The Central Bank of Nigeria has restricted banking services for large-scale loan defaulters, cutting off their access to fresh credit, letters of credit, performance bonds, and other trade instruments. The move marks a decisive end to years of regulatory forbearance that allowed well-connected borrowers to accumulate debt with little consequence. The CBN issued the directive on Wednesday, following remarks by Governor Olayemi Cardoso at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum in Abuja. It targets “large-ticket obligors” — individuals and corporations carrying significant debts classified as non-performing in the Credit Risk Management System. .....….......READ MORE