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COVID-19: CBN unveils guidelines for non-interest transactions

The Central Bank of Nigeria (CBN) yesterday released guidelines on operations of some of its intervention programmes for Non-Interest Financial Institutions.

 

According to the apex bank, the move is aimed at increasing its support for businesses and households that have been impacted negatively by the Coronavirus (COVID-19) pandemic.

 

Intervention programmes for which the CBN posted guidelines for Non-Interest Financial Institutions yesterday include the Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS); the Accelerated Agricultural Development Scheme(AADS); the Anchor Borrowers Programme (ABP); Creative Industry Financing Initiative(CIFI) and the Non-Oil Export Stimulation Facility(ESF).

 

Others are the Real Sector Support Facility (RSSF) through CRR; the Micro, Small and Medium Enterprises Development Fund (MSMEDF); Real Sector Support Facility Revised Guidelines ; Intervention in the Textile Sector and the Credit Support for the Healthcare sector.

 

It will be recalled that the CBN had on June 18 announced that it was finalising plans on a framework to integrate non-interest  window for all its financing intervention programmes, particularly the Anchor Borrowers’ Programme (ABP) and the Targeted Credit Facility (TCF) to boost support for households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. CBN’s Director of Corporate Communications, Mr. Isaac Okorafor, and his counterpart in the Development Finance Department, Mr. Yila Yusuf, told reporters then that the CBN Governor, Mr. Godwin Emefiele, had already directed the Development Finance Department to create the noninterest window, especially for the North-west and North-east.

 

He noted that the bank was determined to push the economy to ensure Nigeria does not experience consecutive quarters of negative growth.

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