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Nigerian Central Bank Gives Lenders Forbearance on Bad Loans
LAGOS, Nigeria, Capital Markets in Africa: The Central Bank of Nigeria granted lenders permission to write off any fully provided non-performing loans without waiting for the full year required by regulations, as authorities seek ways to boost lending and avert a recession in Africa’s biggest economy. The decision follows a request by banks for an amendment to the rule that requires lenders to retain bad debt in their books for 12 months before they are…
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