CBN Demands Monthly Credit Facility Update

In a view to adhere to
the regulations in line with the cashless policy implementation in the country, the Central Bank of Nigeria (CBN) has directed all banks to ensure monthly update report of their credit facilities.
This was made known in the apex banks’ circular sent by the Director of Banking Supervision, Mrs Tokunbo Martins and made available to The Tide.
Martins noted the imprtance of reporting all credit facilities of N1 million and above in the banks’ Credit Risk Management System (CRMS).
She also directed that the report should include the credit facilities given to bank boards and staff.
The circular explained that the CRMS is established as a central database for borrowers.
According to the circular, CRMS, as amended under the CBN Act No 24 of 1991 (section 28 and 52), is mondatory for all banks to render returns to it.
She warned against furher default in this area, adding that further failure to update this report would attract sanctions from the apex bank.