Thursday, August 11, 2016
Video - Nigeria Central Bank allows commercial lenders to write off bad loans
The Nigeria central bank will allow commercial banks to write off bad loans this year to help the industry clean up its balance sheet. Pressure has been building on the country's banks, whose loan books have been hard hit by Nigeria's shrinking economy and low crude oil prices. Non-performing loans are expected to jump to 12.5% of total loans this year, up from the central bank's target of 5% at the end of last year. Permission to write off the bad loans is a once-off offer that will only apply until the end of this year.