Nigeria: CBN’s Annual Report Shows Sharp Deterioration in Credit Quality As Lending to FG Mounts

Credit loss expense for the apex bank rose to N875.2 billion from N498.2 billion a year earlier, according to its recently released audited earnings report.

The Central Bank of Nigeria (CBN) turned in a higher net profit for 2022, achieved amid a sharp deterioration in the credit quality of its risk assets.

The bank’s financial records showed that failure to keep its relationship with the Nigerian government at arm’s length, as the banking industry regulator, put its credibility in danger.

Credit…