{"id":4663,"date":"2020-03-18T20:22:22","date_gmt":"2020-03-18T19:22:22","guid":{"rendered":"http:\/\/melyakub.com\/?p=4663"},"modified":"2020-03-18T20:23:11","modified_gmt":"2020-03-18T19:23:11","slug":"cbn-press-release","status":"publish","type":"post","link":"https:\/\/melyakub.com\/?p=4663","title":{"rendered":"CBN Press Release"},"content":{"rendered":"\n

Highlights: COVID-19: CBN To Inject N1 Trillion Stimulus on Economy<\/strong><\/p>\n\n\n\n

\u2026Meets with Bank Chiefs on March 21\u2026Health sector to get additional N100b loan Boost<\/strong><\/p>\n\n\n\n

ABUJA \u2013 <\/strong>Two days after it\nunveiled a six-point palliative to ameliorate the continued impact of the\ncorona virus on the Nigerian economy and supply chains round the globe, the\nCentral Bank of Nigeria (CBN) has announced its decision to increase its\nintervention in boosting local manufacturing and import substitution by another\nN1trillion across all critical sectors of the economy. <\/p>\n\n\n\n

This\nis in addition to N100 billion in loan in 2020, to support the health authorities\nto ensure laboratories, researchers and innovators work with global\nscientists to patent and or produce vaccines and test kits In Nigeria to\nprepare for any major crises ahead<\/p>\n\n\n\n

The\nCBN Governor, Mr. Godwin Emefiele, stated this in Abuja on Wednesday, March 18,\n2020, disclosing that the management of the CBN will meet with the Bankers\u2019\nCommittee on Saturday, March 21, 2020, to work out the modalities.<\/p>\n\n\n\n

Mr.\nEmefiele also told newsmen that an Implementation Committee that will action\nthe private sector contribution of N1.5trillion Infrastructure funding that\nwill link farming communities to markets as agreed at the recently concluded \u201cGoing\nfor Growth\u201d Roundtable last week will be set-up next week. <\/p>\n\n\n\n

Given\nthe plunge in the price of oil, which dropped to $25 per barrel on Wednesday\nwith its attendant low accretion to oil revenue, the CBN Governor directed all\nDeposit Money Banks to increase their support to the pharmaceutical and\nhealthcare industries to enhance local drug manufacturing, increased bed count\nin hospitals across Nigeria, in funding intensive care as well as in training,\nlaboratory testing, equipment and Research & Development. <\/p>\n\n\n\n

In\naddition to the N50 billion soft loans to small businesses announced on Monday,\nMarch 16, 2020, Emefiele said the CBN would also increase its intervention by\nanother N100 billion in loan in 2020, to support the health authorities to\nensure laboratories, researchers and innovators work with global\nscientists to patent and or produce vaccines and test kits In Nigeria to\nprepare for any major crises ahead. <\/p>\n\n\n\n

According\nto him, the Bank will release details of how the unveiled facilities would be\naccessed and released, adding that the CBN had also set-up the Financial\nMarkets Situation Room to monitor global markets and advise the Bank on adequate\nresponse.<\/p>\n\n\n\n

Meanwhile,\nMr. Emefiele has advised all Deposit Money Banks and other regulated entities\nin the banking industry to trigger their business continuity plans to ensure\nthat their staff and families are protected, and their operations remain\nlargely undisrupted.<\/p>\n\n\n\n

He\nfurther advised the banks to adhere strictly to the directives, advice, and\nnotices from the Federal Ministry of Health, National Centre for Disease\nControl and other relevant government agencies on national response measures to\nCOVID-19. <\/p>\n\n\n\n

As a\nway of checking possible spread of the virus, he urged the institutions to\nensure regular and appropriate sanitization of their premises and make\navailable in all their locations adequate sanitization materials and also to discourage\nlarge gatherings of staff and customers.\n\nWhile pledging that the CBN will continue to\nmonitor all developments on the COVID – 19 infection and design\nappropriate Monetary response to protect the people and economy of Nigeria,\nEmefiele urged that Nigerians take advantage of turning what appeared to be an\nadversity in the pandemic into an opportunity.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Highlights: COVID-19: CBN To Inject N1 Trillion Stimulus on Economy \u2026Meets with Bank Chiefs on March 21\u2026Health sector to get additional N100b loan Boost ABUJA \u2013 Two days after it unveiled a six-point palliative to ameliorate the continued impact of the corona virus on the Nigerian economy and supply chains Continue Reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":4653,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/melyakub.com\/index.php?rest_route=\/wp\/v2\/posts\/4663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/melyakub.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/melyakub.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/melyakub.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/melyakub.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4663"}],"version-history":[{"count":1,"href":"https:\/\/melyakub.com\/index.php?rest_route=\/wp\/v2\/posts\/4663\/revisions"}],"predecessor-version":[{"id":4664,"href":"https:\/\/melyakub.com\/index.php?rest_route=\/wp\/v2\/posts\/4663\/revisions\/4664"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/melyakub.com\/index.php?rest_route=\/wp\/v2\/media\/4653"}],"wp:attachment":[{"href":"https:\/\/melyakub.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/melyakub.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/melyakub.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}