The Federal Government has said that, as part of Government's response to the Coronavirus pandemic, the Central Bank of Nigeria (CBN) has reduced interest rate on its intervention facilities from 9% to 5%, with a 1-year moratorium, till 31st March 2021.

This was made known by the Presidency through it verified Twitter handle on Tuesday, November 17, 2020.

According to Presidency, the CBN is also providing concessional lending of: N100 billion to households and small businesses; N100 billion to the healthcare and pharmaceutical industry; and N1 trillion to large agricultural and manufacturing businesses.

Meanwhile, the Presidency encouraged Nigerian businesses and individuals to make the most of these concessional credit facilities and other such opportunities.

Source: https://insidenaija.com.ng/cbn-reduces-facilities-intervention-interest-rate-from-9-to-5-with-a-1-year-moratorium-till-march-2021/

Cc: Lalasticala, Mynd44, Dominique