COVID-19: CBN Directs Banks To Cut Down Interest Rates

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The Central Bank of Nigeria (CBN) has introduced 6 key policies to cushion the effect of CODID-19 surge in the economy. the Governor of the apex bank while speaking to a journalist in Abuja on Monday informed that the sum of N50 billion has been earmarked to support families and businesses affected by the impact of the novel coronavirus in the country.

Emefiele also announced the reduction of interest rate for loans from nine to five per cent for one year with effect from 1st March 2020. He also informed that the CBN will assist the Healthcare sector with credit support needed for the production and procurement of medical supplies in other to contain the spread of the deadly virus.

Emefiele continued by announcing other policy interventions of the apex bank which includes strengthening of loan to deposit ratio, an extension of the moratorium on loans and regulatory forbearance.