CBN announces 6 policy responses to combat  effect of COVID-19 on the economy 

The apex bank in Nigeria, Central Bank of Nigeria (CBN) has announced 6 initial policy responses to combat Covid-19 scourge on economy.

In a press conference in Abuja, the policy responses include: Extension of moratorium on loans, interest rate reduction, creation of N50bn fund, credit support for healthcare sector, regulatory forbearance and a strengthening of the Loan to Deposit Rate (LDR) policy.

Interest rate reduction from 9 percent to 5 percent effective March 1. Creation of a target creative facility through NIRSAL microfinance bank of N50 Billion.

Credit support for healthcare industry; loans to pharmaceutical companies, hospital and health care companies.

CBN grants all Deposit Monetary Bank’s extension for forbearance. Strengthening of CBN loan to deposit ratio policy.

The support also includes credit support for the healthcare industry in terms of operators who want to set up or expand facilities or products.