The Central Bank of Nigeria, CBN, says efforts to increase credit access for Small and Medium Enterprises (SMEs) are yielding positive results, as lending to the sector continues to rise amid ongoing reforms in the financial system.
Governor of the Central Bank,, Olayemi Cardoso said this while responding to questions from journalists after the 305th meeting of the Monetary Policy Committee (MPC) in Abuja.
Cardoso said “the drive to expand financing for SMEs is a collaborative effort involving other critical stakeholders.”
“The effort to direct more credit to the SME sector is not the exclusive responsibility of the Central Bank. It is something that is done in collaboration with different arms of government. In the case of the Central Bank, we see ourselves as a catalyst, and we use our convening power and some of the tools at our disposal to ensure that we make it more attractive for those who may previously have shied away from dealing with SMEs to become encouraged to do so.
“I am very pleased to say that, from the recent numbers we have reviewed, the volume of new credit going to the SME sector has increased significantly,” he said.
Cardoso explained that reforms in the financial sector have strengthened the dominance of SME and short-term financing facilities within the banking sector.
“I noticed that in April 2026, the amount of new credit rose by about N199 billion from N153 billion in March. This increase was particularly evident at the retail end of the market.
“By number of facilities, lending remained heavily skewed towards the general category, which accounted for about 94.73 percent of new credit facilities, while general commerce accounted for about 2.46 percent. This again reinforces the dominance of ETF, SME, and short-term facilities,” he explained.
Foreign exchange market
On the foreign exchange market, the CBN Governor announced that a revised foreign exchange manual, designed to improve transparency, consistency, and confidence in the market, would become effective on June 1, 2026.
“The new FX manual is a continuation of the reforms already introduced with respect to the FX code and the trading platform we are using, which has resulted in greater transparency and improved market stability.
“That is why we considered it important to introduce the FX manual at this time. It will become effective from June 1 and will be available on our website free of charge. It will promote consistency and transparency, especially in areas where significant changes have occurred compared to the past,” Cardoso stated.
The CBN Governor also dismissed reports that the apex bank was aggressively intervening in the foreign exchange market to defend the naira.
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