Mon. Feb 26th, 2024

CBN creates N50bn fund for coronavirus

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The Central Bank of Nigeria, CBN, on Monday announced the creation of a 50 billion naira fund as part of measures to ease the impact of the coronavirus on the economy.

In a post on its twitter handle, the apex bank said this was one of a 6-prong policy responses to combat COVID-19 impact, including an extension of moratorium on loans and a reduction in interest rates.

The CBN also noted that there would be a creation of credit support for healthcare sector; regulatory forbearance and strengthening of loan to Deposit Rate policy.

By Ndubuisi Ojo

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