CBN Extends Its Regulatory Forbearance for the Restructuring of OFIs Credit Facilities

Thursday, March 04, 2021 / 12:20 PM / by CBN / Header Image Credit: Guardian NG

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 OFls, 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.

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