Business
CBN retains 5% interest rate on intervention loans
The Central Bank of Nigeria (CBN) has retained the five percent interest rate on its intervention loans for another year.
The apex bank introduced the loans to cushion the effects of the COVID-19 pandemic in 2020.
The CBN Governor, Godwin Emefiele, disclosed this at a media briefing in Abuja.
The briefing took place at the end of the Bankers’ Committee meeting held in the nation’s capital.
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“The concessionary interest rate of five percent on our intervention facilities has been extended till March 1, 2023.
“Although interest rates on our various intervention facilities were expected to revert to nine percent effective March 1, 2022, we decided that the rates would remain at five percent for another year in view of the promising trajectory we have established in economic growth and job creation.”
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