Bank report on rural operator

Twenty-eight out of the thirty-three commercial banks operating in the country as at July 1987 reported to the Central Bank on their rural banking operation.
Five of the banks failed to report. This fact was disclosed by authoritative sources of the Central Bank of Nigeria last Friday.
According to CBN, the total loans and advances granted by the reporting banks stood at N364.7 million, representing 40.5 per cent of total deposits generated in the rural areas.
This, according to CBN was marginally higher than the 40.0 per cent minimum ratio prescribed for fiscal year 1987.
According to the apex bank eleven big and medium sized banks and three small banks had, by the end of July 1987 exceeded the prescribed ceiling for the whole year.
The apex bank said that most of the bank’s defiled stipulated lending to the high priority areas. Instead of the 50.0 per cent prescribed, the offending banks total loans and advances outstanding was 42.4 per cent while the other sector absorbed 57.6 per cent a 7.6 per cent ponito higher than the prescribed maximum targets.
According to CBN, the agricultural and manufacturing sectors received 13.0 and 29.4 per cent, respectively compared with the prescribed minimum ratios of 15 and 35.0 per cent respectively.
On investment July 1987, the bank said that the investments outstanding amounted to N6.4 billion representing a decline N145.9 million.