Regulatory Alerts2021-03-03 | FPR/DIR/PUB/CIR/01/001Added · Updated
Re: Regulatory Forbearance for the Restructuring of Credit Facilities of Other Financial Institutions Impacted by Covid-19
The Central Bank of Nigeria reduced interest rates on intervention facilities from 9% to 5% annually and granted a one-year moratorium on principal payments to mitigate the economic impact of the COVID-19 pandemic. Following the expiration of these measures, the CBN has extended the discounted interest rate for another year and will consider moratorium roll-overs on a case-by-case basis. These decisions aim to provide continued financial relief to banks and other financial institutions impacted by the pandemic.
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