and prohibits it with immediate effect.
CBN Discontinues Foreign Currencies As Collateral For Naira Loans
