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Lamido Sanusi: forcing Nigerian banks to clean up their act |
In some ways things are looking up for Nigeria’s banks. Oil prices have recovered, central bank governor Lamido Sanusi has cut rates, and net interest margins are increasing. By the end of April the local stock market had risen 30% in 2010. There is hope banks might be able to write back margin loans made against stock investments. Banks wrote down many of these loans at the end of last year, some say aggressively.
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