CBN waives guarantor requirement for N50bn Covid-19 loan .. Succesful applicants to be credited within 48 hours

Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN) has announced via its official twitter handle yesterday that provision of guarantors would no more be a requirement for households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility to access the credit facility.

The official statements on twitter read:

CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility

All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900

All successful applicants under the CBN COVID-19 Targeted Credit Facility whose accounts have not been credited should go to and input their account details in any bank of their choice

The CBN N50 COVID-19 billion Targeted Credit Facility was introduced by the Central Bank of Nigeria to help cushion the effect of the Covid-19 pandemic. The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each.



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