20160811

CBN is failing us, causing massive job loss –Governor el-Rufai

Kaduna State governor, Nasir el-Rufai, has decried the Central Bank prevailing fiscal regime, saying the bank’s 14 percent monetary policy rate has led to massive job losses in the country.

El-Rufai said CBN risked losing its power to set rates for commercial banks unless it immediately addressed the situation, adding that only unscrupulous elements could successfully operate under the current fiscal policy atmosphere. His words:

“We have a Central Bank that has an MPR at — what? — 14 per cent and banks lending at 20 percent. Only traders and drug dealers can make money at this interest rate.
“I have said it before and I will repeat it again, unless the Central Bank and the banking system make a conscious decision to bring interest rate down, one day we would legislate it.”

10 comments:

  1. Calling a dog a bad name in order to kill it. Next thing now is to "change" the CBN governor and replace him with an hausa man. Evil people bent on destroying what is left of Nigeria.

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  2. The interest rate should be reduce ...

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  3. Hassan Aderemi11 August, 2016 15:58

    No blame game, all Nigerians want is improvement on economy.

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  4. It is well.

    #Olu, can you see?

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  5. Replace Emefiele with another Igbo man so dat Ndigbos no go cry blood dey shout marginalization.

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  6. CBN should do something.

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