• Monday, June 24, 2024
businessday logo


CBN to licence more microfinance banks soon

CBN’s new FX rules to shore-up dollar supply, stabilise naira

The Central Bank of Nigeria (CBN) on Monday said it would inject more certified microfinance bank operators into the industry. Kola Durojaiye, the deputy director, other financial institutions supervisory department (OFISD) of CBN, said this in an interview with the News Agency of Nigeria (NAN) in Lagos. He said the apex bank was bent on injecting more microfinance bank operators into the system because of the prospects for the country.

Read also: NLC moves to regain credibility, wriggle out of crisis

The apex bank had injected more than 680 certified microfinance bank operators into the economy since 2014. “Though it is a year of elections and the government purse is leaner because of the falling oil prices, the CBN is working harder with the microfinance industry to bring buoyancy to the economy,” he said. Durojaiye said that the 680 certified microfinance bankers injected in 2014 undertook intensive courses in micro-financing.