The Central Bank of Nigeria, CBN, says interest rate on facilities under its various intervention programmes has been reduced from nine per cent to five per cent with effect from March 1, 2020.
The Governor of the CBN, Godwin Emefiele, made the statement in Abuja as part of the first set monetary response by Nigeria to the Coronavirus which is also known as COVID-19.
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Emefiele noted that credit support for the healthcare industry who wish to expand production in Nigeria has also been open while household, Small, and Medium scale industries hit by COVID-19 are to benefit from a 50 billion Naira facility to be provided by Nigeria incentive risk-based for agriculture lending, NIRSAL.
The CBN is to work with deposit money banks to ensure that the new system is achieved.
The apex bank also said that it would continue to provide liquidity backups in view of its role as banker to the government.
Further updates on monetary actions to be taken on the Coronavirus would be announced later.
