Nigeria pressurises banks to reduce interest rates

The Central Bank of Nigeria has mounted pressure on commercial and merchant banks to reduce their lending interest rates.

Speaking at the quarterly forum of the Finance Correspondents Association of Nigeria (FICAN) in Abuja yesterday, the assistant director for corporate affairs at the central bank, Mr Tony Ede said the apex bank has commenced a series of meetings with banks chief executives aimed at forcing down lending rates.

He admitted that the wide gap between deposit interest rates and

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