The Central Bank of Nigeria has reduced the interest rates on the CBN intervention facilities from nine per cent to five per cent per annum for one year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy.
Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.
Following the expiration of the above timelines, the CBN hereby approves as follows:
- The extension by another 12 months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities.
- The role-over of the moratorium on the above facilities shall be considered on a case by case basis.