Nigerian central bank levies $1.3 billion on banks
Banks were fined over failure to increase lending to 60% of deposits, say local sources
Nigeria’s central bank has levied at least $1.3 billion from banks operating in the country, according to locally based reporters, saying the charges were made for failing to increase lending.
The Central Bank of Nigeria did not officially announce the charges, and did not mention them in its October financial stability report. But Reuters news agency reported that a CBN spokesman had confirmed its report that 12 lenders had been fined over 400 billion naira. The central bank did not
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