The Central Bank of Nigeria (CBN) has restated its determination to reduce cost of borrowing to other sectors; achieve a single-digit inflation and interest rate, as well as ensure exchange rate stability.
Speaking at the Save Nigeria Group (SNG) roundtable to mark the first anniversary of “Occupy Nigeria’ with the theme “Nigeria’s fiscal and monetary crises: The way out” in Lagos, on Monday, Director, Financial Markets, CBN, Mr Emman Ukeje, said the apex bank was doing all to achieve a stable macro-economy.
According to him, the apex bank had held series of meeting with banks with a view to addressing high lending rate through shared services to reduce the cost of operations and transfer the benefits to customers, stating that the apex bank would continue to engage the banks.
He, however, stated that interest rate was not only the factor inhibiting growth of the private sector, stressing that it was also important that infrastructure challenges be addressed.
Also defending CBN’s policies, Director, Research, Charles Mordi, disclosed that the apex bank was targeting between eight and nine per cent interest rate regime, stressing that interest rate is a function of demand and supply.
