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Senate Tasks CBN, Banks to Reduce Interest Rates

**To Hold Forum

By Modupe Gbadeyanka

Concerned by the high interest rates charged by commercial institutions in Nigeria on loans and how this has negatively affected businesses as well as the economy, which is presently undergoing crisis, the Senate has concluded plans to hold a roundtable talks comprising stakeholders in the financial sector, with a view to addressing and finding a solution to this.

The red chambers opined that pre-eminent position of the banking sector as the blood channel for sustaining the economy and the need to ensure that indices operating at all times were good for the survival of business and the economy.

According to Mr Rafiu Ibrahim, a member of the Senate who sponsored a motion calling for the summit, there is the serious need to address the issue in order to continue to frustrate business owners.

Contributing to the motion, Mr Atai Aidoko noted that there was no way a country could make progress when small and medium scale enterprises have no access to funds.

After deliberations on the matter, the Senate, led by its President, Mr Bukola Saraki, mandated the Senate Committee on Banking, Insurance and Other Financial Institution to organize a roundtable session with the Central Bank Of Nigeria (CBN), banks, Nigeria Deposit Insurance Corporation (NDIC), other relevant stakeholders and industry experts with a view to finding immediate, sustainable and lasting solutions that would help usher in a new interest rate regime that supports enterprise development in Nigeria.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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