CBN Reduces Interest Rates on OFIs Facilities to 5% Analysts foresee hold on MPR as MPC Meets Obinna Chima As part of its continued efforts to mitigate the impact of COVID-19 on households, businesses and regulated institutions, the Central Bank
of Nigeria (CBN) has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs) from nine per cent to five per cent per annum for one-year, effective March 1, 2020.
The bank, in a circular signed by the Director, Financial Policy and Regulation Department, Mr. Kevin Amugo, posted on its website yesterday, said CBN intervention facilities obtained
through participating OFIs Microfinance Banks (MFBs), Primary Mortgage Banks and institutions, among others, would be given a further one-year moratorium on all principal repayments, also
effective March 1, 2020. According to the circular, OFIs have also been granted leave to consider temporary and time limited restructuring of the tenor and loan terms for households and businesses
affected by COVID-19, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI sub-sector. Continued on page 8
FG Directs Conclusion of Electricity Deal with Siemens...Page 5 Thursday 28 May, 2020 Vol 25. No 9180. Price: N250
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COVID-19: FG Considers Two-shift Option for Reopening of Schools Mulls morning, afternoon classes Agrees with religious leaders on unlocking of places of worship To rely on NAFDAC’s clinical trials Shortlists three local herbal cures for virus Finally, Kogi gets index case as 389 fresh cases increase tally to 8,733 with 254 deaths Evacuation of Nigerians abroad suspended Emma Okonji, Martins Ifijeh, Nosa Alekhuogie in Lagos, Olawale Ajimotokan and Onyebuchi Ezigbo in Abuja The federal government has disclosed that it would soon unveil the policy for safe reopening of schools, saying it's also weighing the option of running two classes in the morning and afternoon in secondary schools to enable
students make up for lost grounds. Also, the federal government and religious leaders have reached an agreement on proposals for the reopening of worship centres nationwide. As the government made these considerations, the virus increased its victims by 389 to 8,733 with 2,501 persons Continued on page 8
Obaseki, Ize-Iyamu Set for Battle in Edo APC Pick gov nomination forms
Iyobosa Uwugiaren, Chuks Okocha and Adedayo Akinwale in Abuja The battle line for the governorship ticket of the All Progressives Congress (APC) in the forthcoming election in Edo State was drawn yesterday as the two main contenders from the ruling party's factions,
the incumbent, Mr. Godwin Obaseki, and Mr. Osagie IzeIyamu, obtained nomination forms to run. While a group, Obaseki Mandate Forum in Federal Capital Territory (FCT), purchased the nomination form for Obaseki ahead of the Continued on page 8
FLOWERS FOR THE PRESIDENT... President Muhammadu Buhari, receiving flowers from a child during the activities to commemorate 2020 Children’s Day celebration at the Presidential Villa, Abuja…yesterday
Adesina Reaffirms Innocence of Alleged Wrongdoing in AfDB...Page 6