Guidelines for the Implementation of CBN’s ₦50 billion Targeted Credit Facility

Exporters Who Fail To Repatriate Proceeds Of Export To Be Denied Banking Services - CBN

The CBN has released its guidelines to the public seeking to apply for its ₦50 billion Targeted Credit Facility aimed at supporting households and SMEs amid the COVID-19 pandemic.

The apex bank plans to mitigate the impact of the COVID-19 on households and small businesses that are adversely hit by the severe economic effect of the pandemic, which has wiped out dozens of millions of jobs and earnings globally.

The CBN has pegged the interest rate on the loans at 5 percent for a duration of one year, after which the rate will be reverted to 9 percent.

The loan application approval and disbursements will be managed by NIRSAL MFB.

Click to download ₦50 billion Targeted Credit Facility

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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