Central Bank of Nigeria Statement Policy Measures Amid COVID-19

The apex bank in Nigeria, Central Bank of Nigeria (CBN) announces policy measures on COVID -19. Extension of the moratorium of 1 year on all principal repayments effective March 1, 2020.

Interest rate reduction from 9 percent to 5 percent effective March 1. Creation of a target creative facility through NIRSAL microfinance bank of N50 Billion.

Credit support for healthcare industry; loans to pharmaceutical companies, hospital and health care companies.

CBN grants all Deposit Monetary Bank’s extension for forbearance. Strengthening of CBN loan to deposit ratio policy.