The Central Bank of Nigeria has directed all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans.
The apex bank made this known in press release signed by uploaded to its website on Monday.
CBN said it has observed that some bank customers have been using foreign currencies as collateral for naira loans and, therefore, announced its prohibition with immediate effect.
The central bank of Nigeria has therefore enjoined the general public to report any infringement of this Act to the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for proper action.
The newly appointed Deputy Governor of Edo State, Omobayo Godwin, has been sworn in on Monday by the Chief Judge, Daniel Okungbowa. In his inaugural speech, Omobayo showed appreciation to the Governor of Edo State, Godwin Obaseki, and the leadership of the Peoples Democratic Party, for finding him deserving of the appointment. He said that the oath of office he took connotes his legal acceptance of the appointment and also […]
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