CBN Bans Foreign Currency Collateral For Naira Loans
The Central Bank of Nigeria (CBN) has banned the use of foreign denominated collaterals for Naira loans.
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The Central Bank of Nigeria (CBN) has banned the use of foreign denominated collaterals for Naira loans.
The Central Bank of Nigeria made this known in a memo addressed to all banks in the country, dated April 8, 2024.
CBN outlined new guidelines prohibiting the practice, with exceptions for specific types of foreign currency collateral
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