The Central Bank of Nigeria (CBN) #25 million NIRSAL Loan
Central Bank of Nigeria (CBN) Overview
The Central Bank of Nigeria is the apex bank in Nigeria that is responsible for the overall control and administration of the Federal Government’s monetary and financial sector policies.
The apex bank is also charged with the objective of;
- Ensuring monetary price stability
- Promoting sound financial system in Nigeria
- Maintenance of the external reserve to safeguard the international value of the legal tender currency
- Provide economic and financial advice to the Federal Government
- Facilitation of a sound financial system
NIRSAL MFB Overview
NIRSAL Microfinance Bank (NMFB) is a licensed Financial Institution in Nigeria by the Central Bank of Nigeria (CBN) that is tasked with the responsibility of carrying out specialized banking services.
NIRSAL MFB aims at becoming an efficient National Microfinance Bank that provides affordable products and services in Nigeria using appropriate technology and a well-motivated workforce.
The CBN NIRSAL #25 million Loan
The central bank through the NIRSAL Microfinance Bank has offered micro, small, and medium enterprises (MSME) access to loans amounting to the tune of N25 million.
This was a response to the mayhem caused by the COVID-19 pandemic. The government aims at supporting micro, small, and medium enterprises (MSME) in the payroll obligation of over 500,000 employees.
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