Central Bank of Nigeria CBN has reduced the interest rates on the CBN intervention facilities from 9% to 5% per annum for one-year effective March 01, 2020, as part of measures to mitigate the negative impact of the COVID-19 Pandemic on the Nigerian economy.
This was made known in a circular addressed to all banks and other financial institutions with the number FPR/DIR/PUB/CIR/01/001 obtained from the website yesterday.
Titled “re: regulatory foreseeable for the restructuring of credit facilities of other financial institutions impacted by COVID-19” the circular was signed by the CBN Director, Financial Policy and Regulatory Department Dr Kevin Amugo.
He also revealed that the Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect March 2020.
According to him, “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.”
He however, added that the roll-over of the moratorium on the above facilities shall be considered on a case by case basis.
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