Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

CBN slashes special interest rate to 5%, directs banks to restructure loan terms

Chike Olisah by Chike Olisah
March 16, 2020
in Business News
CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators, CBN appoints 3 Pre-Shipment Inspection and 2 Monitoring Agents for non-oil exports
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has disclosed that the interest rates on all applicable apex bank’s intervention facilities have been reduced from 9% to 5% per annum for 1 year effective March 1, 2020. This was disclosed by the CBN Governor Godwin Emefiele during a press briefing on Monday. 

The apex regulator at the event presented some policy measures to help reduce the effect of COVID-19 popularly referred to as coronavirus on businesses and families as the effect of virus poses a serious challenge on the global economy. 

What it means: Interest rates on all applicable CBN intervention facilities are hereby reduced from 9% to 5% per annum for 1 year effective March 1, 2020.

RelatedPosts

Nigerian Stocks: List of Dividends announced in 2022

Nigerian Stocks: List of Dividends announced in 2021

Some of the other policy measures include the provision of N50 billion credit facility for households and small and medium scale enterprises (SMEs), the extension of the moratorium before payment of principal on its intervention funds by one year. 

A moratorium is the delay period which is given before the payment of a loan.

News continues after this ad


The N50 billion targeted credit facility is going to be disbursed through NIRSAL Microfinance Bank for households and SMEs that have been particularly hard hit by the coronavirus disease including but not limited to airline service providers, healthcare merchants, hoteliers and so on.

READ MORE: Concerns as CBN closes 2019 without publishing 2018 annual report

In addition, CBN will provide credit support to the health industry in the form of loans to hospitals, health care practitioners and pharmaceutical companies. 

News continues after this ad


Meanwhile, the apex bank also grants all deposit money banks (DMB) leave to consider temporary and time-limited restructuring of the tenor and loan terms for businesses and households most affected by the outbreak of Covid-19 particularly oil & gas, agriculture, and manufacturing.

He said, “The CBN would work closely with DMBs to ensure that the use of this forbearance is targeted, transparent and temporary, whilst maintaining individual DMB’s financial strength and overall financial stability of the system.”

It will also extend intervention facilities and loans to pharmaceutical companies intending to expand/open their drug manufacturing plants in Nigeria, as well as to hospital and healthcare practitioners who intend to expand/build the health facilities to first-class centres.

The apex bank is to also strengthen and sustain its loan to deposit ratio (LDR) policy in view of the success of the policy in growing credit to the economy and reducing interest rates. The CBN intends to offer more support to industry funding levels in order to maintain DMS’s capacity to give credit to individuals, households and businesses.

The CBN said they will always monitor developments and will issue further updates when required.

 

Related

Tags: Bank Interest RatesCBN PoliciesNigerian Business NewsOn the Money

Comments 4

  1. Peace says:
    March 17, 2020 at 6:57 am

    Pls how true is this

    Reply
  2. Anonymous says:
    March 17, 2020 at 3:39 pm

    Please break into pieces how this rate reduction will have impact on the masses

    Reply
  3. Raduno Africa limited says:
    April 20, 2020 at 2:04 pm

    Please how can one fill the form for the loan. There is no address or telephone number to contact.Thanks

    Reply
  4. Godfrey says:
    November 13, 2020 at 4:31 pm

    Hello Chike, what is FBN rate on micro loans by these loan apps like 9ja cash and their likes

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Microsoft opens US, Canada job opportunities for fresh graduates from Nigeria, other African countries
    • Meta warns Android users of new malware hiding in WhatsApp, YouTube apps
    • Palm oil: How Okomu, Presco can restore Nigeria’s status as global exporter

    Follow us on social media:

    Recent News

    Microsoft opens US, Canada job opportunities for fresh graduates from Nigeria, other African countries

    Microsoft opens US, Canada job opportunities for fresh graduates from Nigeria, other African countries

    August 15, 2022
    NCC warns android phone users of new malware

    Meta warns Android users of new malware hiding in WhatsApp, YouTube apps

    August 15, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com