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The News Beam
Home News Business & Economy

Beneficiaries of CBN intervention funds now to pay 9% interest rate

August 17, 2022
in Business & Economy, News
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CBN Head Office

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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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