This, the bank, said is to mitigate the impact of the coronavirus impact on households, businesses and regulated institutions.
The CBN, in a circular issued and signed by the Director, Financial Policy and Regulation Department , Kevin Amugo, on Wednesday in Abuja, said: “CBN intervention facilities obtained through participating OFIs – Microfinance Banks , Primary Mortgage Banks, and Institutions, among others – will be given a further one-year moratorium on all principal repayments, also effective March 1, 2020.
Explaining the decision, CBN’s Director, Corporate Communications Department, Isaac Okorafor, said: “the Management approval for the restructuring of credit facilities in the Other Financial Institutions sub-sector was in line with the Bank’s desire to alleviate momentary strain on households, businesses and regulated institutions triggered by the lockdown due to COVID-19.”
He also stated that the CBN “would continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.” Meanwhile, the Monetary Policy Committee meeting of the CBN for the month of May 2020, will hold today Thursday, May 28, 2020.
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