Nigerian banks have applied to the Central Bank of Nigeria for permission to restructure 33% of their loans due to the fallout from the coronavirus pandemic and a slump in oil prices, the regulator said.

A total of 17 banks submitted requests to restructure more than 32,000 loans for individuals and businesses impacted by Covid-19 by the end of May, Aishah Ahmad, a deputy governor, said in her Monetary Policy Committee notes published on the regulator’s website Wednesday.

A triple whammy of the coronavirus pandemic, oil-price collapse and dollar shortages have dealt a blow to the economy of Africa’s largest crude producer, hampering the ability of borrowers to meet their obligations to lenders. FCMB Group Plc said in May it plans to restructure half of its loans after impairment charges surged 61% to 3.7 billion naira ($9.5 million) in the first quarter.

Source: BNN Bloomberg