Saturday, July 2, 2022
  • About
  • Advertise
  • Careers
  • Contact
Newsjar.net
  • Home
  • News
  • Politics
  • Business
  • Opinion
  • Metro
  • Entertainment
  • Sports
  • Login
No Result
View All Result
Newsjar.net
Home Business

COVID-19: CBN’s intervention policies saved banking sector

newsjar by newsjar
March 1, 2021
in Business
0
Share on FacebookShare on Twitter

February 27, 2021, marked one year the first Coronavirus (COVID-19) case was dictated in Nigeria. As at today, Africa’s largest economy recorded 1.5 million samples tested, 154,476 confirmed cases, 20,863 active cases; 131,722 discharged cases and 1,905 deaths, according to Nigeria Centre for Disease Control (NCDC).

The pandemic disrupted every sector of the Nigerian economy of which the banking industry is no exception. The lockdown declared by the Federal Government at the end of March 2020 to contend the impact of the pandemic disrupted businesses, lives and livelihood.

Related posts

Oil prices are rising, Nigeria can’t get it together

Oil prices are rising, Nigeria can’t get it together

July 2, 2022
Defunct Third-Eye Publisher, Aluko is dead

Defunct Third-Eye Publisher, Aluko is dead

July 2, 2022

Data from the National Bureau of Statistics (NBS) show that financial institutions contracted by -2.48% in the fourth quarter (Q4) 2020 from 6.80% in the third quarter (Q3) 2020 and 22.33% in Q4 2019.

Analysts in the financial services sector were of the opinion that though the pandemic affected the banking sector last year, the impact was not grave as the policies and interventions of the CBN saved the industry.

Read Also: How to protect yourself from rising e-banking fraud

In response to the impact of COVID-19 on key economic variables such as inflation, exchange rate, interest rate and external reserves, the fiscal and monetary authorities took unprecedented measures to prevent the economy from going into a tailspin.

“Our first objective was to restore stability to the economy by providing assistance to individuals, SMEs and businesses that had been severely affected by the pandemic, as well as by the lockdown measures,” Godwin Emefiele, governor of the CBN said.

Some of the measures taken by the monetary and fiscal authorities include:

Policymakers across the globe have been faced with a dual challenge of trying to address a public health crisis, and a major economic challenge.

The spread of the virus along with the corresponding containment measures led to a significant slowdown in global growth in the first half of 2020.

Whatsapp mobile
Previous Post

Imo crisis: Okorocha’s son-in-law to be flown abroad after failed surgeries

Next Post

Ndume kicks against blanket amnesty for bandits

newsjar

newsjar

Next Post
Ndume kicks against blanket amnesty for bandits

Ndume kicks against blanket amnesty for bandits

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BROWSE BY CATEGORIES

  • Business
  • Entertainment
  • Metro
  • News
  • Opinion
  • Politics
  • Sports
  • Uncategorized

BROWSE BY TOPICS

2023 2023 presidency abia Abiodun anambra Anambra guber Angel APC APGA Atiku Baba Ijesha BBNaija breaking buhari Court cross davido ekiti Emmanuel Onwubiko Entertainment IMO INEC insecurity IPOB Liquorose Maria News Nigeria ogun Opinion ortom Osinbajo osun Oyo PDP Pere Politics Saraki soludo Tinubu Top Headlines Umahi WhiteMoney Wike zamfara

Recent News

  • ‘I’d chain him up’ — Ferguson Urges Rangers Not To Sell Bassey
  • PDP crisis: Atiku’s running mate needs Wike’s support – Okowa’s camp
  • Oil prices are rising, Nigeria can’t get it together

Category

  • Business
  • Entertainment
  • Metro
  • News
  • Opinion
  • Politics
  • Sports
  • Uncategorized
  • About
  • Advertise
  • Careers
  • Contact

© 2021 Newsjar - Powered and Design by TFEDesigns.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Opinion
  • Metro
  • Entertainment
  • Sports

© 2021 Newsjar - Powered and Design by TFEDesigns.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In