By Ige Adekunle
Sango-Ota (Ogun) – Dr Samuel Nzekwe, former president, Association of National Accountants of Nigeria (ANAN), has commended the Central Bank of Nigeria (CBN) for reducing interest rates on all its applicable intervention facilities.
Nzekwe lauded the apex bank’s measure in an interview with the News Agency of Nigeria (NAN) on Tuesday in Ota, Ogun.
The News Agency of Nigeria (NAN) reports that CBN Governor, Mr Godwin Emefiele, had on Monday in Abuja, announced the reduction in the rates from nine per cent to five per cent for one year, effective March 1.
It was part of policy measures announced in the face of adverse consequences of the coronavirus (COVID-19) pandemic for both the global and Nigerian economies.
The CBN said that it was, in furtherance of its financial stability mandate, committed to providing support for affected households, businesses, regulated financial institutions and other stakeholders, in order to cushion the adverse economic impact of the pandemic.
Emefiele also said that all CBN intervention facilities had been granted a further moratorium of one year on all principal payments, effective March 1
Among other policy measures, he announced that the CBN had established a N50 billion facility through NISRAL Microfinance bank, for households and Small and Medium-sized enterprises hard-hit by COVID-19.
Reacting, Nzekwe said that the reduction of the interest rate on intervention facilities was good to stabilise the economy.
The former ANAN chief advised the Federal Government to put more measures in place to cushion the impacts of COVID-19 on the economy, as done in other countries.
“The CBN measure is meant to hold and ensure that the economy does not totally go down.
“The regulator is trying to ensure that the effect of coronavirus is not huge on the economy,” he said.
Nzekwe, however, urged the CBN to monitor the intervention measures on health sector, to enable it to achieve the desired results.
He also called for more monetary measures from the apex bank, to stimulate the economy.