Reps want CBN to reduce interest rate

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The House of Representatives has called on the Central Bank of Nigeria to seek ways of reducing the high interest rate on loans given to customers by commercial banks and also find a solution to the high rate of non-performing loans in the banking sector.

The Chairman, House Committee on Banking and Currency, Sir Jones Onyereri, who made the appeal on Thursday, also advised the CBN to consider the establishment of the Financial Services Commission comprising both monetary and fiscal authorities. He spoke at the end of an oversight visit by the committee to the CBN office in Lagos. He said.

“That is why we advise the CBN to work with the Ministry of Finance to find a way of reducing the level of domestic borrowing. I think that will also help in respect to the reduction in the interest rate. I think they should be able to work out all these to improve our economy.

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