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Loan defaults worsened in third quarter’

Defaults in unsecured loans to household and small businesses during the third quarter worsened and this is expected to continue in the fourth quarter of the year, the Central Bank of Nigeria has said.

The regulator said this in its third quarter Credit Conditions Survey Report, THE WHISTLER reported.

The apex bank said the performance of total unsecured loan to households, measured by default rates, worsened in the third quarter and it was expected to deteriorate further in the fourth quarter of the year.

The CBN noted that corporate loan performance rates also worsened for small businesses.

The apex bank said lenders expected a decrease in the rate of default for all firm sizes except small businesses in the next quarter.

For secured loan, the CBN said the default rate reduced, signaling a positive performance during the quarter under review.

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