Date: 2019-07-16

The Central Bank of Nigeria (CBN) has extended its sensitisation programme on its various policies and initiatives to assist small and medium scale businesses in the country.

Speaking at the 2-day sensitisation outreach programmes tagged, "CBN Fair," for small and business owners in Ilorin, Kwara State, recently, the Director, Corporate Communications Department of CBN, Mr. Isaac Okorafor said, "many Nigerians are/unable to access loans from commercial banks because they cannot/distinguish between working and fixed capital."

The theme of the fair was, "promoting sustainable economic development in the country."

He also said many Nigerians cannot access its many financial initiatives as they don't have bank accounts.

Okorafor, revealed that many bank customers did not know their rights, adding that, "some of the commercial banks allegedly make illegal deductions from their accounts."

Represented by the Assistant Director in the Department and National Coordinator of the fair, Mr. Samuel Okegbue, Okorafor added that the CBN had returned billions of naira to customers from illegal deductions by commercial banks.

He attributed the proliferation of dirty and mutilated naira notes in circulation to poor and improper handling of the currency, which he described as "the nation's pride."

He said, "the fair is to sensitise our people on how to take records of what they have, as this will enable them know how to organise their businesses well.

"The CBN is poised to make polices that are people-focused. CBN is monitoring to make sure that bank's customers do not get unwarranted charges from their banks.

"We want to have detailed discussion about development finance initiatives of CBN. Many Nigerians do not know how to access initiatives as they don't have bank accounts."

He added that before the introduction of the Anchor Borrower's Scheme to Nigerian farmers, the country was importing over $1 billion worth of rice annually.

"By importing rice into the country we were sending our hard-earned/money outside the country to improve the economies of others. By that time the exchange rate of the naira also crashed.

"Today, the exchange rate has remained relatively stable in the last three years. When the exchange rate is stable, businesses can thrive. That stability makes businesses to have confidence. These are the things CBN has been doing."