The Kaduna State governor, NASIR EL-RUFAI has decried the Central Bank’s prevailing fiscal regime, saying the bank’s 14 per cent monetary policy rate has led to massive job losses in the country.
Governor EL-RUFAI 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.
The governor’s comments were delivered at a special edition roundtable organised by Women in Business, a non-profit women advocacy organisation, in Abuja.
NASIR EL-RUFAI dismissed CBN’s perennial reasons for high interest rate, saying and I quote, “The rate of inflation in the UK is not 2 per cent or 1 per cent. It is 7-8 per cent. But lending rate is at what one percent. I think they cut the interest rate last week”, end of quote.