BREAKING: We’ll use your deposit in other banks to settle your loan when you default – CBN

The Central Bank of Nigeria (CBN) and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks.

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

More to follow…

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