Posted on Mar 31, 2020
The outbreak of the corona virus (COVID-19) and confirmation by the Federal Ministry of Health and the Nigeria Centre for Disease Control of 139 (One Hundred and Thirty-Nine) number of reported cases and counting, there have been unprecedented disruptions to businesses in Nigeria and the economy as a whole. The outbreak has also resulted tanking oil prices and a receding economy.
Hence, the Central Bank of Nigeria (“CBN”) on 23rd of March 2020, issued a Circular with reference no. FPRD/DIR/GEN/CIR/07/050 to deposit money banks and the general public (the “Circular”) for the implementation of a N50billion credit support scheme (the “Scheme”). The Circular takes effect immediately and expires on the 31st of December 2024. The Scheme is funded by the Micro, Small and Medium Enterprises Development Fund and the eligible participating financial institution is the NIRSAL Microfinance Bank (“NMFB”).