Interest rates cannot crash to single digit - CBN Gov
By Emman Ovuakporie and Levinus Nwagbuhiogu ABUJA- GOVERNOR of the Central Bank of Nigeria, CBN Mallam Sanusi Lamido Sanusi has said there is need to re-visit the re-designing of the Naira to shore up the Nigerian economy. Also, the CBN Governor said the Excess Crude Account is down by $7billion because of our high dependence on imports. He also noted that interest rates in Nigeria cannot crash to a single digit because inflationary rate as at last month was 8.4percent. Sanusi who made this disclosure at a meeting organised by the House committee on Banking and Currency said: "It is a rare occurrence for counterfeits to be dispensed by ATM machines because the notes are processed. "One of the reasons we wanted to have a restructuring of the redesign of the currency a few months ago was because as explained, many of our notes had been in existence for upward of eight or even ten years. "Now best practice is that within a period of five to eight years you redesign the cu...