The Central Bank of Nigeria has introduced six policy responses to combat Covid-19 scourge on the economy.

According to a statement by the apex bank, it promised to embark on these six programs which include: extension of moratorium on loans, interest rate reduction, creation of N50bn fund, credit support for the healthcare sector, regulatory forbearance and strengthening of Loan to Deposit Rate policy.

CBN announces 6 initial policy responses to combat Covid-19 scourge on economy: extension of moratorium on loans, interest rate reduction, creation of N50bn fund, credit support for healthcare sector, regulatory forbearance and strengthening of Loan to Deposit Rate policy

— Central Bank of Nigeria (@cenbank) March 16, 2020

Recall that the CBN pushed for improved domestic production of goods and services, particularly in the agricultural and manufacturing sectors, following the fall of oil prices in the world.

The prominent stakeholders who advocated for the need to rely on domestic production were CBN Governor, Godwin Emefiele; Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed; as well as other experts in the sector.