Business News
CBN slashes special interest rate to 5%, directs banks to restructure loan terms
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.
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.
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.
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.
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In addition, CBN will provide credit support to the health industry in the form of loans to hospitals, health care practitioners and pharmaceutical companies.
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.
Corporate Press Releases
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
Corporate Press Releases
DISCLAIMER: Ex-Cavendish MD distances self from alleged statement on OML 110
Alhaji Ibrahim Mai Deribe, a former MD of Cavendish Petroleum Limited, has dissociated himself from an alleged statement on OML 110.
Peace
March 17, 2020 at 6:57 am
Pls how true is this
Anonymous
March 17, 2020 at 3:39 pm
Please break into pieces how this rate reduction will have impact on the masses
Raduno Africa limited
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
Godfrey
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