Impact of the COVID-19 Pandemic on the Financial Services Sector:

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The dual shock of the COVID-19 Pandemic and sharp decline in the price of crude oil is having a significant impact on Nigeria’s economy and the Nigerian government continues to roll out measures to address these health and economic challenges.

This note is the first in a series focusing on the financial services sector and will highlight the regulatory interventions and policy statements made by the Central Bank of Nigeria in furtherance of its financial stability mandate.

CBN Regulatory Interventions

The CBN has made a number of interventions to mitigate the economic impact of the pandemic. These interventions include the creation of a N50 billion credit facility targeted at households and SMEs affected by the pandemic, a N100 billion credit facility specifically aimed at the healthcare sector to meet potential increased demand for healthcare products and services, and a one year moratorium and reduced interest rate for existing CBN intervention facilities (for example the Commercial Agriculture Credit Scheme; Real Sector Support Facility; SME Credit Guarantee Scheme, etc.)

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