CBN stops the use of foreign currency collateral for Naira loans
The Central Bank of Nigeria (CBN) has banned the use of foreign currency-denominated collaterals for naira loans, with exceptions to foreign currency collateral which are Eurobonds issued by the Federal Government or guarantees of foreign banks, including Standby Letters of Credit. According to the new regulation directed to all banks by CBN’s Acting Director of […]
CBN discloses new guidelines for cash withdrawals
The Central of Nigeria has disclosed that Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.’ According to the bank, Withdrawals from these accounts will only be possible by transfer or through […]