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CBN Releases Guidelines for Regulation, Supervision of Credit Guarantee Companies 

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The Central Bank of Nigeria (CBN) yesterday released guidelines for registration and supervision of Credit Guarantee Companies (CGCs) in Nigeria.

This is  contained in a circular made available to BusinessToday Online by Ibrahim Tukur, CBN’s Director, Financial Policy and Regulation Department, addressed to Commercial  Banks, Other Financial Institutions  and Stakeholders in the Financial Services Industry.

He said that the guidelines were in furtherance of effort to improve lending for Micro, Small and Medium Enterprises (MSMEs).

According to him the  guidelines seek to ultimately reduce credit risk, stimulate lower interest rates on loans and complement other initiatives of regulatory authorities aimed at stimulating lending to MSMEs.

The guidelines further reads: “An exposure draft of the guidelines is hereby issued for comments and observations. The document may be obtained from the CBN’s website, www.cbn.gov.ng,’’ the director said.

He also said that  comments and observations on the guidelines should be sent to the regulator within three weeks.

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