Coronavirus cbn cuts interest rate on its loans to 5

I think there may be some confusion here.

The Central Bank of Nigeria (CBN) is the monetary authority of Nigeria, and it sets interest rates for the country's economy. However, I couldn't find any information that suggests the CBN has cut its interest rate on loans to 5%.

In fact, the CBN has been using various monetary policy tools to manage the economy, including setting interest rates, to mitigate the impact of the COVID-19 pandemic. In May 2020, the CBN reduced its Monetary Policy Rate (MPR) from 13.5% to 12.5% to stimulate economic growth.

It's possible that you may be referring to a different organization or entity that has cut its interest rate on loans to 5%. Could you please provide more context or clarify what you mean by "coronavirus CBN cuts interest rate on its loans to 5"?