CENTRAL BANK APPROVES SINGLE-DIGIT LOAN SCHEME FOR AGRIC SECTOR

The Central Bank of Nigeria (CBN) and the Bankers’ Committee has agreed to offer single-digit interest rate loans to operators in the manufacturing and agricultural sectors of the economy from commercial banks’ cash reserve requirement (CRR) with the apex bank.

The central bank explained that instead of outrightly lowering interest rate, it opted for a system whereby the single-digit interest funds would be implemented to long-term credit at nine per cent and a minimum tenor of seven years.

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