Credit Condition Survey Report

A Central Bank of Nigeria, CBN, Survey Report has shown that banks experienced higher loan default rates on credit cards and overdrafts/ personal lending to household in the third quarter of the year (Q3’20). The survey also noted that lenders expect to tighten the conditions for which loans are given to borrowers (loan covenant) in the next quarter (Q4’20). The Survey Report titled: ”Credit Condition Survey Report for Q3’20″ stated:”Lenders experienced higher default rates on credit card and overdrafts/personal lending to households in Q3’20 but expect lower default rates in Q4’20. “Losses given default on total unsecured loans to households and overdraft/personal loans to households both declined in Q3 2020. “Similarly, default on total unsecured loans to households was expected to worse...