CBN doubles Targeted Credit Facility to N300bn

The Central Bank of Nigeria (CBN) has doubled the Targeted Credit Facility (TCF) to N300 billion from N150 billion.

The facility which was recently reintroduced is disbursed to Nigerians to alleviate the plight of households and businesses impacted by the coronavirus pandemic.

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 Edward Adamu Lamtek stated that so far N149.21 billion has been disbursed to 316,869 beneficiaries and as a result has decided to “double this 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, “our recent directive only amplified an earlier regulation on the subject of cryptocurrency.”