• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

LoanSpot

Information on everything Loans & access to Credit in NIgeria.

  • Personal Loans
  • Business Loans
  • Building Credit
  • Reviews
  • Contact us
  • Find a loan

Surviving The Pandemic; CBN Being More Than A Regulator

March 27, 2020 by Finance Writer Leave a Comment

Building of The Central Bank of Nigeria
The Central Bank of Nigeria

Surviving The Pandemic; CBN Being More Than A Regulator

In a quick response to the coronavirus which has most certainly led to unprecedented economic disruptions globally, we see a drop in crude prices, turmoils in the financial markets, border (air, land and sea) closure in some parts of the world and a large swamp of movement of persons in other parts. Many have taken urgent steps to cushion the effect of the global pandemic which has continued to evolve within the existence of today’s world. 

As a follow-up to the N50 billion targeted credit facility in which the CBN unveiled last week, there is a response to the outbreak as an emergency package to support households and SMEs affected by the pandemic.

The Credit Framework: The Condition

Only those that can show verifiable evidence of livelihood adversely impacted by COVID-19; including existing enterprises with bankable plans, will be able to take advantage of opportunities arising from the COVID-19.

As of today, as many businesses are wondering what to do with their loans after coronavirus, these businesses will fall in any of the categories laid down by the CBN following the Federal, State or Association policies that have emerged as a result of the outbreak.

Who Are ‘Credit-worthy’ by the CBN?

According to the guidelines, activities covered under the scheme include Agriculture value-chain activities, hospitality (accommodation and food services), health (pharmaceuticals and medical supplies), airline service providers, manufacturing, trading and others prescribed by the CBN.

The bank also added that the maximum loan amount of N25 million would get to SMEs while households can access a maximum of N3 million (and working capital would be a maximum of 25% of the average of the previous three year’s annual turnover).

Find A Loan

Check out the Related Posts below:

  • CBN Creative Industry Loans - What you should know

Filed Under: Building Credit

5 Ways to get out of debt
Prev 1 of 4 Next
  • 5 Ways to get out of debt

    5 Ways to get out of debt

  • 5 Cs of Credit

    5 Cs of Credit

  • 5 Major Parties Involved In A Letter Of Credit

    5 Major Parties Involved In A Letter Of Credit

  • Five Ways Personal Loans Can Save the Day

    Five Ways Personal Loans Can Save the Day

Prev 1 of 4 Next

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published.

Primary Sidebar

Recent Posts

  • Credit note – Meaning and how it works
  • Difference between credit card and debit card – What you should know
  • Companies with lowest loan interest rates in Nigeria
  • Loanspot Launches in South Africa, Kenya and Ghana
  • Forex Loans – Everything you should know

Recent Comments

  • cbd sleep gummies on Difference between credit card and debit card – What you should know
  • Greek Male Voice on Real estate developer loans in Nigeria explained
  • Free Accounts on List of Platforms Granting 24hrs Loan in Nigeria
  • #greekfemalevoice on Rent loans in Nigeria – What you should know
  • voice over greece on Forex Loans – Everything you should know
  • About Loanspot.ng
  • Contact us
  • Disclaimer
  • Privacy Policy

Copyright © 2021 Loan Score. All Rights Reserved