The CBN introduced the N50 billion stimulus package for small businesses affected by coronavirus stay in business and not lay off workers.
The Central Bank of Nigeria has waived the requirement for the provision of guarantors by households and small and medium enterprises applying for its N50 billion COVID-19 Targeted Credit Facility.
According to a press release by the apex bank’s spokesperson, Isaac Okorafor, the waiver is to ease the concerns of those who had fulfilled all requirements for the loan but were yet to have their accounts credited, particularly as other persons had begun to receive credit alerts. The apex bank also assured that all successful applicants of the loan will be credited within 48 hours
He, however, urged any successful applicant that does not receive a credit alert within 48 hours to call mobile number: 09010026900 for resolution.Mr Okorafor reiterated that the money being disbursed is loans and should not be taken as grants.
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