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CBN commended for reducing lending rate

26 November 2015, 16:16

Sokoto - The Chairman, Sokoto State Chapter of the Association of Bureau De Change Operators, Aliyu Yar-abba, has commended the Central Bank of Nigeria (CBN) for reducing the banks' lending rates from 13 to 11 per cent.

'This singular, highly commendable act would certainly boost liquidity in Nigeria's economy, boost domestic commerce and trade,'' he added.

Yar-Abba told newsmen in Sokoto on Thursday that the gesture by the apex bank was capable of enabling local manufacturers to bolster their activities across the nation.

Also read: CBN accuses states of delaying N338bn bailout

''The domestic manufacturers would now be able to draw more facilities from the banks, resuscitate ailing and collapsed industries and establish new ones.

''They will also be able to get more funds at reduced interest rates to establish new factories,as well as small-scale enterprises across the country.

''Consequently, the nation's hard-earned foreign reserves would be saved; create more employment locally and curb poverty and its attendant negative consequences,'' he added.

The Bureau De Change Operators further praised the CBN for directives to BDC operators across the country to collate the details of all those seeking to buy the U.S. Dollars.

Yar-Abba explained that the measure had helped to drastically reduce the incidences of money laundering.


Tags cbn nigeria

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