CBN moves to check devastating effect of Covid-19 on economy

Since the outbreak of the Coronavirus in China few months ago, hundreds of thousands of people across the globe have been affected by the pandemic while thousands of deaths recorded.

The devastating impact of the COVID19 also affected the global economy as businesses have been shutdown and prices of crude oil in the international market has crashed significantly with an expectation of further deepening.

To curtail the impact of the envisaged global economic crisis as Nigeria is not immune to the shock, Governor, Central Bank of Nigeria, Godwin Emefiele said the apex bank has reviewed banks interest rate downward from nine to five percent for the period of one year, while making available N50 billion facility to help businesses that may have been affected for a possible rebound.

He also spoke on other policies introduced by the apex bank to
to provide support to businesses, household and loans.

The CBN Governor, further noted that the bank has about three trillion naira in various forms of interventions in the economy as well as established a facility of about fifty billion naira for Micro Small and Medium Enterprises, MSMEs.