CBN Reveals Banks’ Non-Compliance with Loan Limit Rules for Single Borrowers
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, addressed concerns at the Nigeria Sustainability Summit 2023 regarding commercial banks not adhering to the CBN’s loan limit rule for single borrowers.
This rule restricts the maximum amount a lender can offer to a single borrower based on its shareholders’ funds.
Cardoso emphasized that this breach could impact the banking system’s stability and highlighted the necessity for bank recapitalization to fortify the sector for global transactions and achieve the country’s economic goals.
Additionally, there were discussions about the importance of sustainability in banking principles and the role of the private sector in driving positive change toward a more sustainable and resilient Nigerian economy.
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