Business
CBN softens enforcement bad loans rules
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.
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