CBN’s Targeted Credit Facility hits N300bn

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CBN’s Targeted Credit Facility hits N300bn
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The Central Bank of Nigeria (CBN) has recorded double increase in its Targeted Credit Facility (TCF) to alleviate the plight of households and businesses impacted by the coronavirus pandemic to N300 billion.

Governor of the Central Bank of Nigeria, Godwin Emefiele made this disclosure on Saturday at the 30th seminar for finance correspondents and Editors which held virtually.

Emefiele, represented by the Deputy Governor, Corporate Services, Adamu Lamtek, stated that so far N149.21 billion had been disbursed to 316,869 beneficiaries and as a result has decided to double the fund to about N300 billion, in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.

He noted that in line with the growing need to go digital, the application process is done online and requires limited paperwork from prospective applicants.

Speaking on the controversial cryptocurrency decision of the CBN, Emefiele said the CBN did not place any new restrictions on the use of cryptocurrency in Nigeria.

According to him, the recent directive only amplified an earlier regulation on the subject of cryptocurrency.

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