CBN Guarantee Yields $1 Billion Facility to 14 Banks.

Byline: Babajide Komolafe

In apparent reflection of the effectiveness of the guarantee of foreign credits and interbank lending by the Central Bank of Nigeria (CBN) and a vote of confidence for the on going bank reforms, the United States Export-Import Bank has renewed a $1 billion facility to 14 banks including four of the rescued banks.

The banks are Access Bank, Afribank, Diamond Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank and Guaranty Trust Bank (GTB) Others are Stanbic IBTC Bank, Intercontinental Bank, Oceanic Bank, Skye Bank, Union Bank and Zenith Bank.

The facility known as Nigeria Bank Guarantee will allow Ex-Im Bank to …