CBN to sanction banks over hike in interest rate

CBN to sanction banks over hike in interest rate

Commercial banks who inflate interest rate above single as specified on social intervention scheme anchored by the apex bank are to be sanctioned by the Central Bank of Nigeria. Governor of Nigeria’s apex bank, Godwin Emefiele gave the warning yesterday at the opening of a two-day sensitisation fair on CBN’s financial instrument for micro and

Commercial banks who inflate interest rate above single as specified on social intervention scheme anchored by the apex bank are to be sanctioned by the Central Bank of Nigeria.

Governor of Nigeria’s apex bank, Godwin Emefiele gave the warning yesterday at the opening of a two-day sensitisation fair on CBN’s financial instrument for micro and macro business enterprises in Kano.

CBN GOVERNOR, GODWIN EMEFIELE

Emefiele, represented by a Deputy Director in CBN, Mr. Aliyu Katuka, who was reacting to alleged high interest rates being charged by commercial banks on empowerment scheme products of the CBN, emphasised that commercial banks were only entrusted to give out the financial instrument at not more than nine per cent rate.

He said the sensitisation fair was organised to create awareness about the CBN policies for many in need of support but lack necessary information on how to access the intervention.

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