CBN Announces Loan Defaults To Be Settled By Deposits From Other Banks

CBN Announces Loan Defaults To Be Settled By Deposits From Other Banks

Central Bank of Nigeria and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks, TheCable reports.

Addressing journalists after the Bankers Committee meeting on Monday, CBN’s deputy governor, financial services system, Aishah Ahmad, said the directive is to encourage banks to increase lending.

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