CBN's N700 billion bailout for Unity Bank-Providus Bank merger

- *Bailout amount and purpose*: The Central Bank of Nigeria (CBN) has approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited ¹. The bailout aims to strengthen the stability of Nigeria's financial system.

 *Loan terms*: The financial accommodation is structured as a 20-year term loan with an interest rate of 6% ¹. The loan repayment will start after a five-year moratorium.

 *Merger background*: The merger between Unity Bank Plc and Providus Bank Limited is a strategic consolidation within Nigeria's banking sector. The union aims to create a more robust financial entity capable of delivering enhanced services and financial stability.

 *CBN's role*: The CBN's approval and financial support demonstrate its commitment to maintaining financial stability and promoting confidence in the banking system. The CBN remains dedicated to safeguarding depositors' interests and ensuring the smooth functioning of the banking sector.

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