CBN approves ₦50 Billion Credit to Nigerians Affected by Coronavirus

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Banks must get approval before sacking more than 5 staff - CBN
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CBN approves ₦50 Billion Credit to Nigerians Affected by Coronavirus – A N50bn Credit Facility has been unveiled by the Central Bank of Nigeria – a facility 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 will be 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.

CBN loan
CBN approves ₦50 Billion Credit to Nigerians Affected by Coronavirus

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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About Sam Gabriel 447 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670