Beneficiaries of intervention funds of the Central Bank of Nigeria, CBN, will now pay 9% interest rate, up from the 5% per cent enjoyed since March 2020.
As part of measures to cushion the impact of the COVID 19 pandemic on businesses, the CBN on March 16, announced a reduction of interest rate on its intervention funds to 5% from 9% effective March 2020.
The apex bank also granted a one year moratorium on principal repayment of the intervention funds.
But in a circular issued today, the reversal of interest rate on its intervention funds to 9% effective July 20.
Director of Financial Policy and Regulation Department, CBN, Mr. Chibuzo Efobi announced the reversal in a circular titled, “Adjustment of interest rate on all Central Bank of Nigeria Interventions”.
The circular stated: “Further to our circular dated March 1, 2022 (Ref: FPR/DIR/PUB/CIR/001/040) extending the period of interest rate reduction on all intervention facilities from 9 per cent to 5 percent per annum (as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy), the Central Bank of Nigeria hereby reverts the interest rate on all its intervention facilities to 9 per cent per annum.
“The reversed rate shall be implemented as follows: all intervention facilities granted effective July 20, 2022 shall be at 9 percent per annum; all existing intervention facilities granted prior to July 20, 2022, shall be at 9 per cent per annum.”
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