Africa Financial Sector Responses to COVID-19 - Nigeria
This page presents measures and initiatives by the government of Nigeria, national central bank and Development Finance Institutions (DFIs) in support of a resilient domestic financial sector facing the effects of the COVID-19 pandemic.
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|
Instrument |
Institution |
Financing volume |
Description |
|
Multilateral line of credit |
International finance corporation |
USD 50 million |
(June 25, 2020) Nigeria's First City Monument Bank (FCMB) Limited has secured a USD 50 million loan to assist in the development of lending to Small and Medium Enterprises (SMEs) to support the continuation of their business operations disrupted by the COVID-19 pandemic. |
|
Multilateral line of credit |
International finance corporation |
USD 50 million |
(June 20, 2020) Access Bank Plc has secured a USD 50 million loan to increase the liquidity of thousands of small and medium sized enterprises (SMEs) in Nigeria that are addressing the economic challenges of COVID-19. |
|
Multilateral line of credit |
International finance corporation |
USD 100 million |
(June 16, 2020) Zenith Bank Plc of Nigeria has secured a USD 100 million loan to strengthen its support to clients and businesses whose cash flows have been disrupted by the difficulties caused by the COVID-19 pandemic. |
|
Monetary Policy |
Central bank of Nigeria |
USD 2.6 billion |
(March 18, 2020) The central bank has injected liquidity into the banking sector in order to protect jobs, stimulate local economic production and the process of import substitution. |
|
Monetary Policy |
Central bank of Nigeria |
N/A |
(March 16, 2020) The Central Bank of Nigeria has put the following measures in place: |