The Central Bank of Nigeria on Monday announced policy measures to tackle the impact of coronavirus on the businesses and the nation’s economy.
The CBN Governor, Mr Godwin Emefiele, said during a media briefing in Abuja that from March 1, the apex bank had granted a one-year moratorium on all of its intervention funds.
The CBN through the Deposit Money Banks has provided a total of N3tn to the Small and Medium Enterprises sector of the economy.
The fund, according to the governor, will be disbursed through the NIRSAL Microfinance Bank for households and SMEs that had been particularly hard hit by Covid-19.
The credit would also be extended to hoteliers, airlines, service providers, and health care merchants, among others.
The CBN governor said the one-year moratorium was granted to reduce the burden of loan repayment by businesses.
This means that any intervention loan currently under moratorium has been granted additional one-year period.