Banks lending on credit card, overdraft increased in Q1- CBN

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The Central Bank of Nigeria (CBN) has disclosed that banks experienced higher default rates on credit card and overdrafts/personal lending to households in the first quarter of 2018.

The Credit Conditions Survey Report of the CBN that was released on Thursday however predicted that there will be improvement on credit card and overdrafts/personal lending to households default rates in the next quarter.

According to the report, “Households demand for lending for house purchase decreased in Q1 2018, but was expected to increase in the next quarter. Of the total demand, households demand for prime lending and other lending increased, and these demands were expected to increase in the next quarter.”

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