Nigeria Unveils Funds to #Coronavirus-Hit Businesses

Nigerian President Muhammadu Buhari.

The Central Bank of Nigeria has thrown a a lifeline to cushion businesses from the dire effects of the covid-19.

The bank announced a credit relief of U.S $136.6 Million to businesses affected by the coronavirus pandemic.

“The CBN hereby establishes a facility through for households and small- and medium-sized enterprises (SMEs) that have been particularly hard hit by Covid-19,” Governor Godwin Emefiele told the media.

Other interventions announced by the bank include reduction of interest rates for the loan from 9% to 5% retroactively to March 1.

Nigeria has recorded only two cases of the virus known as Covid-19 including an index case of an Italian businessman.