CBN extends 5% interest rate on intervention loans

Central Bank of Nigeria Governor Godwin Emefiele has said the bank will extend its 5% interest rate on its intervention loans introduced to cushion the effect of COVID-19 on the economy for another year. .

He disclosed this during a Bankers Committee press briefing in Abuja, which was also held virtually.

Emefiele said that to restore stability to the economy by providing assistance to individual households, SMEs and businesses that had been badly affected by the pandemic, as well as the lockdown measures, he reduced the interest rate on CBN intervention loans from nine to five percent.

He said: “Although interest rates on our various intervention facilities were expected to return to 9% effective March 1, 2022, we are announcing that rates would remain at 5% for another year given the promising trajectory that we have established in economic growth and job creation.

“Indeed, the prime interest rate of 5% on our intervention facilities would now be extended until March 1, 2023.”

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