The Federal Government has planned to start a fund that will operate a bridge bank to nurse struggling lenders back to health.
The Central Bank of Nigeria (CBN) will inject N10 billion ($26 million), or an amount that still needs to be determined by its board, into the fund annually.
According to the amended 2020 Financial Act, signed by President Muhammadu Buhari recently, each lender will make annual contributions equivalent to 10 basis points of their total assets, or a percentage that CBN would finalise on. [Bloomberg]
