CBN Governor Godwin Emefiele.
In order to sustain the momentum and in line with the provisions of its earlier letter to Nigerian Bank, the Central Bank of Nigeria (CBN) has maintained that the minimum Loan to Deposit Ratio (LDR) target for all Deposit Money Banks (DMBs) is hereby reviewed upwards from 60 per cent to 65 per cent.
In a letter to all banks, titled ‘Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy’, posted on its website, CBN said it has noted the appreciable growth in the level of the industry gross credit, which increased by N829.40 billion or 5.33 per cent from N15,567.66 billion at end May 2019, to N16,397.06 billion as at September 26, 2019 following its pronouncements on the above initiative.
In order to sustain the momentum and in line with the provisions of our earlier letter, the regulator said, the minimum target for all DMBs is hereby reviewed upwards from 60per cent to 65per cent.
“Consequently, all DMBs are required to attain a minimum LDR of 65 per cent by, 31 December 2019 and this ratio shall be subject to quarterly review. To encourage SMEs, Retail, Mortgage and consumer lending, these sectors shall be assigned a weight of 150per cent in computing the LDR for this purpose.
The letter which was signed by the apex bank’s Director Banking Supervision, Bello Hassan further noted that “Failure to meet the above minimum LDR by the specified date shall result in a levy of additional Cash Reserve Requirement (CRR) equal to 50per cent of the lending shortfall implied by the target LDR.
“DMBs are required to continue to strengthen their risk management practices particularly with regards to their lending operations.
“The CBN shall continue to review developments in the market with a view to facilitating greater investment in the real sector of the Nigerian economy whilst promoting a safe, sound and resilient financial system. This letter is with immediate effect,” he said.
For a better society
… As state demands needs assessment from returnees
The Oyo State Government said on Wednesday that it was ready to empower its indigenes who are returning from South Africa as a result of xenophobic attacks.
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari.
Managing Director Nigeria National Petroleum Corporation, Mr. Mele Kolo Kyari has promised that Nigeria will cut its crude oil output to comply with OPEC output targets.
L-R: Senior Legal Adviser, Community Court of Justice, ECOWAS, Mr. Yusuf Danmadami; Chief Judge of Lagos State, Hon. Justice Kazeem Alogba; representative of ECOWAS Community Court of Justice President and Judge, Hon. Justice Dupe Atoki; Governor Babajide Sanwo-Olu; Deputy Governor, Dr. Obafemi Hamzat; Attorney General and Commissioner for Justice, Mr. Moyo Onigbanjo, SAN and Executive Secretary, Judicial Service Commission, Mrs. Bukola Salami and others during a courtesy visit to the Governor by delegation of ECOWAS Community Court of Justice at Lagos House, Alausa, Ikeja, on Wednesday.
Lagos State Governor Babajide Sanwo-Olu, on Wednesday promised that his administration will uphold the principle of separation of powers and support the judiciary in the State.
For 45 minutes on Tuesday, Lagos State Governor Babajide Sanwo-Olu explained the efforts of his administration in the last four months to bring about sustainable solution to traffic challenge in the State.
MICHAEL OLANREWAJU, Ilorin
The Director General of National Institute of Legislative and Democratic Studies (NILDS), Abuja, Professor Abubakar Olanrewaju Suleiman has said the Constitution of the Federal Republic of Nigeria does not advocate and support total separation of power.
FROM VICTOR DURUAMAKU – OWERRI
Imo state government will soon conduct local council elections as such it has concluded preparations for the conduct of the elections into the 27 local government councils in the state.
Gov. Seyi Makinde of Oyo State
Oyo State Government has warned against activities of illegal tax collectors issuing out fake tickets to commercial motorists at motor parks and purporting to do so on behalf of government, saying that the proscription on union activities in the State was still place.
Governor Abdulrahman-Abdulrazaq of Kwara State
MICHAEL OLANREWAJU, Ilorin.
Governor AbdulRahman AbdulRazaq of Kwara State on Tuesday called for a consensus among Nigerians, especially the political elite, to build a country where no one is left to suffer or is treated unfairly on account of whatever differences.
Femi Fani-Kayode, former Aviation Minister, has condemned President Muhammadu Buhari’s planned visit to South Africa, following the xenophobic attack on Nigerians.