SMEs and Households Benefit From The Central Bank of Nigeria (CBN) N253 billion Fund

As part of its response to the COVID-19 pandemic, the Central Bank of Nigeria has released N253 billion to 548,345 recipients. Osita Nwanisobi, the bank’s acting director of corporate communications, revealed this on Thursday at the bank’s special day at the current 42nd Kaduna International Trade Fair, noting that the beneficiaries included 470,969 families and 77,376 SME’s. Nwanisobi, who was represented by Ahmed Mohammed Wali, Branch Controller, Kaduna, said the bank reduced the interest rate on CBN intervention loans from 9% to 5% to encourage more lending, and that the NIRSAL microfinance bank initially created a N150 billion Targeted Credit […]