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Published On: Mon, Nov 5th, 2018

Banks: CBN urges speedy actions on debt recovery

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From Ngozi Onyeakusi, Lagos

The Central Bank Of Nigeria (CBN), has directed banks to intensify efforts at debt recovery.
This is coming as three deposit money banks failed to meet its minimum liquidity ratio of 30 per cent even as that non performing loans dropped to 12.4 per cent as at June 2018 from 15 per cent a year ago, still a long way above its five per cent threshold.
The apex bank has therefore directed banks to intensify efforts at debt recovery to further consolidate on the improvement, realisation of collateral for lost facilities and strengthening their risk management processes.
The CBN said foreign direct investment in Nigeria fell to N379.84bn ($1.2bn) in the first half of the year from N532.63bn ($1.7bn) a year earlier, and that the outlook for the Nigerian economy in the second half was “optimistic” given higher oil prices and production but rising foreign debts and uncertainty surrounding the 2019 presidential election were drawbacks, although according to a report confidence in the country has been shaken since the central bank in August ordered MTN to bring back $8.1bn to the country, part of the profits the South African telecoms firm sent abroad.

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