Nike PopoolaDeposit Money Banks on August 1 commenced the implementation of the Central Bank of Nigeria’s Global Standing Instruction which allows them to recover outstanding debts of debtors from other banks. Experts who spoke to our correspondent said the implementation would help to differentiate real wealthy businessmen from debtor businessmen. “What the CBN is doing now is that it is sanitising the industry and we now actually know who are the real businessmen and the real big men. “Some men are wealthy from running banks down because a lot of the big men are running banks down.”He said the CBN and the banks should start giving credit score. READ ALSO: Marketers stockpile petrol, August price may hit N150/litreThe President, United Labour Congress, Joseph Ajaero, said, “Banks that are lending money to people should make sure that they have adequate collateral.

Source: Punch August 03, 2020 01:52 UTC