Do Not Charge Above 9%- CBN Warns Banks on Intervention Funds

The Central Bank of Nigeria has warned Banks participating in the disbursement of Federal intervention funds to different critical sectors of the economy against charging above the approved nine per cent interest rate. The CBN Governor, Mr. Godwin Emefiele, gave the warning during an interaction between the Presidential Task Force on Agricultural Commodities and Production…”
Tolu
December 8, 2016 10:50 am

The Central Bank of Nigeria has warned Banks participating in the disbursement of Federal intervention funds to different critical sectors of the economy against charging above the approved nine per cent interest rate.
The CBN Governor, Mr. Godwin Emefiele, gave the warning during an interaction between the Presidential Task Force on Agricultural Commodities and Production and young farmers.

He assured the young farmers that the intervention fund was made available in order to guarantee employment, create sustainable wealth and meet the country’s food needs.

Emefiele, according to a statement from the CBN, also urged the young farmers to take advantage of the apex bank’s Youth Entrepreneurship Development Programme as well as the Micro, Small and Medium Enterprises Development Fund.
This, he said will help to create wealth and reduce the huge level of unemployment in the country.

Also speaking, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, assured the youth of the Federal Government’s support in their quest to make legitimate earnings from agriculture.

Ogbeh, who noted the discontent over the spate of importation of agro-allied products into Nigeria, expressed confidence in the ability of the youth to produce agricultural commodities that would earn the country the much-needed foreign exchange.
He also commended the efforts of the CBN governor, who he noted was very concerned about the import bills of the country, particularly as it had to do with rice importation.
Also in attendant was, Governor of Ogun State, Senator Ibikunle Amosun, said his administration would partner the CBN and do all within available resources to support the agricultural sector.

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