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Tag: BOI

BoI Grants Three Months Moratorium on Loans

BoI Grants Three Months Moratorium on Loans

Growth & Insight
The Bank of Industry (BoI) has granted three months moratorium to all loans it extended to its customers to enable them cope with the negative impact of the COVID-19 pandemic on their businesses. The Bank explained in a statement yesterday that the moratorium was in line with the recent directive of President Muhammadu Buhari on loans’ moratorium and, “advised that customers requiring more than three months can apply for a further extension, which can be up to one year (12 months).” The Bank also reduced the, interest rates on all BoI -funded projects by two per cent per annum, from the 10 per cent it was previously, to eight per cent per annum. This became effective since April 1. This, stated, has also been communicated to customers and partnering commercial banks. In additi...