Monday, July 15, 2024
HomeBusinessCBN rolls out interventions to cushion effects of coronavirus…reduces interest rates

CBN rolls out interventions to cushion effects of coronavirus…reduces interest rates

By Our Reporter

The Central Bank of Nigeria has announced measures to cushion the effects of coronavirus on the Nigerian economy.

The apex bank predicts that the global economy will definitely go into recession as a result of the prevailing situation around the world.

Amongst the measures announced is a Reduction in interest rate on all its existing interventions from 9% to 5% from March 1st.

Others are the Extension of moratorium on all CBN interventions by 1 year starting from March 1st.

The Creation of a N50b integrated credit facility for households and msmes affected by coronavirus.

Giving credit support to health care services and pharmaceutical companies intending to expand their operations or build healthcare facilities.

Strengthening the loan to deposit ratio policy to allow for direct credit to individuals, households and businesses as well as extension of long term facilities to borrowers.

And providing liquidity backstops when required as a lender of last resort

 

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular