The Central Bank of Nigeria (CBN) has set aside another N300b Target Credit Facility (TCF) for households, Small and Medium Enterprises through the Nigerian Incentive-based Risk Sharing System for Agriculture Lending [NIRSAL] Bank.
CBN Governor, Godwin Emefiele disclosed this, yesterday, while declaring open the 30th Seminar for Finance Correspondents and Business Editors (FICAN) held in Abuja.
The theme of the seminar is ‘Leveraging Digital Economy to Drive growth, Job Creation and Sustainable Development in the Midst of a Global Pandemic’.
Emefiele, represented by CBN Deputy Governor, Corporate Services, Edward Lamtek Adamu, stated that in line with the growing need to go digital, the application processes are done online, which requires limited paperwork from prospective applicants.
On the issue of remittances, the CBN Chief said the bank has continued to improve its remittance infrastructure to provide Nigerians in the diaspora with cheaper, convenient and faster channels for remitting funds to beneficiaries in Nigeria.
He said to reduce the cost of remitting funds into Nigeria, the CBN on March 8, 2021 introduced a refund of N5 for every $1 remitted into the country through IMTOs licensed by the CBN.
“We believe this measure would help to support improved foreign exchange inflows and enable Nigerians in the diaspora to use more formal channels relative to informal channels,” he said.