The Central Bank of Nigeria has restricted banking services for large-scale loan defaulters, cutting off their access to fresh credit, letters of credit, performance bonds, and other trade instruments.
The move marks a decisive end to years of regulatory forbearance that allowed well-connected borrowers to accumulate debt with little consequence.
The CBN issued the directive on Wednesday, following remarks by Governor Olayemi Cardoso at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum in Abuja. It targets “large-ticket obligors” — individuals and corporations carrying significant debts classified as non-performing in the Credit Risk Management System.
“By curbing access to banking services for chronic defaulters, we are reinforcing the culture of repayment, protecting depositors, and safeguarding the stability of the financial system,” the bank said.Get The Full, Details. .
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
