2010-07-06 | BSD/DIR/GEN/CIR/04/014

Data Exchange Agreements With at Least Two Licenced Credit Bureaus in Nigeria

This Nigerian Central Bank (CBN) circular from April 30, 2010 directs banks and other financial institutions to establish data exchange agreements with at least two licensed credit bureaus in Nigeria. The purpose is to strengthen credit appraisal processes and improve overall credit quality within the nation's financial system. Banks must follow specific guidelines including obtaining a credit report from at least two credit bureaus before granting any facility to customers, as well as regular reporting on previous loans/facilities. Non-compliance may result in sanctions. The directive is effective immediately and issued by the Director of Banking Supervision, Samuel A. Oni.

Nigeria

Central Bank of Nigeria

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