Senate President to meet with Central Bank of Nigeria over high interest rate

   

    Senate President, Bukola Saraki, has promised that the Senate will look into the high interest rate charged by banks in the country, as there is chance that there will be a debate on the issue this week.

     Speaking during an interactive session with journalists in Ilorin, Senator Saraki lamented that the high interest rate is not good for the economy as the nation eases out of recession and targets growth.

   According to him, the Senate would engage financial institutions to arrive at an affordable interest rate, adding that if they refuse, the House may come up with legislation to peg the interest rate.

  He also said the upper chamber may limit the amount banks can put in government securities and channel the rest to areas like the real sector.