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The Central Bank of Nigeria (CBN) has increased the Targeted Credit Facility (TCF) to N300 billion.

The facility, which is meant for households and small and medium enterprises affected by the COVID-19 pandemic, was N150 billion.

The expansion of the credit line, the apex bank said, is to enable it reach more households and small businesses.

In a ‘Response by the Monetary and Fiscal Authorities to COVID-19’ report released by the apex bank, its Governor, Godwin Emefiele, said the TCF funds were already being disbursed through the NIRSAL Microfinance Bank.

He said already N149.21 billion has been disbursed to 316,869 beneficiaries, adding that given the resounding success of this programme and its positive impact on output growth, the apex bank has decided to double the fund to N300 billion.