Director of Development Finance, CBN, Dr Yusuf Yila, disclosed this to journalists on Wednesday in Abuja at a post-287th Monetary Policy Committee press conference, noting that this was the first time manufacturers were getting a long-term finance scheme with reasonable moratorium.He further said that N1tn had been disbursed under the Anchor Borrowers Programme while N400bn had been recovered.
He said most of the loans were securitised and critical sectors such as agriculture, manufacturing, health, exports and SMEs had benefitted from the intervention.The CBN raised inflation to 15.5 per cent on Tuesday, from 14 per cent in July, as inflation accelerated to 20.5 per cent in August. He said the concerns around inflation also propelled the apex bank to raise the cash reserve ratio, noting that it would not be in the interest of Nigeria for the interest rate to be far below the inflation rate.
“The quantity of money is too much for the economy. We have structural issues, but what is going on is more on the demand side, which is temporary,” he explained.
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