CBN Pays N37.6bn Loans to Mortgage Banks

The Central Bank of Nigeria disbursed loans and advances worth N37.6bn to mortgage banks in 2022; the audited financial statement of the apex bank has shown.

The mortgage banks that received the loans from the CBN include the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company.

The borrowings listed under the loans and receivables section of the report showed that NMRC, a public-private refinance mortgage company, borrowed N37bn.

Loans and receivables are the funds that a company lent and are expected to be repaid within a year.

The report also showed that N9m was advanced to the FMBN.

At the same time, N16m was disbursed as subordinated loan to mortgage finance banks under the Nigeria Housing Finance Programme making a total of N37.6bn.

However, the bank didn’t specify if the loan has been paid back.

Meanwhile, further analysis also showed that the same amount was lent to the banks in 2021.

Punch/Hauwa Abu