Cushion The Effect Of COVID-19 With This CBN-NIRSAL Household Loan

The COVID-19 pandemic has pushed the world’s most vulnerable into further hardship. Social distancing has meant that many in the developing world have seen their sources of income evaporate.

This piece therefore serves the informational needs of Nigerians to equip them with best practice, guidance and regionally relevant resources to strengthen palliative care integration in the Covid-19 response.

Countries must build on the unique structures and programmes that they already have in place to guarantee a timely response. This being said, there are a number of concepts that policymakers should take into account including community-based targeting, self-targeting, and temporary insurance subsidies for the poor. 

   The Central Bank of Nigeria (CBN)  introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic

The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.  

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

Click HERE to apply for the CBN-NIRSAL COVID-19 household loan

In addition to the above,

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele Monday announced some policy measures to douse the adverse economic impacts of the COVID-19 pandemic on the economy.

The measures include a moratorium of one year on all principal repayments, effective 1 March, 2020 as well as interest rate reduction on all applicable CBN intervention facilities from nine percent to five percent per annum for one year effective 1 March, 2020.

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