According to Reports Reaching Oyogist.com, the the Central Bank of Nigeria has reduced interest rate on its intervention facilities from 9% to 5% as part of the Nigerian Government Response to the Coronavirus Pandemic.
The reduction is valid till 31st March 2021, Oyogist.com learnt. The CBN said it would also provide concessional lending to various institutions.
This was made known in a tweet via the official presidency Nigeria Account.
The tweet read;”As part of @NigeriaGov’s response to the Coronavirus pandemic, the Central Bank of Nigeria @cenbank has reduced interest rate on its intervention facilities from 9% to 5%, with a 1-year moratorium, till 31st March 2021.
“The CBN is also providing concessional lending of:-N100 billion to households and small businesses;-N100 billion to the healthcare and pharmaceutical industry; and-N1 trillion to large agricultural and manufacturing businesses.
“Nigerian businesses and individuals are encouraged to make the most of these concessional credit facilities and other such opportunities.” It concluded.
