CBN recovers N3.7trn from beneficiaries of intervention schemes

A total sum of N3.7 trillion out of N9. 3 trillion funds  disbursed for intervention schemes of the Central Bank in the last four years has been recovered by the apex bank from beneficiaries.

According to the Director of Development Finance Department of the Bank, Mr. Yusuf Yila, who disclosed this at a press briefing in Abuja, on Wedneday, a total of N5.3trillion of the intervention funds was not yet due for repayment.

Yila insisted that all beneficiaries of CBN intervention schemes must pay back their loans, which he said were not grants.

He, however, stated that the apex bank would slow down intervention schemes, in its new move to curtail inflationary trends.

The apex bank in recent times have been taken different measures to stem down inflationary trends.

The Bank on Tuesday announced it has increased the benchmark of Monetary Policy Rate (MPR), also known as interest rate, from 14 per cent to 15.5 per cent as a way of tackling inflation.

The increase, disclosed on Tuesday, forms the third hawkish move by the apex bank in 2022.