Market News
Nigeria: Foreign investors find leeway in new forex directive - THE AFRICA REPORT
Foreign investors in Nigeria may be left exposed to a weakening naira following a move by the Central Bank to bar commercial lenders from accepting forex-denominated collateral to grant naira loans.
The Central Bank of Nigeria (CBN) announced on 8 April that the “current practice of using foreign currency-dominated collaterals is prohibited” and loans that were previously secured in this manner “should be wound down within 90 days”.
