Senate passes motion calling for a stakeholders roundtable to address the increasing interests rates in Nigeria

Today, the 8th Senate passed a Motion calling for a stakeholders roundtable to address the increasing interests rates in Nigeria.

The need to urgently address this issue is premised on the fact that our banking sector is a necessary tool for sustaining our economy. Additionally, due to liquidity challenges, many businesses have been forced to sack their workers due to their inability to access credit.

In this regard, the Senate is concerned that the current regime of high interest rates continues to place a major burden on business investments and households across the nation.

This is why the Senate has mandated its Committee on Banking, Insurance and Other Financial Institutions to organize a Round-Table session with the Central Bank of Nigeria, banks, NDIC, relevant stakeholders and industry experts with a view to finding immediate, sustainable and lasting solutions that can help to usher in a new interest rate regime that is conducive for businesses and households across the country.