Tuesday, November 24, 2020

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CBN to Release N1trn Into Nigerian Economy to Counter Coronavirus

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The Central Bank of Nigeria (CBN) on Wednesday announced a plan to raise its intervention in all critical sectors of the economy by another N1 trillion.

This is in response to the devastating impact of the coronavirus pandemic.

The CBN governor, Godwin Emefiele, said 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.

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

Mr Emiefele directed all commercial banks in the country to support pharmaceutical companies and the Healthcare industry.

He said the CBN will in the days ahead continue to reel out its support for the economy.

Source: Channels TV

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