Business
BREAKING NEWS: Economist Wants Central Bank of Nigeria Redesigned to Allow Low-interest Rate
A development economist, Basil Odilim, has called for a redesigning of the Central Bank of Nigeria to give room for a low-interest rate.....PROCEED.FULL.READING>>>
He made this call during a world press conference earlier in the week.,…CONTINUE READING
At the conference, he stressed the need for the CBN to be pro-people and pro-economy, especially in supporting small businesses.
He said, “The issue now is that we have to redesign the Central Bank of Nigeria. We have to make the Central Bank of Nigeria pro-people and pro-economy, a system that is expansionary, meaning that we make interest rate very low and flood the economy with naira so that small businesses can borrow naira at a very very affordable rate. That way, they can go into their businesses and create jobs, grow the economy and pay taxes.”
He also advised that the CBN should make interest rates very low and flood the economy with naira for smooth economic activities.
“Any economy that is migrating from agricultural activity to industrial must flood the system with cheap money without minding the inflationary rate implications. Because it is when you make money available to those who need the money, invest the money, that the money becomes an investment.
“Therefore, we must re-engineer our interest rate policy to accommodate small businesses without putting banks out of business,” Odilim said.
He further said the next President must call a meeting of economists to advise him on how to lower interest rates without jeopardising the entire economy.
Odilim also stressed the need for the CBN governor to be answerable to the National Assembly before any policy was introduced.
He said, “Another thing is to make sure that the Central Bank governor must submits himself to the National Assembly. We must come up with a law that will not allow the Central Bank governor to act independently without going to the National Assembly to seek their support or position on any policy.”
He further cautioned against direct lending to individuals and companies by the CBN, adding that the CBN should desist from digital currency, allowing the commercial banks to be in charge.,…CONTINUE READING
Breaking News3 days agoWanted Cult Leader, 2Baba Speaks From His Hiding On Radio Says Rivers State Will Know No Peace, If I’m Captured – Awardnobs
Breaking News2 days agoGeneral Christopher Musa Responds to Charges from Arewa Group That He Was Responsible for the Kaduna Bombing
Entertainment4 days agoFollowing a Facebook post in Hausa explaining the NAF’s attack on a religious occasion, Shehu Sani criticizes the group.
Breaking News1 day agoWike Accused Of Indulging In Alcohol After Displaying Eccentric Dance Steps At Femi Gbajabiamila’s Office [Video]
Breaking News3 days agoTanko “Dr Livy Uzoukwu Raised This Matter In Court That There Was No Judgment Made On Our Own Case”
Breaking News4 days ago“I Have Told You Before That When Somebody Says He Has PhD In Mathematics, Don’t Be Deceived” According to Pastor Adeboye
Breaking News9 hours agoSanusi Lamido ‘There Was A Day I Was Called By The Finance Minister & She Needed A 100 Billion’
Breaking News1 day agoBREAKING NEWS! Hamas Terrorists Finally Surrender, Crawl Out Of Their Tunnels After Israel Flooded Them With Seawater
Breaking News3 days agoArewa Youths Call For Sack Of Chief Of Defence Staff, COAS
Politics5 days agoDrama as Obaseki’s ‘anointed’ successor Ighodalo addresses kinsmen through interpreter
Breaking News5 days agoReno Omokri provides a record of Lagos’ ethnic composition as of 1891 from the colonial office in London
Sports5 days agoTable of EPL Chelsea defeated Brighton 3-2, Man City drew 3-3 with Tottenham, and Liverpool defeated Brighton 4-3