May 29, 2020/Cowry Asset

In the just concluded week, the Central Bank of Nigeria (CBN), in a move to further cushion the negative effect of COVID-19 in the country and support economic growth, approved regulatory forbearance for the restructuring of credit facilities in the Other Financial Institutions (OFIs).

Consequently, all CBN intervention facilities through OFIs were granted one-year moratorium on principal repayments and their interest rates were slashed to 5% from 9% for one-year period, effectively from March 1, 2020.

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