Coronavirus: CBN Announces N50bn, Other Major Incentives For The Economy

The Central Bank of Nigeria has announced a total incentive package of the sum of N50b to the nation’s economy to cushion the impact of the coronavirus (Covid-19) induced economic crisis in the country.

The CBN also announced an extra one year moratorium for repayment of all loans under its various intervention programmes, including Anchor Borrowers’ Programme, ASMES, while also reducing interest rate on all CBN loan facilities from 9% to 5% effective from March, 2020.

CBN Governor Godwin Emefiele made the announcement this Monday at a media briefing in Abuja.

The apex Bank also announced a N50 billion households, SMEs, airlines and other establishments that have been particularly affected by the crisis through NIRSAL.

The new measure does not directly mean an alteration to the CBN’s Monetary Policy Rate (MPR).

Mr. Emefiele said the CBN is committed to provide credit support for that health sector, affected households, businesses, oil sector, etc to cushion the effect of the Coronavirus pandemic

He acknowledged that there will be very serious economic crisis across the globe as a result of the Coronavirus which he said is having advanced consequences in global economies.

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