CBN Set To Create N50 Billion Fund For Families, Businesses Affected By Coronavirus

Posted by E.L.E.X on March 17 2020 under News

The Central Bank of Nigeria (CBN) has said that N50 billion has been earmarked to support families and businesses affected by the impact of the novel coronavirus in the country.

Speaking to journalists in Abuja on Monday, Governor of the apex bank, Godwin Emefiele, explained that six key initial policies will be introduced to help combat the Covid-19 scourge on the nation’s economy.

He added that the interest rate for loans will be reduced from nine to five percent for one year effective from 1st March 2020.

Mr. Emefiele said that the healthcare sector will receive credit support in a bid to help them produce medications that can help contain the spread of the virus.

Other policy interventions announced by the apex bank governor include strengthening of loan to deposit ratio, an extension of the moratorium on loans and regulatory forbearance.