[JUST IN] #Covid-19: Restructure loan terms, cuts interest rate to 5% — CBN tells banks

by on March 16, 2020

As parts of the Central Bank of Nigeria (CBN) support to households and businesses affected by coronavirus outbreak, the Apex bank has directed all banks in the country to restructure loan terms and tenors.

Speaking to journalists in Abuja, Today, the CBN governor, Godwin Emefiele noted that the interest rate of its intervention programmes has been cut to 5% from 9%.

Emefiele said: “The CBN hereby grants all deposit money banks 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.

“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.”

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