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Nigeria: CBN Unveils Palliative Measures to Cushion Impact of Coronavirus on Economy

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele Monday announced some policy measures to douse the adverse economic impacts of the COVID-19 pandemic on the economy.

The measures include a moratorium of one year on all principal repayments, effective 1 March, 2020 as well as interest rate reduction on all applicable CBN intervention facilities from nine percent to five percent per annum for one year effective 1 March, 2020.