CBN Issues Guidelines for Licensing and Regulation of Primary Mortgage Banks in Nigeria

Thursday, April 18, 2019 06:10PM / CBN 

The CBN issued the Revised Guidelines for Primary Mortgage Banks in Nigeria in November 2011, to re-position the mortgage sub-sector with a view to harnessing its potentials for sustained economic growth. The guidelines introduced enhanced requirements for capital, risk management, internal control and corporate governance.

Notwithstanding the measures put in place, the mortgage sub-sector continued to struggle against headwinds occasioned by unfavourable macroeconomic and other developments.

The Guidelines have been reviewed to strengthen primary mortgage banks as well as complement other on-going reforms in the mortgage sub-sector. An exposure draft of the revised Guidelines Is hereby issued for comments and observations. The document can also be accessed at the Bank's website, www.cbn.gov.ng

Please send your comments to the Director, Financial Policy and Regulation Department, with soft copies mailed to hiyole@cbn.gov.ng and cponyekwe@cbn.gov.ng within three (3) weeks from the date of this letter.

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