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The Nigerian Central Bank (CBN) has waived the requirement to provide guarantor by families and small and medium-scale companies applying for its COVID-19 target of 50 billion credit facility. Apex Bank announced this yesterday on its official Twitter account A CBN source confirmed to The Nation that the reason for waiving the condition was to reduce the pressure on applicants trying to access the loan. According to the source, "The Apex Bank wants to reduce the pressure on applicants, but that does not mean that they will not pay back the loan. They will." The New Apex Bank has launched a targeted credit facility of 50 billion Cover-19 for families and SMEs to mitigate the severe economic impact of the Corona virus virus. Many Nigerians have already applied for the loan while the implementing agency, Nirsal Microfinance Bank (NMFB), is processing the application for disbursement.
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