The Central Bank of Nigeria (CBN) Wednesday announced it was offering a moratorium of 12 months to beneficiaries of its Other Financial Institutions (OFIs) COVID-19 intervention loans, the start date being 1st March.

It disclosed in a circular endorsed by Kevin Amugo, its Director of Financial Policy and Regulation that it had executed interest rate cut on its lending to OFIs from 9% to 5% in order to lessen the shocks of the coronavirus crisis on businesses, regulated institutions and households.

“The CBN intervention facilities obtained through participating OFIs will be given a further one-year moratorium on all principal repayments, also effective March 1, 2020,” the document read in part.

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Similarly, OFIs are now at liberty to restructure the terms and tenors of facilities availed to businesses and households affected by the coronavirus for the time being in compliance with the applicable regulatory framework released recently.

Isaac Okorafor, central bank’s Director of Corporate Communications assured that the apex bank would sustain its oversight role in tracking the progress of the scheme and enforce reforms aimed at guaranteeing financial stability while relieving stakeholders affected by the pandemic.