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.
CBN stated this in a circular issued on Wednesday and signed by its Director, Financial Policy and Regulation Department, Chibuzo Efobi.
Titled ‘Adjustment of Interest Rate on all Central Bank of Nigeria Interventions’, the notification was addressed to banks and other financial institutions (OFIs).
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.
Comments are closed.