2015-04-23 | BSD/DIR/GEN/LAB/08/022

Recovery of Delinquent Credit Facilities

The Central Bank of Nigeria is addressing the issue of rising non-performing loans in the industry by directing banks and discount houses to maintain prudent credit standards and giving delinquent debtors a three-month grace period to rectify their accounts. Additionally, banks and discount houses must publish the list of debtors who remain non-performing in national newspapers quarterly and send the list to the CBN, with the consequence of delinquent debtors being blacklisted and banned from participating in the Nigerian foreign exchange and government securities markets.

Nigeria

Central Bank of Nigeria

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