Against the backdrop of the ongoing global economic crises over the Coronavirus (COVID-19) the Central Bank of Nigeria (CBN) has announced the reduction of interests rate on its intervention loans from nine percent to five percent, as well as, an extension of moratorium from one to two years, to buffer the Nigerian economy.

The CBN Governor, Mr. Godwin Emefiele, who disclosed this at a press briefing in Abuja, yesterday, said that the measures were the bank’s first set of response to the COVID-19 global crisis, which has adversely affected businesses in many sectors across the world.

He also announced a N50 billion additional fund for the NIRSAL Micro Finance Bank for on-lending to Small and Micro Enterprises.

Besides, Emefiele said that CBN has come up with regulatory forbearance to enable Deposit Money Banks restructure their customers’ loans with a view to reducing the burden on businesses and households.

He said: “The Coronavirus pandemic is having consequences for both the global and the Nigerian economies. It has already led to unprecedented disruptions in global supply chains, sharp reduction in crude oil prices, turmoil in the global stock and financial markets, wide spread cancellations in sporting, entertainment and business events, lockdown of large source of movement of persons, in many countries and intercontinental travel restrictions across critical air routes across the world.


https://www.vanguardngr.com/2020/03/coronanomics-cbn-cuts-interest-rate-on-its-loans-to-5/