CBN: N3.7trn Out of N9trn Intervention Funds Recovered, N5trn Not Due – THISDAYLIVE

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CBN: N3.7trn Out of N9trn Intervention Funds Recovered, N5trn Not Due •Manufacturing accounted for 31% of total exposure •N120bn Intervention: Experts seek focus on local meters manufacturers, laud apex bank James

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•N120bn Intervention: Experts seek focus on local meters manufacturers, laud apex bankThe Central Bank of Nigeria yesterday clarified that out of the N9 trillion interventions it had disbursed in critical sectors of the economy, about N3.7 trillion had so far been repaid by beneficiaries while the about N5 trillion was not yet due for recovery.

While emphasing that the CBN’s interventions were not grants, but loans that must be paid back, Yila added that the CBN had actually activated the Global Standing Instruction to recover loans from the various beneficiaries of its intervention support. “So, indeed, we have closed the gates; only interventions that are very, very critical. MSMEs that are statutory which takes 5 per cent of every bank’s profit after tax, it is not a lot to deploy to SMEs, and then supporting the electricity sector is very, very critical. Interventions have stopped as of yesterday .

“Finally, we’re working with the EFCC. The governor has approved for ourselves and EFCC to set up a desk to help us recover the loads where we are at risk. I mentioned really around ABP and then some of the SMEs. Mahmoud insisted that the volume of money in circulation was too much as this would continue to drive up prices, adding that the main objective of the CBN’s aggressive rates hike was to make the cost of funds more expensive.

He said though the impact of the CBN monetary policy decision would be, “bitter-sweet” the overall objective is to rein in inflation. She said, “As long as we keep increasing supply, we would continue to see the narrowing of the gap. You also know that we have an election coming up and some of these elections would require some kind of exchanges and things but we are ramping up our supply and that’s what the central bank is doing so that supply can go up and the differential in rate will continue to narrow.

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