The Central Bank of Nigeria has said it is finalising works on a framework to integrate non-interest window for all its financing intervention programmes, particularly the Anchor Borrowers’ Programme and the Targeted Credit Facility to boost support for households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.CBN’s Director of Corporate Communications, Mr. Isaac Okorafor, and his counterpart in the Development Finance Department, Mr.
Okoroafor explained that the CBN believed that if the problem of food is addressed, the rising prices, which have continued to fuel inflation, will be curtailed. “At the CBN, we realise that recession is actually knocking on the doors of Nigeria, but it can still be averted or at least reduced since recession is defined as two consecutive quarters of negative growth.
Similarly, Yusuf said the apex bank had received correspondences from concerned citizens over the need for a non-interest window, particularly for the COVID-19 funds, the ABP and other CBN intervention support schemes. “This is quite significant if you look at what is happening globally, where traditional large producing country like Vietnam and Thailand for rice are closing their silos and closing borders.
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