The Central Bank of Nigeria, CBN, and Deposit Money Banks (DMBs) in the country on Thursday, June 11 agreed to publish the identities of all serial debtors to the financial industry by August 1, 2015.
It is estimated that three per cent of total industry credit of about N13 trillion is bad debt.
The CBN Director of Banking Supervision, Tokunbo Martins, who briefed reporters in Abuja, alongside some banks chief executives after the regular meetings of the Bankers’ Committee, said despite the significant non performing loan portfolios, the financial system remained stable.
She said: “The total credit is about N13 trillion. About three per cent of that is non performing and August 1, 2015, is the deadline publishing the list of debtors.”
Martins said given that the upper limit of non-performing loans as a percentage of total credit was five per cent, the current three per cent figure of bad loans yet indicated that the banking system was stable in spite of the latest push to recover the outstanding debts.
