Breaking: CBN Moves to Bar Loan Defaulters From Accessing New Credit

The Central Bank of Nigeria (CBN) has instructed banks across the country to limit access to certain banking services for borrowers with large outstanding loans that have become non-performing.

The directive, aimed at strengthening credit discipline and protecting the stability of the financial system, was contained in a circular issued to banks on March 12, 2026.

The letter, signed by the Director of Banking Supervision, Olubukola Akinwunmi, stated that customers with loan facilities classified as non-performing would face restrictions in accessing additional banking services.

According to the apex bank, borrowers whose debts are listed as non-performing in the Credit Risk Management System (CRMS) or captured by any licensed private credit bureau will no longer qualify to obtain new credit facilities from banks.