Babajide Okeowo
In a bid to cushion the effect of the COVID-19 pandemic, the Central Bank of Nigeria (CBN) has directed all deposit money banks, DMBs in the country to restructure loan terms and tenors to households and businesses affected by the coronavirus outbreak.
This is even as the apex bank on Monday, in Abuja, through its governor, Godwin Emefiele, announced that interest rate of its intervention programmes has been cut to 5% from 9%.
“The CBN hereby grants all deposit money banks leave to consider temporary and time-limited restructuring of the tenor and loan terms for businesses and households most affected by the outbreak of Covid-19 particularly oil & gas, agriculture, and manufacturing,” he said.
READ ALSO: https://www.thexpressng.com/2020/03/16/russian-court-backs-putin-presidential-reset-plan/
“The CBN would work closely with DMBs to ensure that the use of this forbearance is targeted, transparent and temporary, whilst maintaining individual DMB’s financial strength and overall financial stability of the system”
Recall that the Coronavirus pandemic has disrupted global economy with Brent crude which was selling at 57 dollars per barrel before the outbreak now tottering around 30 dollars.
