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This is even as the apex bank charged Deposit Money Banks
(DMBs) with the recovery of previously granted loans under the scheme.
These developments were announced by the apex bank in a
circular to the Chief Executives of banks, signed by Acting Director,
Development Finance Department, Sa’ad Hamidu.
The circular titled “Suspension of Acceptance of New
Applications under the Existing Central Bank of Nigeria, CBN Development
Finance Intervention Programme” says;
“In furtherance of the Central Bank of Nigeria’s (CBN) new
policy thrust focusing on its core mandate of ensuring price and monetary
stability, the Bank has commenced its pullback from direct development
financing interventions.
“Accordingly, the CBN would be moving into more limited
policy advisory roles that support economic growth.
“In consideration of the above, the CBN wishes to inform you
that it has stopped accepting new loans applications for processing under any
of its existing intervention programmes and schemes.
“It is important that you communicate this to your
customers. And kindly note that the interest rates, as well as other terms and
conditions on all existing facilities, remain as contained therein in their
respective approval letters.
“You may also wish to note that your bank shall be
responsible for the recovery of the outstanding balance on all facilities
previously accessed through your bank.”