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CBN Nigeria COVID-19 N50 Billion Naira Targeted Credit Facility

The corona virus (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world. These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production. 

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Naira Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic. 

Highlighted below are the operational modalities for the Scheme:

1. The broad objectives of the CBN’s N50 billion Targeted Credit Facility include:

2. Eligible Participants

3. Eligible activities under the Scheme include:

4. Funding

The Scheme shall be financed from the Micro, Small and Medium Enterprises Development Fund (MSMEDF).  

5. Participating Financial Institution

The eligible participating financial institution for the Scheme is NIRSAL Microfinance Bank (NMFB). 

6. Loan Limit

7. Interest Rate

Interest rate under the intervention shall be 5% p.a. (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility shall revert to 9% p.a. (all inclusive) as from 1st March 2021.  

8. Loan Tenor

9. Collateral Requirement

The collateral to be pledged by beneficiaries under the programme shall be as may be acceptable by NIRSAL MFB, but may include any one or more of the following:

10. Principal Repayment 

Repayment shall be made on installment basis by the beneficiaries to the NMFB according to the nature of enterprise and the repayment schedule/work plan provided at the application stage.


a. Households/MSMEs

b. Corporate Entity

All enquiries may be referred to the Director, Development Finance Department Central Bank of Nigeria, Abuja.

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