Re: Regulatory Forbearance for the Restructuring of Credit Facilities of Other Financial Institutions Impacted by Covid-19

CENTRAL BANK OF NIGERI
Financial Policy and Regulation Department Central Business District P.M.B. 0187 Garki, Abuja.

Tel: 09-46237401 E-mail:fprd@cbn.gov.ng FPR/DIR/PUB/CIR/01/001 March 3, 2021 CIRCULAR TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS (OFIs) RE: REGULATORY FORBEARANCE FOR THE RESTRUCTURING OF CREDIT FACILITIES OF OTHER FINANCIAL INSTITUTIONS IMPACTED BY COVID-19 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 OFIs, 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:

1. The extension by another twelve (12) months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities; 2) The roll-over of the moratorium on the above facilities shall be considered on a case by case basis.

Further enquiries on the provisions of this Circular may be addressed to the Director, Development Finance Department.

KEVIN AMUGO, PhD
DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT