The Central Bank of Nigeria (CBN) has announced a suspension of applications for new loans, under its development finance intervention funds programme.

The CBN made this known in a circular to the Chief Executives of banks, signed by the Acting Director, Development Finance Department, SA’AD HAMIDU.

The suspension represents a significant shift in its approach to development finance intervention funds, which was previously considered a cornerstone of the central bank.

The apex bank also charged Deposit Money Banks with the recovery of previously granted loans under the scheme.