CBN sets Aug 1 for enforcement of credit risk regulations
June 2,2022
The Central Bank of Nigeria (CBN) has mandated the enrolment of other financial institutions (OFIs) on the credit risk management system (CRMS).
CBN gave the directive in a circular published on its website and signed by Chibuzo Efobi, Director, Financial Policy and Regulation Department.
CRMS is the practice of mitigating losses by understanding the adequacy of a bank’s capital and loan loss reserves at any given period.
With this, the CBN and OFIs would be able to track any bank debtor to know if such a debtor owes another institution
