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The Central Bank of Nigeria as finally come agreed to block loan defaulters from accessing loans in Nigeria banking system through the BVN(Bank verification number), this was made known by the CBN governor, Mr. Godwin Emefiele, at the end of a two day annual retreat which took place in Lagos. Present at the retreat are the CBN governor, deputy governor, the chief executive officer of the nations bank, the chief executive officer of the development finance institutions, including some stakeholders in the banking industry. Also the governor of Lagos State was in attendance, Akinwunmi Ambode, Kebbi state Governor, Badaru Abubakar, and Jigawa State Governor Atiku Bagudu,as well as the Minister of Agriculture and Rural Development chief Audu Ogbeh.

Emefiele emphasized on the need to make loans available to agriculture and MSMEs sector,since their activities contribute a lot to the improvement of the country economy, and that more so the SMEs makes up 95% of business in Nigeria.

The CBN Governor said the 26 billion for the agriculture and SMEs has not been disbursed in the last one year of its existence. So this as made the bankers committee decided to restrategise on how the funds can be accessible for people.