The Senate on Tuesday stated that the consultation among various stakeholders in the financial sector over how to reduce high interest is still ongoing.
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, made this known after the closed door meeting with banks Chief Executives in the office of the Senate President, Dr. Abubakar Bukola Saraki.
Rafiu said: “We just finished a deliberation between the Senate, led by the Senate President, and the Central Bank of Nigeria team, representing the monetary authorities, and the Finance Minister representing the fiscal authorities.
“You remember on the 3rd of June, there was a motion on the rising interest rate regime.
“And on the 13th of June, we did a round-table which was with the monetary authority, the banks and other stakeholders.
“From that round-table we discovered that we need to meet both the monetary and fiscal authorities together.
“And that’s what we did today and the meeting had been very fruitful.
“We were able to bear our minds.
“All of us shared the sentiment that no matter what it takes, now that the exchange rate regime has stabilised, all hands must be all deck for us to achieve a better interest rate regime.
“And everybody is aware that the three things that play majorly is the exchange rate, inflation rate and interest rate that you must joggle for us to have a very vibrant economy.
“We had a fruitful discussion and we are hopeful that once we continue to work hard as this, working together, we will achieve what is desirable for our economy to grow and make businesses survive and sustain their growth.”
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