UPDATE 6-Nigeria levies $1.3 bln charge on banks for failing to meet loan target

* 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 comment on bankers meeting with central bank) 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 asked lenders in July 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 target will face a higher cash reserve requirement equal to 50% of the lending shortfall. Central bank spokesman Isaac Okoroafor confirmed the levy on Thursday. The funds will go into the cash reserve requirement and will not be available to the banks, the… Read full this story

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