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CBN crashes interest rate

CBN crashes interest rate

Naira now 378/$ at Forex

The Central Bank of Nigeria (CBN) has slashed the interest rate of its intervention loans from 9% to 5% and extended the moratorium from one to two years. These are parts of the measures being put in place in order to cushion the effects of the outbreak of COVID- 19 on the country’s economy.

The CBN governor, Mr. Godwin Emefiele disclosed this in a press briefing on Monday.

Mr Emefiele also disclosed that N50 billion will be made available for on-lending to small and micro enterprises through NIRSAL Microfinance Bank.

Meanwhile, Naira returned to some level of stability at the close of foreign exchange market on Monday appreciating to N378/$ against the earlier trading of N380/$ with the Central Bank of Nigeria (CBN) selling about $100 million to 5,000 Bureau De Change (BDC) operators across the country.

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