All banks in the country have received a directive from the Central Bank of Nigeria telling them to stop taking foreign currencies as collateral for loans denominated in naira.
This information was released via a circular that was put up on the bank’s website on Monday.
The top bank announced that it had seen clients using foreign currency as security for loans denominated in naira, and it had swiftly put an end to this practice.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.