Bad debt: CBN may bar chronic debtors from forex market

The Bankers Committee yesterday agreed to name and shame chronic debtors in the financial industry as well as limit their access to the official foreign exchange windows of the Central Bank of Nigeria. It also agreed to reduce annual spending limits of naira debit cardholders outside the country.
Rising from its 321st Bankers Committee Meeting yesterday, the committee comprising CBN and Chief Executives of Commercial Banks had expressed concerns over the rising non-performing loans (NPLs) in the banking industry, which currently stands at 3.3 per cent of banks’ total loan portfolio. Continue Reading