Bank Credit: CBN Bars Loan Defaulters of over N500m

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The Central Bank of Nigeria (CBN) yesterday warned that no deposit money bank (DMB) should without its prior approval grant facilities to potential borrowers that are in default of any existing facilities to the tune of N500 million and above.

The banking sector regulator also warned development banks and banks in liquidation not to grant facilities of N250 million and above to the same set of bank customers.

The central bank stated this in a letter signed by its Director of Banking Supervision, Mrs. Tokunbo Martins, a copy of which was posted on its website.

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