CBN introduces N50bn credit facility for households and small businesses affected by the Coronavirus pandemic

A N50bn Credit Facility has been unveiled by the Central Bank of Nigeria, specifically to cater for the needs of households and small businesses that have and will be adversely affected by Coronavirus (COVID-19).
According to the CBN, those eligible for the stimulus package must prove that they, their livelihood and business operations have been adversely affected by the spread of the virus.
Businesses eligible for the scheme are agricultural value chain activities, hospitality, health (pharmaceuticals and medical supplies), airline service providers, manufacturing and value addition, and trading.
The maximum amount to be received depending on proof of cash flow of investment size is N25m while households can access N3m with an interest rate of 5 per cent per annum for a maximum period of one year.
The apex bank says facility will be administered by its officers and the NISRAL Microfinance Bank.

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Author: Daniel Said