Thursday, April 22, 2021

COVID-19: CBN slashes interest rates, offers N50bn credit to SMEs


Rayyan Alhassan
Rayyan Alhassan
Rayyan Alhassan is a 30-year-old graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
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The Central Bank of Nigerian, CBN, on Monday announced its decision to down interest rates of all applicable CBN intervention facilities from 9 per cent to 5 per cent per annum effective March 1, 2020.

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The CBN governor, Godwin Emediele, said the interventions were aimed at cushioning the negative impact of the deadly coronavirus on Nigerian businesses and the economy.

According to him, the intervention also includes the creation of a N50 billion credit facility for Small and Medium Enterprises, SMEs, as well as households impacted by the COVID-19 pandemic.

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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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