Adeosun Asks CBN to Slash Interest Rate

New executive order will boost revenue generation – Presidency

Finance minister, Mrs Kemi Adeosun, has asked the central bank of Nigeria (CBN) to cut the interest rate, to enable the government to borrow locally in order to inject fund into the economy as part of moves to end recession.

The CBN will today announce its interest rate decision

The Minister speaking on a CNBC News monitored in Abeokuta, said a cut of the interest rate would enable government to pump money into the economy without increasing its debt servicing costs.

Adeosun added that reducing the interest rate which was raised by CBN at its last July meeting, would help support the naira and attract foreign inflow into equity and bond markets.

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