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CBN may launch digital currency by end of 2021 – Official

Nigeria targets digital currency launch in Q4

Lagos, June 10, 2021 The Central Bank of Nigeria (CBN) on Thursday in Lagos said that its digital currency might be launched by the end of 2021. Mrs Rakiya Mohammed, an Information Technology Specialist with CBN, made the disclosure at an online news briefing at the end of Bankers Committee meeting. According to her,

Nigerian lenders loan portfolio surge N690bn in Q1

The combined loan portfolio of 12 commercial banks in Nigeria rose by N690bn in the first three months of this year, data collated from their unaudited financial statements show. The loans and advances to their customers grew to N17.75tn as of March 31, 2021 from N17.06tn at the end of December last year. Loans and advances to customers, which account for the major proportion of the banks’ total assets, rose in 11 of the lenders. Nigerian banks’ loan books have grown in recent years on the back of the Central Bank of Nigeria’s push for more lending. The CBN had in July 2019 mandated all Deposit Money Banks to maintain a minimum loan-to-deposit ratio of 60 per cent by September 30, 2019 in a bid to improve lending to the real sector.

12 Nigerian banks lend customers N690bn in three months

Punch Newspapers Sections Published 25 May 2021 The combined loan portfolio of 12 commercial banks in Nigeria rose by N690bn in the first three months of this year, data collated from their unaudited financial statements show. The loans and advances to their customers grew to N17.75tn as of March 31, 2021 from N17.06tn at the end of December last year. Loans and advances to customers, which account for the major proportion of the banks’ total assets, rose in 11 of the lenders. Nigerian banks’ loan books have grown in recent years on the back of the Central Bank of Nigeria’s push for more lending.

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