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| Central Bank of Nigeria’s Governor, Godwin Emefiele |
Beneficiaries of all the Central Bank of Nigeria (CBN)’s intervention facilities has been given another soft landing again as the apex bank has drastically reduced the interest rates of all the programs from 9% to 5% per year (annum).
(adsbygoogle = window.adsbygoogle || []).push({}); Commercial banks and other financial institutions are by circular mandated to restructure all loans disbursed to the Beneficiaries under the Central Bank’s intervention programmes. This move has become necessary owing to the fact that beneficiaries of such loans have not fully recuperated from the effects of COVID-19 pandemic.
(adsbygoogle = window.adsbygoogle || []).push({}); The Central Bank of Nigeria through a circular made available to newsmen during the weekend stated that the move is meant to address the negative effects of COVID-19 pandemic on the Nigerian Economy. The CBN’s Director of Finance, Policy and Regulations Department of the Bank, Mr. Chibuzo Efobi revealed that most times these actions are called for, making sure that proper support is given to businesses to help them survive during turbulence times like this.
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The Central Bank through the circular has also given banks and other financial institutions from Monday 21st to Monday 28th of march to restructure all it’s intervention facilities to reduce borrowers.
(adsbygoogle = window.adsbygoogle || []).push({}); In 2020, the Central Bank of Nigeria (CBN) rolled out the Targeted Credit Facility (TCF) to help households and Micro, Small and Medium Enterprises (MSMEs) mitigate the effects of COVID-19 pandemic on the economy since the Federal Government ordered a full lockdown on all social, education, religious activities including Mosques and Church services.
(adsbygoogle = window.adsbygoogle || []).push({}); About a month ago, NIRSAL Microfinance Bank asked it’s TCF and COVID-19 Loan beneficiaries to also honour their own side of the agreement by repaying their loans.
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