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726,198 Beneficiaries access N343 billion from CBN’s intervention

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No fewer than 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises (SMEs) have benefited the total of N343.2 billion from the Targeted Credit Facility (TCF), an initiative of the Central Bank of Nigeria (CBN).

This is as the apex bank is set to launch the eNaira digital currency, in a couple of days from now.

Speaking at a 16th International Trade Fair in Abuja at the weekend, CBN governor, Mr Godwin Emefiele, who was represented by the director, corporate communication department, Mr Osita Nwanisobi, stated that aside from the disbursement of the N343.22 billion credit facility, there is still the disbursement of N134,57 billion to 38,140 beneficiaries under the Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS).

To him, “there is the deployment of N756 billion to 3.7 million farmers cultivating over 4.6 million hectares of farmland under the Anchor Borrowers Programme (ABP).

“The mobilisation of key stakeholders in the Nigeria economy through the CACOVID alliance which led to the provision of over N23billion in relief materials to affected households and the setup of 39 isolation centres.”

Nwanisobi also disclosed that the CBN will be unveiling the CBN digital currency, the eNaira, which is the digital version of Nigeria legal tender with the same value as fiat naira. The CBN, he said, is the central authority in terms of minting and issuance of the eNaira while banks and other financial service providers will be involved in the distribution of the currency.

The CBN had announced plans to launch its own digital currency this year after Nigeria barred banks and financial institutions from dealing in cryptocurrencies in February.

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Emefiele had previously said the eNaira would operate as a wallet against which customers could hold existing funds in their bank accounts, and that this would accelerate financial inclusion and enable cheaper and faster remittance inflows.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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