Interest rate: Reps ask CBN to implement single digit

Friday 24 May 2013 14 Rajab 1434

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Interest rate: Reps ask CBN to implement single digit

Category: News Published on Thursday, 21 February 2013 05:00 Written by Turaki A. Hassan

The House of Representatives has called on the Central Bank of Nigeria to implement a single digit interest rate in Nigeria.

The lawmakers unanimously passed a resolution mandating the Committee on Banking and Currency to liaise with the Central Bank of Nigeria (CBN) to consider the possibility of implementing a single digit benchmark interest rate for Nigeria and report to it in two weeks.

This followed a motion moved by Rep. Nadu Karibo (PDP, Bayelsa) said such step would encourage the growth of small scale businesses, manufacturing industry and investors.