Thursday, 16 April 2015

NIGERIA: CBN Plans To Expose All Bank Debtors On Newspapers

Nigeria’s Apex Bank (CBN) is planning on publishing the names of bank debtors along with those of their bank of directors in newspapers in order
to reduce the rate of Non Performing loans.

Speaking during the 321st Bankers Committee meeting last week in Lagos, the Director of Banking Supervision of the CBN, Mrs Tokunbo Martins, disclosed that these measures, are meant to checkmate the growing volume of non-performing loans, which she said currently stand at 13 trillion out of which 3.5 percent has been declared bad.

She further stated that despite the economic condition, the Central Bank in collaboration with the Banker’s Committee had been able to ensure that the banking industry was safe and sound.

According to Western Post, the committee said CBN would henceforth bar chronic bank debtors from accessing foreign exchange at the interbank market.

Source: 360NOBS

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