CBN reduces interest rate to 5%

Godwin Emefiele

Against the backdrop of the ongoing global coronavirus outbreak, the Central Bank of Nigeria on Monday announced policy measures to tackle the impact of Coronavirus on the economy.

The CBN Governor, Mr Godwin Emefiele, announced the measures during a media briefing at the apex bank headquarters in Abuja.

He said from March 1, the apex bank would grant one year moratorium on all of its intervention fund.

The CBN through Deposit Money Banks has provided a total of N3tn to Small and Medium Enterprises sector of the economy.

The loans are given through the Commercial Credit Guarantee Scheme and the Anchor Borrowers Programme among others.

Emefiele also said the bank had agreed to reduce the interest rate on all of its intervention funds from nine per cent to five per cent for one year period effective March 1, 2020.

The apex bank governor also said the CBN would provide credit support for health care industry to meet potential increase in demand for health care services.

Details later…