As part of efforts towards unlocking the credit market and to ensure that credit flows to the real sector of the economy, the CBN made available N200 billion for re-financing/re-structuring of banks’ existing loan portfolios to the manufacturing sector and SMEs.
They are all restrictive and aimed at reducing consumers' purchasing power. Short of a crisis, most governments are reluctant to adopt such policies. Thus, my judgment is that the difficulties of sustaining current account deficits have been overstated for any country whose financial markets are developed enough to be able to borrow in its own currency.