has announced a new financial instrument which it says will support companies to boost local productivity, create wealth and stave off importation responsible for Nigeria’s foreign exchange crisis.
The bank has launched several initiatives in recent years to support Nigeria’s private sector, as it battles an importation-fuelled foreign exchange crisis that has sent the Naira crashing over 30 per cent in the last one year. Under this policy, he said the CBN will advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021, and rolling over every 100 days with a new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.
“After these 100 projects by companies in the first hundred days from November 1, we will take the next 100 companies/projects for another 100 days beginning February 1, 2022, and then another 100 companies for another 100 days beginning from May 1, 2022.”
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