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Friday, March 31, 2023

CBN Increases Interest Rate on Intervention Facilities to 9%

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The Central Bank of Nigeria (CBN) has Increased the interest Rate on all its Intervention Facilities to 9% from its erstwhile 5%.

The CBN in a Circular to all Banks and other financial institutions said:

“Further to our Circular dated March 15, 2022 (Ref: FPR/DIR/PUB/CIR/001/040) extending the period of interest rate reduction on all intervention facilities from 9 percent to 5 percent per annum (as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy) the Central Bank of Nigeria hereby reverts the interest rate on all its intervention facilities to 9 percent per annum.”

The CBN added that the revised rate shall be implemented as follows:

  • All intervention facilities granted effective July 20, 2022 shall be at 9 percent per annum
  • All existing intervention facilities granted prior to July 20, 2022 shall be at 9 percent per annum effective September 1, 2022.
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