CBN Disburses N69bn COVID-19 Fund To 140,000 Businesses, Households

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The Central Bank of Nigeria, CBN, said that it has disbursed N69 billion out of the N100 billion it set aside for COVID-19 intervention to small businesses and households.

CBN Governor Godwin Emefiele disclosed this on Tuesday during the of the Chartered Institute of Bankers of Nigeria, CIBN, 13th conference opening ceremony in Abuja.

Recall the during the COVID-19 lockdown, the CBN announced a N50 billion facility at 5 percent interest rate for small businesses and households. The money was disbursed through NIRSAL Microfinance Bank and had been exhausted based on earlier data released by the CBN.

Giving an update on the CBN several interventions, Emefiele said the creation of N100 billion SME and Household intervention fund was received with excitement by Nigerians.
“We initially planned for N50 billion to be disbursed. As we saw there are more and more need by households impacted by the pandemic, the CBN took a decision to increase the size of that intervention fund from N50 billion to N100 billion. And today close to N69 billion of that loan has been disbursed to over 140,000 households and businesses,” he said.

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