MRC

The Central Bank of Nigeria has said it has removed the restriction on non-member mortgage lenders from refinancing their mortgages with the Mortgage Refinance Company.

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It said it now permits the MRCs to refinance the qualifying mortgages of lenders that do not hold its equity, subject to compliance with all other relevant provisions specified in the framework.

The CBN said this in a circular titled ‘Regulatory and supervisory framework for the operations of a Mortgage Refinance Company approval to refinance non-member banks’ issued to all banks and other financial institutions.

The circular, which …