The Central Bank of Nigeria has introduced a new set of initiatives to help Nigerians cope with the crippling economic effects of Covid-19. The CBN Governor, Mr Godwin Emefiele made this announcement at the recent quarterly Monetary Policy Review (MPR) meeting in Abuja. Part of the initiatives includes a N50Bn targeted loan facility for Nigerians who require small loans to start businesses or help their business stay afloat and for those who might want to make consumptions that will help them live their normal lives in this period of the Covid-19 pandemic. He made it clear that the loans require no collateral.
He further stated that banks have been directed to reduce the interest rate on loans and extend the payment period of current loans so as to help bank customers and businesses affected by the pandemic.
See video of the news report