trending Market Intelligence /marketintelligence/en/news-insights/trending/T4xBKiyr1r2Td0viB3lWxw2 content esgSubNav
In This List

Nigeria raises banks' loans target to 65% from 60%

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Nigeria raises banks' loans target to 65% from 60%

The Central Bank of Nigeria raised its minimum loan-to-deposit ratio requirement for banks to 65% from 60%, in a bid to get banks to further boost credit to small- and medium-sized businesses and consumers, Bloomberg News reported.

The regulator said lenders who fail to comply with this requirement by the end of December will face a higher cash reserve requirement equal to 50% of the lending shortfall implied by the ratio.

Ahmad Abdullahi, director of banking supervision at Nigeria's central bank, said this move comes after some banks failed to meet an earlier deadline.

The central bank said credit grew by 5.3% to 16.40 trillion Nigerian naira as at the end of September, the report noted.

As of Oct. 2, US$1 was equivalent to 361.79 Nigerian naira.