The Central Bank of Nigerian on Monday unveiled the first set of interventions to cushion the negative impact of the deadly coronavirus on Nigerian businesses and the economy.
The CBN governor, Godwin Emediele, said in Abuja the interventions included immediate decision to cut interest rates of all applicable CBN intervention facilities from 9 per cent to 5 per cent per annum effective March 1, 2020. The intervention also includes the creation of a N50 billion targeted credit facility for small and medium scale enterprises as well as households impacted by the COVID-19 pandemic.
The apex bank also announced a grant of a further moratorium of one year on all principal repayments, particularly intervention loans, effective March 1, 2020.
What’s the effect of the virus here?The credit are to banks and how does Nigerians benefit from it? Banks are exposed to oil credits. Sane societies are rolling out the drums for ALL but Nigeria saga is different. US just cut it’s interest rate to zero , now this spurs growth.
Scam... That's how you people deceived us with the ATM card Charges thing and now Banks are charging us in double....
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