CBN to continue 5% interest rate subsidy for Agric, Health, Power, Manufacturing sectors.
The Central Bank of Nigeria agreed to leave interest rates for its development finance actives or intervention funds at 5% per annum until March 2023.
“The MPC is of the view that rates on the development finance initiatives of the Bank should remain at 5 percent till March 2023.”
This is coming on the heels of the decision of the monetary policy committee to increase benchmark monetary policy interest rates to 13% from 11.5%. Rate increases of this nature often lead to increases in lending rates across board.
Share on social: