The Central Bank of Nigeria has officially moved to restrict banking services for chronic defaulters and large borrowers with non-performing loans.
This decisive action follows remarks by CBN Governor Olayemi Cardoso at the IMF/AFRITAC West 2 High-Level Executive Forum in Abuja, where he made it clear: the era of regulatory leniency is over.
According to the apex bank, the new policy is aimed at enforcing credit discipline and protecting the financial system from abuse—especially as the banking sector recently secured over N4.61 trillion in fresh capital.
Cardoso emphasized a shift toward stricter corporate governance, signaling a tougher stance on borrowers who fail to meet their obligations.
📉 Bottom line: Defaulting on large loans could now come with serious consequences, including restricted access to banking services.
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