The Bankers’ Committee has agreed to support the Central Bank of Nigeria’s (CBN) policy to gradually reduce both lending and deposit rates.
The committee made this known at the end its 316th meeting in Abuja. It however appealed for time until the macroeconomic conditions are conducive.
The Managing Director/Chief Executive, Guaranty Trust Bank Plc, Mr. Segun Agbaje, alongside other banks chief executives, said the proposed cut in rates would not take place immediately as factors such as inflation, the exchange rate, and cost of personnel, among others, are still a challenge to lowering the rates.
Also speaking, the Group Managing Director and Chief Executive, First City Monument Bank (FCMB), Mr. Ladi Balogun, said the committee has resolved to pursue policies that are people-centred, which would improve financing to small and medium enterprises (SMEs).
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