The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from 9% to 5% per annum for one-year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 Pandemic on the Nigerian economy. Credit facilities, availed through participating banks and OFls, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.

Following the expiration of the above timelines, the CBN hereby approves as follows:

1. The extension by another twelve (12) months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities;
2. The roll-over of the moratorium on the above facilities shall be considered on a case-by-case basis. 

Further enquiries on the provisions of this Circular may be addressed to the Director, Development Finance Department.