The Central Bank of Nigeria has approved regulatory forbearance for the restructuring of credit facilities in Other Financial Institutions.

It granted a one-year moratorium on all principal repayments on its intervention facilities effective March 1, 2020.

Interest rates on OFIs facilities were reduced from 9% to 5% per annum for a year as well.

They were also granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses affected by COVID-19 in relation to issued guidelines for affected credit facilities in the OFI sub-sector.