The Central Bank of Nigeria (CBN) has softened the implementation of rules on bad loans which the apex Bank earlier initiated.
Commercial banks now have four years to absorb impairments arising from the implementation of IFRS 9 accounting standards, thereby, easing fears that an immediate transition would have severe repercussions for banks’ capital adequacy ratios. The apex bank plans to introduce new capital rules in the second quarter.
Bank over the years have suffered damaging crisis of bad debts, which more often than not weakens the solvency and operational capacity of most commercial banks in the country. Consequently, this crisis in addition to other inadequacies in banking operations, have forced some commercial banks into forced merger to strengthen their operational capacity for effective and efficient service delivery, some others have gone through acquisition by str9onger banks, while a few were taken over by AMCON.
You may be interested
Raphinha: I Decided To Remain At Barca To Prove Doubters Wrong
Webby - November 1, 2024Barcelona star Raphinha says his decision to remain with the club is meant to prove doubters wrong.Recall that the Brazilian…
Iheanacho Thrilled To End Sevilla’s Goal Drought
Webby - October 31, 2024Super Eagles forward Kelechi Iheanacho is full of excitement after opening his goal account for LaLiga club Sevilla.Iheanacho netted a…
I’m Ready To Return To Football –Ranieri
Webby - October 31, 2024Former Cagliari manager Claudio Ranieri has expressed his desire to return to football.Ranieri, who stood down from Cagliari at the…