The Central Bank of Nigeria (CBN) has approved a restructuring of existing bank loans from a short term repayment period to a minimum of 20 years, as part of bailout for financially ailing states.
Loans for salary arrears will now also be extended to a minimum of 15 and not more than 20 years.
The CBN governor Godwin Emefiele announced the apex bank’s restructuring at the National Economic Council (NEC) meeting.
