CBN Extends Repayment Of All Credit Facility By 12- Months

Central Bank Of Nigeria Governor, Godwin Emefiele

The Central Bank of Nigeria has extended by one year the nine per cent interest rate on all intervention loans collected by Nigerian households and businesses through Other Financial Institutions.

The apex lender disclosed this in a statement on Wednesday.

The lender had in 2020 reduced interest rates on all its intervention loans from nine per cent to five per cent. This was for loans obtained through Deposit Money Banks and OFIs.

CBN also granted moratorium on payments of all credit facilities obtained through Other Financial Institutions until March 1, 2021.

The regulatory forbearance for the interest rate allowed the five per cent rate on CBN loans to last until March 1, 2021.

The reduction on the rates and the moratorium was due to the outbreak of the Covid-19 pandemic which dragged the country into recession with thousands of jobs lost.

Following the expiration of the incentives on March 1, this year, the apex bank said it will not revert to the nine per cent interest rate until February 2022.

For the loan repayment, the apex bank said it has also extended the date by another one year on individual basis.

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