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The interest rates on all applicable intervention facilities have been raised from 5% to 9% annually, according to the Central Bank of Nigeria.

NewsReport that as part of policies to lessen the detrimental effects of the fatal coronavirus on Nigerian enterprises and the economy, the bank announced a one-year reduction in interest rates on all of its intervention facilities from 9% to 5% during the pandemic in 2020.

The bank reported having over N3 trillion in various intervention programs administered through commercial banks at the time.

Anchor Borrowers, Commercial Agricultural Credits Scheme, Micro-Small and Medium-scale Enterprise, and Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) are examples of such programs.

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

“The reversed rates will be implemented as follows: all new intervention facilities granted after July 20, 2022, will be at a 9 percent annual rate; all existing intervention facilities granted before July 20, 2022, will be at a 9 percent annual rate effective September 1, 2022.”

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