Home Business Nigeria’s central bank adjusts interest rates on intervention facilities
BusinessNews

Nigeria’s central bank adjusts interest rates on intervention facilities

Share
CBN logo
Share

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.

CBN’s circular titled,” Adjustment of Interest Rates on All Central Bank of Nigeria Interventions”. Photo credi: CBN’s Official Website.

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.

Please follow and like us:
Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Start your career with NNPC Limited

Start your career with NNPC Limited
Start your career with NNPC Limited

Member

Don't Miss

‘How reliable are the public agencies involved?’ Netizen reacts to Union Bank’s Fire drill

Netizens raises concerns over the reliability of public agencies in real life fire outbreaks

Reactions as Alex Iwobi releases new single

By Chioma Obinagwam British-Nigerian professional footballer, Alex Iwobi, has released a new single titled: “What’s Luv”. Confiance News gathered from his official X...

Related Articles

‘How reliable are the public agencies involved?’ Netizen reacts to Union Bank’s Fire drill

Netizens raises concerns over the reliability of public agencies in real life...

Reactions as Alex Iwobi releases new single

By Chioma Obinagwam British-Nigerian professional footballer, Alex Iwobi, has released a new...

Why FUBARA declared “No oil for Nigeria” in Rivers

By Chioma Obinagwam Rivers State Governor, Siminalayi Fubara, has allegedly shut down...

Advertisements