Adetona Adedeji

CBN bans use of foreign currency as collateral for naira loans

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CBN

The Central Bank of Nigeria (CBN) has prohibited the use of foreign denominated collateral for naira loans. However, the CBN exempted Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, … Read more

CBN releases guidelines to manage tech platforms in financial institutions

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cbn 1

The Central Bank of Nigeria (CBN) has released an Exposure Draft of the Risk-based Cyber Cyber-security Framework and Guidelines for Deposit Money Banks (DMBs) and Payment Service Banks (PSBs) in an effort to manage technology platforms and infrastructure used in the operation of banks and other financial institutions. The CBN’s Acting Director of Banking Supervision, … Read more