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Foreign currency cannot be used as collateral for naira loans, according to the Central Bank of Nigeria.
The CBN sent a letter to Nigerian banks requesting that they stop securing naira loans with foreign currencies.
A circular that was placed on its website on Monday disclosed this.
The top bank stated that it has observed its customers using FCY as collateral for naira loans, and as a result, it is prohibiting this practice moving ahead.
Details to follow.
