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CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% - Business - Nairaland

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CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by postbox: 10:31pm On Aug 22, 2022
According to the Central Bank of Nigeria, interest rates on all applicable intervention facilities have been reduced from 5% to 9% per year.
In the midst of the pandemic in 2020, the bank announced a one-year reduction in interest rates on all its intervention facilities from 9% to 5% as part of policies to mitigate the negative impact of the deadly coronavirus on Nigerian businesses and the economy.

At the time, the bank stated that it had approximately N3 trillion in various intervention programs run through commercial banks.

Anchor Borrowers, Commercial Agricultural Credits Scheme, Micro-Small and Medium-scale Enterprise, and Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) are examples of such programs.

Following our circular dated March 15, 2022 (Ref: FPR/DIR/PUB/CIR/001/040) extending the period of interest reduction to all intervention facilities from 9% to 5% per annum (as part of measures to mitigate the negative impact of the COVID-19 pandemic on the Nigerian economy), the Central Bank of Nigeria hereby reverts the interest rate on all its intervention facilities to 9% per annum,” the letter stated.

“The reversed rates will be implemented as follows: all new intervention facilities granted after July 20, 2022, will be at a 9 percent annual rate; all existing intervention facilities granted before July 20, 2022, will be at a 9 percent annual rate effective September 1, 2022.”
https://brandspurng.com/2022/08/21/cbn-suspends-covid-linked-loan-relief-and-raises-interest-rates-to-9-2/

1 Like 2 Shares

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by benikad(m): 4:54am On Aug 23, 2022
Noted......

Ordinary palliative dem hide am from the masses.


Loan among themselves








FTC, any show dey @Seun @lalasticlala

8 Likes 1 Share

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Promoter2: 4:54am On Aug 23, 2022
Loan wey nobody see. I pity our future. I've given up on Nigeria.

15 Likes

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Akinsete19(m): 4:54am On Aug 23, 2022
A loan that was embezzled.

19 Likes 1 Share

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Homiesjinxbank: 4:56am On Aug 23, 2022
I know some people who see the loan sha, but the person say our FG suppose give am out as grant and not loan because the country is more than harder than hard enough.

6 Likes 1 Share

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by MANNABBQGRILLS: 4:56am On Aug 23, 2022
For the Nigerians that got this loan, we believe it helped as long as it lasts.

God bless all sane, honest and hardworking Nigerians.
GOD BLESS NIGERIA.

6 Likes 5 Shares

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by thesolutions(m): 4:56am On Aug 23, 2022
Me again
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by MANNABBQGRILLS: 4:57am On Aug 23, 2022
Promoter2:
Loan wey nobody see. I pity our future. I've given up on Nigeria.
The willfully blind cannot see anything, even if it is forced on their eyes.

Let the people that got the loan come forward to say how much it helped them.

Stop being a pessimistic and negative soul 24/7.
Na dem tongue

13 Likes 4 Shares

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by tradepunter: 4:57am On Aug 23, 2022
The country isn't attractive.... If you like raise loan to 20% no body is buying into it

1 Like

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by nairalee(m): 4:58am On Aug 23, 2022
Funny country
Clueless administrators

It always baffled me seeing Nigeria collect loans from other countries and turn around to start granting loans to citizens.

If u needed so much money to borrow, borrow from the purse u opened to borrow others naa
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by tillaman(m): 4:58am On Aug 23, 2022
angry

1 Like 1 Share

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Lanretoye(m): 4:59am On Aug 23, 2022
Na God dey intervene for my facility.
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by AkuOlisa: 5:00am On Aug 23, 2022
Please ooo who and who received this vivid-19 loan ?
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by seanwilliam(m): 5:03am On Aug 23, 2022
Like for tinubu share for Buhari
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by loosecanon50(m): 5:03am On Aug 23, 2022
Worst CBN governor in history

5 Likes 2 Shares

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Whois(m): 5:09am On Aug 23, 2022
This one is 247 always on the defense of a government that is know to kill to steal and to destroy.
post=115969347:

The willfully blind cannot see anything, even if it is forced on their eyes.

Let the people that got the loan come forward to say how much it helped them.

Stop being a pessimistic and negative soul 24/7.
Na dem tongue

@Topic wahala for those that didn't benefit from any this loan. cbn printed the money they gave out as loan hence the inflation

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by kaywhy09(m): 5:09am On Aug 23, 2022
Loan that almost nobody is willing to payback

2 Likes

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Doyou2019: 5:10am On Aug 23, 2022
Good story, even though we know say all na fabu.
I think what Nigerians really want to know is what CBN is doing about the country's 19.64 inflation situation. Or is that not serious enough for Emefiele and his fellow sluggards up there?.

1 Like

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by kopimas: 5:16am On Aug 23, 2022
Good
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by bigdammyj: 5:17am On Aug 23, 2022
Okay.
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Freelane33(m): 5:24am On Aug 23, 2022
Trimulized
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Oyira(m): 5:34am On Aug 23, 2022
Wasn't it supposed to be Grant?...
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by duduade: 5:37am On Aug 23, 2022
Who did they disemburse these covid funds to

Themselves

Thieves
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by chloride6: 5:38am On Aug 23, 2022
Godwin is a spineless modafucker...

We want to buy TBills at 20%. Finish
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Moneyyman: 5:55am On Aug 23, 2022
Some used it to marry second wife!


post=115969341:
For the Nigerians that got this loan, we believe it helped as long as it lasts.

God bless all sane, honest and hardworking Nigerians.
GOD BLESS NIGERIA.
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by zhirkovrado(m): 5:58am On Aug 23, 2022
Loan wey people they apply the collect e come reach my turn as I apply they close am!

1 Like

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Nobody: 6:47am On Aug 23, 2022
Ok
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by realray(m): 6:54am On Aug 23, 2022
Omo they should forget about collecting the previous loan o, cos then the country hard people barely feed even the one I received I use small pay for gbese and also how person go give you 750k then some people chop 250k (remitted) then bank collect 47k and from 750k you're left with 403k and Dem call am loan..... rubbish government

3 Likes

Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by Promoter2: 6:57am On Aug 23, 2022
post=115969347:

The willfully blind cannot see anything, even if it is forced on their eyes.

Let the people that got the loan come forward to say how much it helped them.

Stop being a pessimistic and negative soul 24/7.
Na dem tongue

I've noticed you.
Re: CBN Suspends COVID-Linked Loan Relief And Raises Interest Rates To 9% by adioolayi(m): 7:03am On Aug 23, 2022
Emiefiele catching on straws ....

He has finished this country with failed policies !

2 Likes

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