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.