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CBN to provide employment from large scale cassava production - Emefiele

COMFORT EKELEME

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

IBRAHIM QUADRI

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.

Aisha Buhari, others eulogise AbdulRasaq as Kwara wins VOW award

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.

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