Senate To Meet With CBN Over Interest Rate

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CBN

Senate President Bukola Saraki has promised that the Senate will look into the high interest rate charged by banks in the country.

“It is likely that we will debate it this week,” Saraki said during an interactive session with journalists on Sunday in Ilorin.

According to him, the high interest rate is not good for the economy as the nation eases out of recession and targets growth.

“This week we will debate it, have a round table discussion with the Central Bank of Nigeria and other commercial banks and talk frankly to ourselves,” he said.

According to Saraki, it is not fair for the banking sector to be making astronomical profit while companies lose money and retrench workers.

“Hopefully, with the stability of the foreign exchange, we can now begin to address the issue of interest rate.

“There is no business that can make money if you are borrowing at 28…

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