COVID-19 : CBN To Release Over N1trn Intervention Fund

Godwin Emefiele, CBN Governor.

Central Bank of Nigeria (CBN) says it has the plan to raise its intervention in all critical sectors of the economy by another N1 trillion.

The apex bank said this in response to the impact of the coronavirus pandemic on the economy.

The CBN governor, Godwin Emefiele, on Wednesday said in a statement that the intervention will boost local manufacturing and import substitution in the economy as a way of providing succour to the people impacted by the deadly virus and also create more jobs.

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According to the release a major focus of the package, the Central Bank of Nigeria announced 100 billion naira loan support for health laboratories in the country.

In the statement, Emefiele directed all commercial banks in the country to support pharmaceutical companies and the Healthcare industry.

The statement added that the CBN will in the days ahead continue to reel out its support for the economy.

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