Africa Financial Sector Responses to COVID-19 - Nigeria

Jul 28, 2020

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:
* A one-year extension of a moratorium on principal repayments for the central bank's intervention facilities;
* A reduction in the interest rate on intervention loans from 9% to 5%;
* Regulatory flexibility for banks to restructure facilities in the affected sectors.


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