The Central Bank of Nigeria (CBN) has assured Nigerians that it will continue to monitor all developments on the COVID – 19 infections and design appropriate Monetary response to protect the people and economy of the Federal Republic of Nigeria
The CBN Governor, Mr Godwin Emefiele, disclosed this in a statement made available to DAILY POST
Emefiele pointed out that the CBN is mindful of the worse case scenarios that may arise from the impact of COVID-19 disease on the Global and Nigerian Economy
Recall that Daily Post reported that CBN announced its decision to inject N1trillion across all critical sectors of the Nigerian economy.
According to the statement, the CBN governor directed all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries.
The governor explained that the CBN has set-up the Financial Markets Situation Room to monitor global markets and advise an adequate response
“In addition to the N50 billion soft loans to small businesses already announced, the CBN will increase its intervention by another N100 billion in loan this year to support the Health Authorities to ensure laboratories, researchers and innovators work with global scientists to patent and or produce vaccines and test kits In Nigeria to prepare for any major crises ahead. The details of how these facilities can be accessed will be released soon.
“Secondly, given the continuing impact of the disease on global supply chains, the CBN will increase its intervention in boosting local manufacturing and import substitution by another N1trillion across all critical sectors of the economy. The management of the CBN will meet with the Bankers Committee this Saturday at 10.00 am to work out the modalities.
“Thirdly an Implementation Committee that will action the private sector contribution of N1.5trillion Infrastructure funding that will link farming communities to markets as agreed at the Going for Growth Roundtable last week will be set-up next week.
“All Deposit Money Banks and other regulated entities in the banking industry are further advised to trigger their business continuity plans to ensure that their staff and families are protected, and their operations remain largely undisrupted.
” Adhere strictly to the directives, advice, and notices from the Federal Ministry of Health, National Centre for Disease Control and other relevant government agencies on national response measures to COVID-19
“Ensure regular and appropriate sanitization of their premises and make available in all their locations adequate sanitization materials.
“Discourage large gatherings of staff and customers, ensure constant communication with and sensitization of their staff and families on the COVID-19 infection.
