The Central Bank of Nigeria (“CBN”), as expected, is playing a leading role in the fight to address the adverse economic impact of COVID-19. The CBN has introduced different policy measures in response to the COVID-19 pandemic, including extension of moratorium and reduction of interest rates on CBN intervention facilities, creation of a N50 billion targeted credit facility, provision of N100 billion credit support for the healthcare industry and regulatory forbearance for loan restructurings by banks. A more recent step taken by the CBN is the revision of the deadlines within which microfinance banks were required to meet the new minimum capital requirements.

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