Nigeria Central Bank Bans Banks from Using Foreign Currencies as Loan Collateral

Nigeria's Central Bank bans commercial banks from using dollars and other foreign currencies as collateral for Naira loans
Stated in a circular issued by the Banking Supervision Department on Monday
Loans secured with dollar-denominated collaterals must be unwound within 90 days
Only Eurobonds issued by Nigerian government or guarantees of foreign banks can be used as foreign currency collateral
Loans not unwound in 90 days will be risk-weighted at 150% for capital requirements, in addition to other sanctions