Nigeria’s central bank adjusts interest rates on intervention facilities

Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN) has reverted its earlier five per cent interest rate on all its intervention facilities to nine per cent with immediate effect.

Confiance News garnered from a circular addressed to banks and other financial institutions (OFIs) issued on Wednesday.

The apex bank stated that all intervention facilities granted effective July 20, 2022 should be at nine per cent per annum.

It also said that existing facilities granted prior to July 20, 2020 should be at the same nine per cent per annum but effective September 1, 2022.

“Further to our circular dated March 15, 2020 extending the period of Interest rate reduction to all Interventions facilities from 9 per cent to 5 per cent per annum, as part of measures to mitigate the negative impact of the Covid-19 pandemic on the Nigerian economy, the Central Bank of Nigeria hereby reverts the interest rate on all its Interventions facilities to 9 per cent per annum,” CBN stated.

The circular was also signed by CBN’s Director, Financial Policy and Regulation Department, Chibuzo Efobi.

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