Nigerian central bank announces emergency measures
CBN will fund healthcare expansion and guarantee loans, and says currency will not be devalued
The Nigerian central bank has announced measures aimed at reducing the impact of two crises: the coronavirus pandemic and the slump in world oil prices.
The Central Bank of Nigeria said on March 16 it would guarantee a wide range of bank loans and cut the interest on some of its loans. It was also creating a fund to finance the expansion of Nigeria’s medical capacity, the CBN said. The announcement came four days after the CBN publicly condemned unspecified foreign exchange traders for
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