The Federal Government of Nigeria via the Central Bank of Nigeria (CBN) has announced a palliative envelope to assist households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
The Central Bank of Nigeria established the sum of N50 billion COVID-19 TCF for households and SMEs to lessen the unpleasant economic collision of the pandemic corona virus currently in the country.

The palliative support will assist households and Small and Medium Enterprises (SMEs) to better lives of households as well as restore businesses affected by the COVID-19 shutdown.
According to current report released by media industries in Nigeria revealed that the FGN via the CBN has started the releasing the COVID-19 CBN Loan to fortunate applicants. Since then there have been confirmed payment of the COVID-19 Targeted loan online rampaging on different social media platforms. See proof of payment below;
Surprisingly, many Nigerians have not read the terms and conditions of the COVID-19 CBN Loan, and have quickly apply for the loan without good knowledge of the terms and policies guiding the loan.

Here is the conclusion of the repayment terms of the Federal Government’s Covid-19 CBN Loan:

If your account has been credited, congratulations but please note that you have not gotten free money.

You are going to pay back with no one policing you. You have sign agreement with NMF to take any money in your account should you do not payback.
It means the only condition for not paying back is if no money comes into your other accounts link with your BVN.

In case you fail to pay back the Covid-19 CBN Loan after the moratorium period, see what will happen to your BVN:

1. Your BVN will be blacklisted by the CBN as such you will never have access to any loan facility again across Nigeria.

2. Another strong Warnings on CBN Covid-19 Loan Repayment is that you cannot escape the repayment, not even death.

3. Even when you change your name, you can NEVER change your fingerprints on your BVN.

4. They would locate your guarantors to continue servicing the loans from where you left it.
Therefore to avoid being a victim please repay your loan when due, don't allow the CBN to take action before you pay back.

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