Banks Begin Deducting Loans From The Accounts Of Habitual Debtors

According to research, Deposit Money Banks are recovering debts due by chronic debtors from their accounts in other banks in order to slow the increase of non-performing loans in the industry. According to data from the Central Bank of Nigeria and the National Bureau of Statistics, NPLs in banks decreased slightly from N1.2tn at the end of the second quarter of 2020 to N1.1tn at the end of July 2021. Despite an increase in gross loans in the industry during the time, this is the case. The CBN stated that the actions it implemented, such as the Global Standing Instruction, […]