Regulatory Alerts2011-08-03 | CACS 05- 2011ACTIVITY REPORT ON CACS FOR THE MONTH OF MAY 2011
In May 2011, no state governments accessed the Commercial Agricultural Credit Scheme (CACS) funds. A total of 24 states are currently participating in the scheme. The Central Bank of Nigeria has released N133.11 billion to Deposit Money Banks since its inception in 2009, with a current balance of CACS funds at N66.890 billion as at May 2011. Thirteen banks are participating in the scheme, including Access Bank Plc, Fidelity Bank, First Bank of Nigeria, Guaranty Trust Bank, Oceanic Bank Plc, Skye Bank, Stanbic IBTC, Union Bank of Nigeria, United Bank for Africa, Unity Bank Plc, Zenith Bank Plc, Citibank, and Diamond Bank Plc. The funds are utilized to lend to farmers' unions and cooperatives, as well as finance other areas of agricultural interventions within the various states.