CBN To Create Non-Interest Window For Intervention Funds –

***To Fund Value Chain Of 9 Commodities With N432bn

By Our Correspondent

The Central Bank of Nigeria (CBN) has said it would soon come up with a framework to integrate non-interest window for all its financing intervention programmes, particularly the Anchor Borrowers’ Programme (ABP) and the Targeted Credit Facility (TCF) to boost support for households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

The apex bank  also disclosed that it would advance over N432 billion through commercial banks to farmers for the 2020 wet season.

CBN’s Director of Corporate Communications, Mr. Isaac Okorafor, and his counterpart in the Development Finance Department, Mr. Yila Yusuf, informed journalists on Thursday in Abuja, that the CBN Governor, Mr. Godwin Emefiele, had already directed the Development Finance Department to create the non-interest window, especially for the North-west and North-east. They spoke to the reporters during an engagement session with rice, maize and cotton farmers as well as private anchors.

Okoroafor said the apex bank would soon develop a framework for operation and integration of non-interest banking in all the bank’s programmes, including the ABP. He noted that the bank was determined to push the economy to ensure Nigeria does not experience consecutive quarters of negative growth.