CBN Tightens Credit Rules, Bars Major Loan Defaulters from Banking Services
The Central Bank of Nigeria has moved to enforce stricter credit discipline by restricting banking services for high-value loan defaulters. Announced by Governor Olayemi Cardoso at a recent IMF/AFRITAC forum in Abuja, the directive ends years of regulatory leniency toward delinquent corporate borrowers. Under the new policy, individuals and entities with significant non-performing loans in the Credit Risk Management System will be denied fresh credit, contingent liabilities, and trade instruments. The measure aims to curb ‘credit jumping’ and instil a repayment culture that protects depositors’ funds and strengthens financial stability. Governor Cardoso reiterated the bank’s commitment to zero tolerance on governance breaches. This move underscores the CBN’s focus on orthodox monetary policy, accountability, and restoring confidence in Nigeria’s banking sector.
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