CBN Flags Off Disbursement of N50bn Credit Facility to 3,256 Individuals, Businesses
The Central Bank of Nigeria (CBN) has commenced the disbursement of N50billion to individuals and businesses adversely affected by the negative impact of the coronavirus.
The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, who inaugurated the disbursement of the fund for the CBN said 3,256 beneficiaries applied for the first tranche of the fund.
It was reported that as at April 14, 80000 applications had been received from individuals and businesses wishing to benefit from the fund.
He said that with the disbursement, beneficiaries would resume productive activities once the economy is reopened after the lockdown.
According to him, “The idea of this fund is to provide cash flow owing to the lockdown and the restrictions in movement of people.
“The flag-off is intended to provide liquidity following cash flow issues as a result of the negative impact of COVID-19.”
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