In a communication titled “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,” directed to bank Chief Executives, the CBN detailed this new directive.
Sa’ad Hamidu, the Acting Director of the Development Finance Department, affixed his signature to the circular, marking a strategic shift in the bank’s operational focus.
This suspension signifies a substantial change in its approach to development finance intervention funds, a pivotal element in the previous central bank’s strategy.
Simultaneously, the CBN has assigned commercial banks, formerly responsible for disbursing these intervention loans, the task of recovering outstanding loans issued under these programs.
