By Busari Kabirat
The Central Bank of Nigeria has officially informed all banks nationwide to put a stop to the use of foreign currencies as collateral for naira loans.
This was made known in a circular posted on CBN’s website on Monday that the apex bank had noticed the use of FCY by bank customers as collateral for naira loans.
Therefore, the use of FCY by customers as collateral is henceforth prohibited with immediate effect.
Details later…
