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News

IFC Supports Nigeria’s FCMB to Finance SMEs Facing COVID-19 Related Challenges

IFC announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

News

Nigeria: Banks Offering Access to Low Interest Funds

As part of measures to cushion the impact of the coronavirus pandemic, the Chief Executive Officer of FirstBank Nigeria, Dr. Adesola Adeduntan, has disclosed that banks are currently offering customers access to low interest funds.

News

CBN NGN50 Billion Facility for Households & MSMEs in Nigeria

In March 2020, the Central Bank of Nigeria released Guidelines for the Implementation of the NGN 50 Billion Targeted Credit Facility aimed at providing succor to households and MSMEs that have been adversely affected by COVID-19.

News

CBN Cuts Interest Rates, Provides N50 Billion Credit

The Central Bank of Nigeria has announced its first set of policies to cushion the negative impact the deadly Coronavirus on Nigerian businesses and economy. 

News

Nigeria: CBN Unveils Palliative Measures to Cushion Impact of Coronavirus on Economy

The measures include a moratorium of one year on all principal repayments as well as interest rate reduction on all applicable CBN intervention facilities from nine to five percent per annum for one year effective 1 March, 2020.