Business News
BREAKING: CBN orders Banks to restrict loan defaulters from accessing credit
The Central Bank of Nigeria (CBN) has directed commercial banks to restrict loan defaulters, particularly large-ticket obligors, from accessing new credit facilities.
A large-ticket obligor refers to a borrower, either an individual or a corporate entity, that owes a significantly large amount of money to a bank.
The directive was contained in a circular issued to banks by the apex bank on Monday.
According to the circular, the measure is aimed at strengthening credit discipline in the banking sector and ensuring that borrowers who default on major loan obligations are prevented from accessing additional credit facilities.
The move is also expected to encourage responsible borrowing and improve the quality of loan portfolios across the banking industry.
Further details on the directive are expected to emerge as the policy takes effect.
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