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LequteMan
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Nigeria - In a bid to alleviate the pressures on the economy, the Central Bank of Nigeria has said it'll ban and publish the names of chronic bank debtors alongside the banks they represent, Punch reports.
The move is an effort to forestall another build up of non-performing loans (NPLs) in the banking industry, CBN said yesterday, expressing deep concerns about the growing amount of Non-Performing Loans in the books of Deposit Money Banks and said it would publish the names of chronic debtors.
The Director, Banking Supervision, CBN, Mrs. Tokunbo Martins, who stated this at a press briefing after the 321st meeting of the Bankers’ Committee in Lagos, said the apex bank had also decided to stop the serial debtors from buying foreign currencies at the official interbank foreign exchange market.
Also to be stopped from buying foreign currencies, according to her, are members of the board of directors of debtor companies as well as their subsidiary firms.
Martins who declined to give a specific date or period when the names would be published as well as the total amount owed by the debtors, said banks are currently compiling the names.
#Nigeria #CBN #Banks
The move is an effort to forestall another build up of non-performing loans (NPLs) in the banking industry, CBN said yesterday, expressing deep concerns about the growing amount of Non-Performing Loans in the books of Deposit Money Banks and said it would publish the names of chronic debtors.
The Director, Banking Supervision, CBN, Mrs. Tokunbo Martins, who stated this at a press briefing after the 321st meeting of the Bankers’ Committee in Lagos, said the apex bank had also decided to stop the serial debtors from buying foreign currencies at the official interbank foreign exchange market.
Also to be stopped from buying foreign currencies, according to her, are members of the board of directors of debtor companies as well as their subsidiary firms.
Martins who declined to give a specific date or period when the names would be published as well as the total amount owed by the debtors, said banks are currently compiling the names.
#Nigeria #CBN #Banks
