The Central Bank of Nigeria has reduced interest rates on its facilities through participating other Financial Institutions from 9% to 5% per annum for one year effective March 1, 2020 to mitigate the impact of the corona virus (COVID-19) on households, businesses and regulated institutions.
The Director, Financial Policy and Regulation Department, Kevin Amugo, disclosed this in a circular, he says, the Apex bank’s intervention facilities obtained through participating Other Financial institutions, will be given a have also been granted leave to consider temporary and time limited restructuring of the tenure and loan terms for households and businesses affected by COVID-19.
He explained that the Central Bank of Nigeria would also continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.
