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High interest rates: CBN, banks, MAN, others to appear before Senate panel on Tuesday

The Senate Committee on Banking, Insurance and Other Financial Institutions has invited the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and Deposit Money Banks to a meeting on Tuesday over the high interest rates being charged by financial institutions in the country.

The Senate panel has also invited the Manufacturers Association of Nigeria and several other bodies to the meeting based on a motion by the Chairman of the committee, Senator Rafiu Ibrahim.

The President of the Senate, Bukola Saraki, had earlier criticised the charging of high interest rates on loans by Small and Medium-scale Enterprises in the country, a situation he said had forced some firms to close shops.

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