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The Central Bank of Nigeria (CBN) has extended its reduced interest rates on intervention facilities to businesses by 12 months.
The apex bank announced this in a statement released on Wednesday, and signed by its director of financial policy and regulation department, Kelvin Amugo.
He said the extension became necessary following the expiration of the initial timeline of 12 months granted last year.
The new window will now expire on February 28, 2022.
The bank also said rollover of the moratorium on the intervention facilities shall be considered on a “case by case bases.”
A moratorium is the delay period which is given before the payment of a loan — meaning that any intervention loan currently under moratorium will be granted an additional period of one year.
In March 2020, due to the outbreak of COVID-19, CBN had announced series of measures to reduce the negative impact of the pandemic on the real sector of the economy.
Some of the measures include the reduction of interest rates on the bank’s intervention facilities from 9 per cent to 5 per cent per annum for one-year, and granting of one-year moratorium on all principal payments effective March 1, 2020.
The Governor of Kogi State. Yahaya Bello, has called on the federal government to meet the demands of the Amalgamated Union of Food and Cattle Dealers of Nigeria (AUFCDN). Bello […]
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