The Central Bank of Nigeria has reduced the interest rate on its intervention facilities from 9% to 5% as part of the Federal Government response to the COVID-19 pandemic. This was announced in some tweets put out on the Nigerian Government’s Twitter handle, revealing the terms and conditions attached, and the other evelopmental plans by the apex bank.
“As part of @NigeriaGov’s response to the Coronavirus pandemic, the Central Bank of Nigeria @cenbank has reduced interest rate on its intervention facilities from 9% to 5%, with a 1-year moratorium, till 31st March 2021″, the tweet read. Read also: Biometrics Will Replace ATM Pin Soon – Central Bank of Nigeria
The CBN is also providing concessional lending of: -N100 billion to households and small businesses; -N100 billion to the healthcare and pharmaceutical industry; and -N1 trillion to large agricultural and manufacturing businesses. Nigerian businesses and individuals are encouraged to make the most of these concessional credit facilities and other such opportunities”, the tweets read. Photos Credit: Getty