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 they cope with the economic fallouts of the pandemic.
Based on the activity, cash flow, and industry size of the beneficiaries. Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each.