Central bank guidelines on credit extension

NIGERIA - The Central Bank of Nigeria (CBN) lived up to its billing in pursuit of its function of promoting monetary stability and a sound financial system when last week it rolled out a new guideline on public spending, reports All Africa Global Media, 23 July.

The thrust of the circular elucidating the new rule is to check unrestricted credit extension to the three tiers of government. The guideline directed all registered banks in the country to make stiffer provision on all credits granted

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