BANKS REPAY N387 BILLION AGRIC LOAN TO CBN

, Magazine

The financial institutions under the Commercial Agriculture Credit Scheme (CACS) have refunded a total of N387.2 billion to the Central Bank of Nigeria (CBN) as part of the total N622 billion disbursed to commercial banks.

The N622 billion fund was disbursed to participating banks to enable them to finance commercial agricultural enterprises by giving farmers loans at a maximum interest rate of 9%.

Breakdown of reimbursement: Out of the N83.5 billion disbursed by the CBN to United Bank of Africa for 52 projects, about N53 billion was repaid. Zenith Bank Plc and First Bank of Nigeria repaid the sum of N83.3 billion and N44.8 billion out of the N126.94 billion and N52.99 billion received respectively. j