The Central Bank of Nigeria (CBN) has terminated the blanket moratorium on loan repayment for bank customers.
The CBN stated this today saying the blanket moratorium which effectively ended on March 1st 2021, adding it extension of the moratorium will be considered on a case by case basis.
The CBN however extended the deadline for the discounted interest rate of five per cent for beneficiaries of its intervention funds.
Kevin Amogu, Director Financial Policy and Regulation Department, disclosed this in a circular titled: “Re: Regulatory Forbearance For The Restructuring of Credit Facilities Of Other Financial Institutions Impacted By Covid-19’.
He said: “The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from 9% to 5% per annum for one-year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID 19 Pandemic on the Nigerian economy.
“Credit facilities, availed through participating banks and OFls, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.
“Following the expiration of the above timelines, the CBN hereby approves as follows:
“The extension by another twelve (12) months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities;
“The roll over of the moratorium on the above facilities shall be considered on a case by case basis.”