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CBN warns banks against charging above single-digit interest rate

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Abubakar seeks economic base for citizens to address insecurity
Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has threatened to sanction any commercial bank inflating interest rate above single, specifically on social intervention scheme anchored by the apex bank.

The CBN governor gave the warning yesterday at the opening of a two-day sensitisation fair on CBN’s financial instrument for micro and macro business enterprises in Kano.

Emefiele, represented by a Deputy Director in CBN, Mr. Aliyu Katuka, who was reacting to alleged high interest rates being charged by commercial banks on empowerment scheme products of the CBN, emphasised that commercial banks were only entrusted to give out the financial instrument at not more than nine per cent rate.He said the sensitisation fair was organised to create awareness about the CBN policies for many in need of support but lack necessary information on how to access the intervention.

In another development, former Head of State, Gen. Abdulsalam Abubakar (rtd), has urged the government to provide economic base for Nigerians to address security challenges in the country. Abubakar stated this yesterday during a courtesy visit to Governor Seyi Makinde of Oyo State at the Governor’s Office in Ibadan.

The former head of state, who stated that issue of peace could not be left to the government alone, said that the private sector experience of the governor would help him in governing the state very well. Makinde, who assured the residents of adequate security, said very soon, there would be change in security architecture of the state.


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