The Central Bank of Nigeria (CBN) has announced a suspension of new loan applications under its Intervention Program.
In a circular entitled “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,” addressed to the Chief Executives of banks, the CBN outlined this new directive.
The circular, signed by Sa’ad Hamidu, the Acting Director of the Development Finance Department, marks a strategic pivot in the bank’s operational focus.
The suspension represents a significant shift in its approach to development finance intervention funds, which was the cornerstone of the previous central bank.
Concurrently, the CBN has tasked commercial banks, which previously facilitated the distribution of these intervention loans, with the responsibility of recovering outstanding loans issued under these programs.
