The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility.

The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility.

It said the stimulus package was to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, adding that beneficiaries could access up to N25m.

This was disclosed in a tweet on Monday by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank.

The NIRSAL microfinance bank stated that interested households and businesses could apply via link posted in the tweet.

On the concept of the TCF, the bank explained that the COVID-19 pandemic had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, among others.

The Central Bank of Nigeria has said it will extend its Credit Risk Management System to the other financial institutions in the country to protect them from bad debtors.

It said this became imperative after it had successfully implemented it in other lending institutions in the country.

The CBN said this in a circular signed by the Director, Financial Policy and Regulation Department, Kelvin Amugo, titled ‘Credit Risk Management System: Commencement of enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies’ on Monday.

The statement said that as part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.