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Business News of Thursday, 28 May 2020

Source: www.mynigeria.com

CBN okays reliefs on loans in OFIs sector, reduces interest rates on OFIs facilities

CBN Governor, Godwin Emefiele CBN Governor, Godwin Emefiele

The Central Bank of Nigeria has approved regulatory forbearance for the restructuring of credit facilities in Other Financial Institutions.

It granted a one-year moratorium on all principal repayments on its intervention facilities effective March 1, 2020.

Interest rates on OFIs facilities were reduced from 9% to 5% per annum for a year as well.

They were also granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses affected by COVID-19 in relation to issued guidelines for affected credit facilities in the OFI sub-sector.