Agronigeria
The Central Bank of Nigeria (CBN) has assured that the manufacturing and agricultural sectors will enjoy single digit interest rates as it would fast track lending of a reserved special intervention fund earmarked for the sectors.
The CBN has set aside N235 billion and N750 billion as intervention funds for the manufacturing and agricultural sectors respectively, which it describes as pivotal in the resuscitation of the nation’s ailing economy.
The CBN Director, Banking Supervision, Mrs. Tokunbo Martins, made the disclosure in Abuja, while briefing the media on the outcome of Bankers’ Committee meeting. She also revealed the joint decision by CBN and Bankers’ Committee to increase limit of banks’ FOREX sale to Bureaux De Change (BDCs) to $50,000 from $30,000 it was two weeks ago.
