Home Business Coronavirus: CBN Reduces Interest Rate On N3trn Intervention Fund

Coronavirus: CBN Reduces Interest Rate On N3trn Intervention Fund

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The Central Bank of Nigeria (CBN)on Monday announced policy measures to tackle the impact of Coronavirus on the economy.

The CBN Governor, Mr. Godwin Emefiele, announced the measures during a media briefing at the apex bank headquarters in Abuja.

He said effective March 1, the apex bank had granted a one-year respite on all of its intervention funds.

The CBN through Deposit Money Banks provided a total of N3trillion to Small and Medium Enterprises in the economy.

The loans are given through the Commercial Credit Guarantee Scheme and the Anchor Borrowers Programme, among others.

Emefiele also said the bank had agreed to reduce the interest rate on all of its intervention funds from nine percent to five percent for a period of one year effective March 1, 2020.

The apex bank governor also said the CBN would provide credit support for the health care industry to meet the potential increase in demand for health care services.

Source: https://punchng.com/

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