The Central Bank of Nigeria’s initiative to offset COVID-19’s economic impact cost around 3.5 per cent of the country’s Gross Domestic Product.
The CBN Governor, Godwin Emefiele, revealed this during his speech at the 30th annual conference of financial reporters.
According to PUNCH, Emefiele was represented at the ceremony by the apex bank’s spokesperson, Mr Osita Nwanisobi.
Speaking on behalf of Emefiele, Nwanisobi said that given the above consequences of the COVID-19 pandemic on key economic variables, the CBN took several measures to mitigate the long-term effects on the growth prospects of the economy.
First, policy measures were introduced to restore stability in the economy by supporting households that have been severely affected by the pandemic.
Also, targeted interventions were introduced to support critical sectors, such as agriculture, manufacturing, energy, and health. Cumulatively, the bank’s intervention efforts represented about 3.5% of the GDP”.
It includes a reduction in the monetary policy rate on CBN intervention loans from nine to five per cent; an extension of the one-year principal repayment moratorium; and a reduction of the interest rate on the CBN intervention loans.
The Central Bank of Nigeria (CBN) announced a few weeks ago that it had disbursed N400 billion and received over 8 million applications for the Covid-19 Targeted Credit Facility (TCF) to assist households and businesses affected by the coronavirus outbreak.
According to the latest numbers published by the Nigeria Centre for Disease Control, 203,514 cases have been confirmed, 191,950 cases have been discharged, and 2,668 deaths have been documented across 36 states and the Federal Capital Territory as of September 23rd. As of September 23, 2021, a total of 2.99 million tests had been completed.
Recall that, Sadiya Umar Farouq, Minister of Humanitarian Affairs, Disaster Management, and Social Development, announced that 390,000 of the 500,000 applicants for the Central Bank of Nigeria’s (CBN) Next empowerment programme have been prequalified to receive various entrepreneurship skills beginning next month.