The Central Bank of Nigeria has said that the COVID-19 Targeted Credit Facility would be disbursed to successful applicants who have submitted their account details within 48 hours of approval.
This was disclosed on Monday in a statement signed by the Director, Corporate Communications of CBN, Isaac Okorafor.
According to the CBN, the applicants are households and small and medium businesses that are hard hit by the COVID-19 pandemic.
Okoroafo added that all successful applicants whose accounts have not been credited to visit the website of NIRSAL Microfinance Bank and input their account details.
The Director said, “any successful applicant that does not receive a credit alert within 48 hours” should call for resolution.
He added that the CBN has waived the provision of guarantors by households and small and medium enterprises as a requirement in order to apply for the ₦50bn worth of facility.
Okorafor added that the move was meant to assuage the concerns of those who have fulfilled all the loan’s requirements but were yet to receive credit on their accounts. Especially as other persons have started receiving alerts.
He emphasized that the palliatives being disbursed are loan and should not be taken for granted.
The apex bank urged households and small businesses to use the palliative to revive their businesses and contribute to steering Nigeria away from recession.
