Nigeria Ends Loan Waivers, Orders Banks to Submit Capital Plans

The Central Bank of Nigeria has given lenders until the end of the week to submit plans to address capital shortfalls and ended waivers on troubled loans introduced during the pandemic, as it moves to strengthen the banking sector’s resilience.

Lenders are to submit “a comprehensive capital restoration plan to the CBN on or before the 10th working day, following the end of the quarter from June,” it said in a circular on its website on Monday. Plans must include current provisioning status, restructured loans, capital adequacy calculations and additional Tier 1 capital instruments and will be subject to regulatory review and approval, it said.