Nigeria fines 12 banks $1.3 billion for failing to meet loan target

Nigeria fines 12 banks $1.3 billion for failing to meet loan target
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*Nigeria’s central bank has levied a charge on 12 banks for a total of more than 400 billion naira ($1.3 billion) for failing to increase loans to meet a regulatory target, three banking sources and one of the lenders told Reuters on Thursday.*

The central bank asked lenders in July to maintain a ratio of lending out at least 60% of deposits by September or face a higher cash reserve levy, part of measures aimed at getting credit flowing in Africa’s biggest economy.

The cash reserve requiremen…
READ MORE : http://www.africanews.com/2019/10/05/nigeria-fines-12-banks-a-total-of-13-billion-for-failing-to-meet-loan-target

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