Common year end may lead to currency strain

Available credit lines amongst banks and to customers may suffer a severe strain in the months ahead as all banks are trying to tidy up their books for the common year end directive by the Central Bank of Nigeria.

A top official in one of the banks, who preferred to be anonymous, explained to NEXT that even though the directive would cause a strain on credit availability, it was a welcome idea.

"Before, all the banks were saying that I am the best, this is my profit level; this is my profit after tax and all that. But now, the central bank is saying that OK, let me see your marks," the official said,