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The Central Bank of Nigeria and the Bankers’ Committee have agreed to extend special facilities to Nigerian-registered airlines and the media industry in Nigeria to enable them to address the negative impact of the COVID-19 pandemic. CBN said the agreement, which was on the prompting of its Governor, Godwin Emefiele, was made on Tuesday. It said Emefiele, while addressing banks’ chief executives at the bi-monthly virtual meeting of the Bankers’ Committee, urged the banks to do all within their powers to support airlines in Nigeria. The CBN boss said such support was critical to helping the industry recover from the […]

The Development Bank of Nigeria and the Central Bank of Nigeria have urged microfinance banks and other participating financial institutions to improve their sustainability efforts and become more responsive to their social and ecological environment. The banks said this was important as Nigeria and the global communities continued to grapple with the effects of climate depletion and economic uncertainties caused by the COVID-19 pandemic According to a statement on Friday entitled ‘DBN advocates sustainability banking for MFBs,’ the banks said this during a webinar organised by DBN for MfBs and PFIs. The initiative was focused on deepening DBN’s efforts to[…]

The Central Bank of Nigeria (CBN) announced this evening that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before the can access they can access the credit facility. This is according to a very brief press statement that was posted on Twitter. The statement did not give any reason for the waiver. Recall that the CBN N50 COVID-19 billion Targeted Credit Facility was unveiled by the apex bank in response to the Coronavirus pandemic. The credit facility is aimed at providing financial relief to households and small businesses as[…]