The Central Bank of Nigeria (CBN) has set aside 60 per cent of the N220 billion CBN loan for women who are into small and medium scales enterprises (SMEs) so that they can be gainfully involved in the private sector of the economy.
The remaining 40 per cent of the loan goes to other micro business entrepreneurs such as vulcanisers, hair salon owners, bakers, tailors, as well as other medium-scale businesses that help to promote production of goods in the country.
The apex bank also has decried the growing abuse of the naira through squeezing, selling, spreading and treading under-foot while dancing at public functions, hoarding by some Nigerians and those hawking the Naira.
The bank gave the clarification through its acting Director of Communication, Mr. Isaac Okoroafor at a recent two-day sensitisation /enlightenment workshop organised for industrialists, manufacturers, hairdressers, bakers, members of the All Farmers Association of Nigeria (AFAN), tailors and mechanics among others, with a theme ‘Promoting financial stability and economic development’ held in Owerri, capital of Imo State.
Okoroafor said the nationwide sensitisation exercise, which second phase had already taken place in 34 states of the federation, was meant to inform, educate and enlighten farmers and members of the business community on ways and means to promote and sustain their business outfits.
He warned that henceforth those who are fond of abusing the Naira would be liable to a 6-month imprisonment sentence or a fine of N50,000, or both in accordance with the Bank’s Act of 2007 when caught.
Insisting that the nation’s currency should be accorded equal respect and dignity with her national flag, the apex bank explained that the nation spends more than N100 to mint one single N100 note.
According to him, 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 agricultural 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 the Bank.
During the workshop which featured lectures on Protection of the rights of bank customers, the bank’s Assistant Director Consumers Protection Department Othniel Tukur Nuhu spoke on the rights to privacy and confidentiality, right to redress, right for enquiry from bank officials when the need arises, duties of bank customers, knowledge of statement of accounts, knowledge of customers obligations, account officers and duty to protect bank instruments, among others.