Coronavirus: CBN announces N1.1trn intervention fund

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CBN Governor, Godwin Emefiele
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The Central Bank of Nigeria (CBN) has announced a N1.1 trillion intervention fund to support critical sectors of the economy as coronavirus spread gradually.

The apex bank explained that an Implementation Committee will handle the N1.5 trillion private sector contribution of Infrastructure funding that will link farming communities to markets.

CBN governor Godwin Emefiele directed Deposit Money Banks (DMBs) to increase their support to the pharmaceutical and healthcare industries.

He advised that all DMBs and other regulated entities in the banking industry to trigger their business continuity plans to ensure that their operations remain largely undisrupted.

CBN urged banks to sanitize their premises and discourage large gatherings of staff and customers.

The Central Bank also restated its commitment to protecting Nigerians and the economy.

Emefiele then urged Nigerians to take advantage of turning the seeming adversity of COVID-19 into an opportunity.