By Guardian Editor 09 January 2024 | 5:55 am Nigerian deposit money banks have halted accepting new loan applications under the Central Bank of Nigeria’s (CBN) development finance intervention funds. This development was disclosed through a notification sent to customers by Access Bank on Monday. CBN governor, Olayemi Cardoso Nigerian deposit money banks have halted accepting new loan applications under the Central Bank of Nigeria’s (CBN) development finance intervention funds. This development was disclosed through a notification sent to customers by Access Bank on Monday. This followed an earlier announcement in December 2023 by the CBN officially discontinuing the processing of new loan applications under its existing development finance intervention funds. These programs include the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), and the Real Sector Support Fund (RSSF). The communication from Access Bank also emphasized that all existing CBN development finance intervention funds with approved interest rates will remain unchanged. Customers are expected to fully repay these existing loans in accordance with agreed terms and conditions. This unexpected decision to suspend new applications for CBN funds raises questions about the potential implications for businesses and individuals seeking financial support amid economic challenges. Stakeholders are closely monitoring the situation for further developments. 2 hours ago Nigerian deposit money banks have halted accepting new loan applications under the Central Bank of Nigeria’s (CBN) development finance intervention funds. This development was disclosed through a notification sent to customers by Access Bank on Monday. 2 hours ago President Bola Tinubu on Monday sacked the Executive Vice Chairman and CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, and the Director-General/CEO of the Bureau of Public Enterprises, (BPE) Mr Alexander Okoh with immediate effect. 2 hours ago Mixed reactions have trailed a report detailing how the late founder of the Synagogue Church of All Nations (SCOAN), Temitope Balogun Joshua, reportedly raped, tortured, and subjected some church members to solitary confinement. 2 hours ago Deputy Speaker of the House of Representatives, Benjamin Kalu, has launched the Food For Peace initiative as part of efforts in resolving security challenges in the South East. 2 hours ago A former governor of Imo State, Rochas Okorocha, and his supporters, known as the ‘Rescue Mission Political Family,’ have resolved to pray, support and work for President Bola Tinubu to ensure that he succeeds in office. 2 hours ago Former Chairman of the People Democratic Party (PDP) in Ebonyi State, Silas Onu, yesterday, emerged the party’s senatorial candidate for Ebonyi South senatorial election slated for February 3, after winning the party’s primary by-election. 2 hours ago The Isana Ajie of Asaba kingdom, Chuck Nduka Eze, has revealed that the spirits of about 1,000 Asaba people killed during the 30 months Nigeria civil war are still protecting and guiding them. Hence, there is peace in Asaba, 54 years after the war. 2 hours ago Cross River State Governor, Bassey Otu, has said that since the judiciary is under what he described as unbridled public criticism, it needs to re-invent through self-cleansing. 2 hours ago Barely four days after the governorship candidate of Social Democratic Party (SDP), Magnus Abe, dumped the party and returned to the All Progressives Congress (APC), some party members and supporters of SDP in Ogba/Egbema/Ndoni Local Council of Rivers State have dumped the party 3 hours ago The Federal Capital Territory (FCT)High Court sitting in Maitama, Abuja has declared the prolonged detention of former Governor of the Central Bank of Nigeria (CBN), Godwin Emfiele, without trial as a violation of his fundamental rights.
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