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Despite the rhetoric, majority of Nigerians are still wary of the so called N1 trillion intervention fund. When the COVID-19 pandemic came with all her fangs, world leaders swung into action with the creation of intervention funds and palliatives to ease the burden of the average citizen. In Nigeria, asides the palliatives of foodstuff given by state and federal governments alike, drums were rolled when the Central Bank of Nigeria disclosed its support for critical sectors of the economy.   The apex bank first initiated a fund of N50 billion soft loans to small businesses. The N50 billion Targeted Credit Facility (TCF) was to serve as a stimulus package to support households and micro, small and medium enterprises (MSMEs) whose economic activities have been significantly disrupted by the COVID-19 pandemic. The financial institution for the scheme is NIRSAL Microfinance Bank (NMFB) and the interest rate under the intervention was fixed at 5% per annum (all-inclusive) up ...

The World Bank has predicted a sharp fall in Nigeria’s real gross domestic product growth as countries in sub-Saharan Africa head towards recession as a result of the ongoing coronavirus outbreak. The latest edition of Africa’s Pulse, the World Bank’s twice-yearly economic update for the region, said COVID-19 was driving sub-Saharan Africa towards the first recession in 25 years. The report, which was released on Thursday, said already, growth in the region had been significantly impacted by the outbreak and is forecast to fall sharply from 2.4 per cent in 2019 to -2.1 to -5.1 per cent in 2020. The regions three largest economies – Nigeria, Angola, and South Africa – are expected to witness a sharp fall in real GDP growth as a result of persistently weak growth and investment. “While most countries in the region have been affected to different degrees by the pandemic, real gross domestic product growth is projected to fall sharply, particularly in the region’s three l...

The World Health Organization (WHO) has declared the coronavirus outbreak a pandemic amidst continued spread all around the world. Health agencies have advised several safety measures and how best to stay safe at this time, including limiting exposure to crowds. Importantly, research suggests that while viruses survive on most surfaces for around 48 hours, paper money can transport a live flu virus for up to 17 days. And, while polymer banknotes are considered three times cleaner than their paper counterpart, they can still carry harmful bacteria for anywhere between 6 and 24 hours. The health and welfare of bank staffs and its customers are of great importance. Thus, in addition to measures put in place at bank branches to reduce the risk of potential transmission, we are encouraged to minimize cash transactions by using our self-service channels to securely and conveniently transact anywhere and anytime. The following are tips to help Bank Safely: ATM Cards - Use your ...