CBN Okay Reduction Of Rate Through OFIs

As part of its continued effort to mitigate the impact of the corona virus (COVID-19) on households, businesses and regulated institutions, the Central Bank of Nigeria (CBN), has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs) from 9% to 5% per annum for one year effective March 1, 2020. The Bank, in a circular signed by the Director, Financial Policy and Regulation Department , Kevin Amugo, and issued on Wednesday, May 27, 2020 in Abuja, also announced that CBN intervention facilities obtained through participating OFIs –…

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