JUST IN: Coronavirus: CBN slashes interest rates, provides N50 billion credit

CBN on Monday unveiled the first set of interventions to cushion the negative impact of the deadly coronavirus on Nigerian businesses and the economy.

The Central Bank of Nigerian on Monday unveiled the first set of interventions to cushion the negative impact of the deadly coronavirus on Nigerian businesses and the economy.

The CBN governor, Godwin Emediele, said in Abuja the interventions included immediate decision to cut interest rates of all applicable CBN intervention facilities from 9 per cent to 5 per cent per annum effective March 1, 2020. The intervention also includes the creation of a N50 billion targeted credit facility for small and medium scale enterprises as well as households impacted by the COVID-19 pandemic.

The apex bank also announced a grant of a further moratorium of one year on all principal repayments, particularly intervention loans, effective March 1, 2020.

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