* Nigeria has set minimum 65% loan-to-deposit ratio * Several banks have missed September deadline * Mid-tier lender FCMB says it was levied $46 mln * Central bank trying to boost lending to support growth (Adds central bank comment, background) By Chijioke Ohuocha LAGOS, Oct 3 (Reuters) – Nigeria’s central bank has levied a charge on 12 banks for a total of more than 400 billion naira ($1.3 billion) for failing to increase loans to meet a regulatory target, three banking sources and one of the lenders told Reuters on Thursday. The central bank in July asked lenders to maintain a ratio of lending out at least 60% of deposits by September or face a higher cash reserve levy, part of measures aimed at getting credit flowing in Africa’s biggest economy. The cash reserve requirement in Nigeria is 22.5%. However, the regulator has said that banks which fail to meet its new minimum loan requirement will face a higher cash reserve equal to 50% of the lending shortfall. A central bank spokesman on Thursday confirmed the levy and said: “The funds will go into (the cash reserve requirement) and will not be available to (banks),” Isaac Okoroafor said. The central… Read full this story
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UPDATE 4-Nigeria levies $1.3 bln charge on banks for failing to meet loan target have 301 words, post on feeds.reuters.com at October 3, 2019. This is cached page on Vietnam Dance. If you want remove this page, please contact us.