He said the CBN risked losing its power to set lending rates for commercial banks unless it
immediately addressed the situation, adding that only unscrupulous elements could successfully operate under the current fiscal policy atmosphere.
“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,” Mr. El-Rufai said.
The governor’s comments were delivered at a special edition
roundtable organised by Women in
Business, a non-profit women
advocacy organisation, in Abuja.