CBN announces 6 policy responses to combat effect of COVID-19 on the economy
The apex bank in Nigeria, Central Bank of Nigeria (CBN) has announced 6 initial policy responses to combat Covid-19 scourge on economy.
In a press conference in Abuja, the policy responses include: Extension of moratorium on loans, interest rate reduction, creation of N50bn fund, credit support for healthcare sector, regulatory forbearance and a strengthening of the Loan to Deposit Rate (LDR) policy.
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.