We are pleased to inform the general public that the Central Bank of Nigeria (CBN) has announced its decision to raise the Targeted Credit Facility (TCF) for households and Small and Medium Enterprises (SMEs) from N150 billion to N300 billion.
The apex bank also said it had disbursed a total of N149.21 billion to SMEs and households across the country under the TCF.
The disclosure was made by the Governor of the Central Bank of Nigeria, Godwin Emefiele during a virtual seminar for finance editors and correspondents held simultaneously in Lagos and Abuja.
The CBN boss, who was represented by the CBN Deputy Governor, Corporate Services, Edward Lametek, said the apex bank made moves to alleviate the plights of households and business owners and drive economic growth during the pandemic.
“We initially created a N150bn Targeted Credit Facility for affected households and small
and medium enterprises through the NIRSAL Microfinance Bank. Already, N149.21bn has been disbursed to 316,869 beneficiaries.
“Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to about N300bn, in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.”
Emefiele stated that in line with the growing need to go digital, the application process was done online and required limited paperwork from prospective applicants.
He said the bank had continued to improve its remittance infrastructure in order to provide Nigerians in the diaspora with cheaper, convenient and faster channels for remitting funds to beneficiaries in Nigeria.
“In a bid to reduce the cost of remitting funds to Nigeria, the CBN on March 8, 2021 introduced a refund of N5 for every $1 of fund remitted into the country through IMTOs (International Money Transfer Operators) licensed by the CBN,” he said.
Emefiele added, “We believe this measure would help to support improved foreign exchange inflows and enable Nigerians in the diaspora to use more formal channels relative to informal channels.”