Nigeria's central bank issues regulation to boost lending

LAGOS: Nigeria's central bank has asked banks with immediate effect to maintain a minimum loan-to-deposit ratio of 60% by September, part of a series of regulatory measures aimed at getting credit flowing in Africa's biggest economy.

The regulator said in a circular dated July 3 that lenders that fall short of the target loan-to-deposit ratio would face higher cash reserve requirements. The bank is seeking to boost credit to businesses and consumers.