BREAKING: CBN slashes interest rate to 5%, directs banks to restructure loan policy

The Central Bank of Nigeria (CBN) has slashed interest rate on it’s intervention programmes to 5 per cent from 9 per cent.

Central Bank governor, Godwin Emfiele stated this while addressing journalist in Abuja.

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The apex bank also directed all deposit money banks in the country to restructure loan terms and tenors to households and businesses affected as a result of the coronavirus outbreak.

Emefiele also said 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.

“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.”