CBN Gives Out N16.4bn To Farmers In Kebbi

The Central Bank of Nigeria (CBN) disclosed that it has disbursed a sum of of N16.4 billion to 78,000 farmers in Kebbi State since the launch of the Anchor Borrowers’ scheme.

The government banker at the end of 326 Bankers’ Committee meeting in Lagos on Thursday disclosed that, N210,000 was given to each of the farmers as part of funds to acquire an hectare of farm land.

CBN’s Director of Banking and Supervision, Tokunbo Martins, informed financial journalists that the next phase of the scheme would include Ebonyi and Anambra.

She disclosed that, the Committee had resolved to support the anti-corruption efforts of the government and the other reforms aimed at stabilizing the economy.

The Director also revealed that, access to financial services has been made easier and cheaper with the licensing and approval of the super-agents that distribute banking services at less cost, and with targets set to reach all nooks and crannies in communities across the country.

She allayed fears of non-performing loans in the banking system, stressing that banks have enough capital to absorb risks they are exposed to.

Meanwhile, Managing Director of Guaranty Trust Bank, Segun Agbaje, hinted that the nation’s current challenges with foreign exchange calls for change in the habit of allocating the resources and suggested, investment in imports’ substitution and local production.

He said that, the fall in oil prices from $115 to $37 had created a supply problem, which required adjustment in demand and efficient allocation of the available resources.

On his part, the Managing Director, Fidelity Bank, Nnamdi Okonkwo, informed the journalists that the apex bank was working on the mode of  disbursement of accrued funds from the reduced Cash Reserve Requirement (CRR), which he said, banks were eager to commence as soon as the directive was issued.

He stressed that, the funds would remain a single digit interest rate like other development funds of the institution, while reiterating that the funds would facilitate the needed loans for the real sector of the economy.

On the challenges experienced by manufacturers, acting Director of Communications of CBN, Isaac Okorafor, affirmed that there has been remarkable improvement in access to finance.

He also affirmed that Nigerian banks were still strong and ready to carry out their role of inter-mediation.