Banks to recover loans from debtors using deposits made in other banks.

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Some of Nigerian banks
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In a bid to reduce and recover loans from debtors, banks have resolved to seize debtors’ deposits for loan repayment.

This was agreed by the Central Bank of Nigeria (CBN) and commercial banks in the country. This means that loan defaults will be settled using deposits made in other banks.

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Addressing journalists In a bid to reduce and recover loans from debtors, banks have resolved to seize debtors’ deposits for loan repayment.

Deal of the day

After the Bankers Committee meeting on Monday, Aishah Ahmad,  CBN’s deputy governor, financial services system, said the directive is to encourage banks to increase lending.