CBN releases N300bn for exporters

Image result for CBN releases N300bn for exportersThe Central Bank of Nigeria has unveiled about $1 billion special intervention fund to boost non-oil exports in the country.

The announcement was contained in a communique issued at the end of a non-oil export conference convened by the CBN and the Nigerian Export-Import Bank.

The central bank stated that the intervention fund would be given to exporters at an interest rate of not more than nine per cent.

CBN Governor, Godwin Emefiele had indicated that the country might be heading for tougher times because it recorded a decline of $6.14bn in non-oil exports receipts from $10.53bn in 2014 to $4.39bn in 2015.

Emefiele blamed the decline of export revenues on poor loans from the banking sector.

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