CBN to Give Credit of N50 Billion to Curtail COVID-19 Effect.

The Central Bank of Nigeria has announced a N50 billion credit facility for Micro, Small and Medium Enterprises (MSEMEs) who have been affected by the Coronavirus pandemic.

Central Bank governor, Godwin Emefiele announced this on Monday in Abuja, at an event where he outlined the apex banks relief plans meant to reduce the effect of the Coronavirus pandemic on the economy. The apex bank said the facility will be given out through the Nigeria Incentive-Based Risk Sharing system for Agricultural Lending (NIRSAL) Microfinance Bank for the targeted beneficiaries, including but not limited to hoteliers, airline service providers and health care merchants, among others.

The Governor, Emefiele said, “we will work closely with Deposit Money Banks (DMB) to ensure that the use of this forbearance is targeted, transparent and temporary, whilst maintaining individual DMB’s financial strength and overall financial stability of the system.”
“The CBN will also consider additional incentives to encourage extension of longer tenured credit facilities. DMBs are encouraged to continue to build capital buffers in order to improve resilience of the sector,” Emefiele added.

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