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    ALMOND 94.3 FM Ibadan

News

CBN STOPS USE OF FOREIGN CURRENCIES AS COLLATERAL FOR NAIRA LOAN

todayApril 8, 2024 6 2

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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.

Written by: Almond News

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