The Central Bank of Nigeria, CBN, will transfer N5.5 trillion for development activities to the Ministry of Finance, Development Finance Institutions amid its restructuring plan. According to a new report, this move aligns with the recommendations from the International Monetary Fund, IMF, on the need for the CBN to streamline its economic policies and focus on core central banking functions. 'The CBN's decision to phase out its development finance activities is welcome.
'An orderly portfolio transfer is key to avoiding interruption of credit flows to agriculture and small and medium enterprises. Undercapitalized financial institutions should not be eligible to absorb CBN's portfolio', the report read. Under the new strategy, the CBN will gradually phase out its direct involvement in development financing, which historically included lending concessional terms to sectors like agriculture and small and medium-sized enterprises .
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