Stacks of US fifty and one hundred dollar bills in money bag

Central Bank of Nigeria, CBN, has disclosed plan to ensure that special intervention funds are directed towards the real sector of the economy, in order to encourage production in the areas where the country has comparative advantage to produce goods and services.
The CBN director of Banking Supervision, Mrs Tokunbo Martins made this known yesterday during press briefing after Bankers’ Committee meeting in Abuja.
She explained that the committee deliberated on how it would be lent at single digit interest rate to support production in the economy that will bring about import substitution projects in the county.
Although, she did not specify the amount of the special intervention fund, she however said that the special intervention fund was generated from a fraction of profits of all the Deposit Money Banks, DMBs, in the country and was being channelled to support the creative sector of the economy.
Bankers Committee also agreed to increase the supplies of dollars to Bureaus De Change from $30,000 to $50,000.
Mrs Martin, who was flanked by the chief executive officers Zenith Bank, Peter Amangbo; UBA, Kennedy Uzoka, and Jaiz Bank, Hassan Usman, briefed journalists on the outcome of the meeting.
They explained that the increase on the foreign exchange supplies to the BDCs nationwide was agreed on after review of developments under the earlier directive to peg the amount at $30,000.
They noted that there were additional needs to increase the amount to meet further foreign exchange needs such as payment of school fees, boarding travelling allowances , among others.
They assured that the CBN would from time to time continue to review the foreign exchange policy to meet developing demands until the crisis abates.
The committee also resolved to engage in intensive enlightenment campaign on the need to save funds nationwide including in local government areas as part of activities marking the forthcoming World Savings Day.
They also planned to engage in intensive creation of awareness to increase financial inclusion up to 80 percent nationwide.


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