CBN Covid-19 Loan – Emefiele Speaks Out!
The Central Bank of Nigeria (CBN) says it would no longer extend the period of loan forbearance, as the two-year moratorium granted to companies and businesses who took facilities ends this month.
According to the apex bank, the firms are required to start the repayment of those loans.
CBN governor, Godwin Emefiele, at the end of the November 2021 MPC meeting, while citing improvement in economic activities, urged businesses to resume loan repayment.
As part of measures to ease the effects of the COVID-19 pandemic on businesses, the CBN had rolled out forbearance packages for companies to help them weather the storm.
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The forbearance included the restructuring of the loan repayment plans, moratorium as well as CBN reducing interest rates on all its intervention programmes to five per cent from nine per cent till the end of this month.
Speaking on this development in his personal statement as a member of the Monetary Policy Committee (MPC), Aliyu Ahmed explained that the improvement in Non-Performing Loans (NPLs) is mainly to sound regulatory oversight of the CBN during the year.
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He revealed that, similarly, gross credit in the banking sector rose from N20.48 trillion in December 2020 to N24.57 trillion in December 2021, which translates to over four trillion naira increase with the period under review.
This increase was attributed to increased industry funding base and the Central Bank of Nigeria (CBN)’s directive on Loan to Deposit Ratio.
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However, more members of the Monetary Policy Committee (MPC) of the CBN are considering further tightening of monetary policy in the wake of rising inflation in the country.