The Central Bank of Nigeria (CBN) has set a maximum threshold of N5 billion to be accessed by an obligor under its new financial instrument, tagged, 100 for 100 Policy on Production and Productivity (100 for 100 PPP) which was introduced recently.

The bank added that any amount above the limit shall require the special approval of CBN’s management.

According to the guidelines for the implementation of the policy which was signed by the CBN Director, Development Finance Department, Mr. Yila Yusuf and posted on the bank’s website, interest rate under the intervention shall be at not more than five per cent per annum (p.a) all inclusive, up to February 28, 2022, after which interest on the facility shall revert to nine per cent effective from March 1, 2022.

CBN Governor, Mr. Godwin Emefiele, last month unveiled the new financial instrument to boost support for selected private sector companies in the country.

According to him, the policy seeks to advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from November 1, 2021, and rolling over every 100 days with new set of 100 companies.