The Central Bank of Nigeria, in a move to encourage women in business, has set aside 60 percent of the NGN 220 Bn CBN loan tailored for Small and Medium Scale Enterprises (SMEs), so that they can become gainfully involved in the private sector of Nigeria’s economy.
The other 40 percent of the loan will go to other micro business entrepreneurs including vulcanizers, hair salon owners, tailors, bakers and other medium-scale ventures that contributed in goods production in the country.
CBN has decried the growing abuse of the naira through squeezing, selling, spreading and treading under-foot while dancing at public functions, as well as hoarding and hawking by certain Nigerians. The bank informed this through its acting Director of Communication, Mr. Isaac Okoroafor in the event that was a two-day sensitization/ enlightenment workshop tailored for manufacturers, industrialists, bakers, hairdressers tailors, mechanics, and members of the All Farmers Association of Nigeria (AFAN) among others. The event held in Owerri, Imo State and was themed “Promoting Financial Stability and Economic Development.”
Okoroafor informed that sensitization, which was nationwide, had already taken place in 34 states across the country, with the aim to inform, educate and enlighten farmers and business community members on the means through which they can promote and sustain their business outfits. He admonished participants from abusing the naira, as those who are found in the act will have a price to pay, as it could be a fine of NGN 50 K or a 6-month jail time, or both, in line with the Bank’s Act of 2007.
The workshop featured lectures on the protection of the rights of bank customers, and the rights to privacy and confidentiality, right to redress and inquiry was addressed by CBN’s Assistant Director Consumers Protection Department, Othniel Nuhu. He spoke on the duties of bank customers, knowledge of customers’ obligations and statements of accounts, account officers and duty to protect bank instruments. He also said that the department stands on the trio of pillars comprising market conduct division, consumers’ education and complaint management division.
According to Nuhu, the nation’s currency should be given equal respect and dignity with her national flag, informing that the apex bank spends over NGN 100 minting a single NGN 100 note.
“The issuance of legal tender currency, financial price stability and maintenance of exchange rate stability, developmental functions as well as commercial agricultural credit scheme and accelerated agrarian development schemes in addition to micro, small, medium scale development fund, natural collateral register now enjoy pride of place in the league of functions of CBN’’, he said.