CBN disburses N37.6bn in loans to mortgage banks
Central Bank of Nigeria (CBN) says it disbursed loans and advances worth N37.6bn to mortgage banks in 2022, the audited financial statement of the regulatory bank shows.
The mortgage banks that received the loans from the CBN include the Federal Mortgage Bank of Nigeria (FMBN) and the Nigerian Mortgage Refinance Company (NMRC).
The borrowings listed under the loans and receivables section of the report showed that NMRC, a public-private refinance mortgage company, borrowed N37 billion.
Loans and receivables are the funds that a company lent and are expected to be repaid within a year.
The report also showed that N9 million was advanced to the FMBN, while at the same time, N16m was disbursed as subordinated loan to mortgage finance banks under the Nigeria Housing Finance Programme (NHFP) making a total of N37.6bn.
However, in the report, CBN did not specify if the loan has been paid back.
It would be recalled that the same amount was loaned out to the listed banks in 2021.
