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Loan defaults to be settled by deposits from other Banks- CBN

The Central Bank of Nigeria CBN and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks.

CBN’s Deputy Governor, Financial Service System, Aisha Ahmad made the statement while addressing journalists after the Bankers Committee meeting on Monday, in Abuja.

According to Aisha Ahmad, the directive was to encourage banks to increase lending.

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