As banks Non- Performing Loans currently hit N649 billion, the Central Bank of Nigeria (CBN) has expressed worry saying there was need to curtail the trend.

Making a presentation at the third National Credit Reporting Conference organised by the Credit Bureau Association of Nigeria (CBAN) in Lagos, the Governor, CBN, Godwin Emefiele decries the rate of NPL increase which records 78 per cent from May 2015.

Emefiele, who was represented by the Branch Controller at CBN Lagos Office, James Iyari, Emefiele said: “All Banks are required to obtain credit report from at least two credit bureaux before granting any facility to their customers whilst quarterly portfolio checks must also be carried out to enable them determine borrowers’ current exposure to the financial system.”

He explained that the apex bank had also approved the payment of one-off sign-on fees with credit bureaux for all the microfinance banks and other micro financial institutions licensed by the CBN.

He also warned that bank customers who continuously issue dud cheques to their clients will have their cheque booklets withdrawn by their banks, adding that they have the right to withdraw them from customers who record three defaults.
He said after the defaulting customer records the third dud cheque issuance, it would have become clearer that such a person is unfit to have cheque books and will have the booklets withdrawn – in line with the provisions of the Dishonoured (Dud) Cheques Act of 1977.