CBN Introduces N50bn Credit Facility For Households & Small Businesses Affected By Coronavirus

The Central Bank of Nigeria has announced that it would give a N50bn Targeted Credit Facility to households and small businesses affected by Coronavirus (COVID-19).

Those eligible according to the apex bank 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 facility will be administered by the NISRAL Microfinance Bank and the Central Bank of Nigeria.