Business - Companies
Updated: November 28, 2022

Economist Urges CBN To Increase Loan Charges

By Felicia Abisola Olamiji
November 28, 2022
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Suleiman Lawal, a Lecturer at the Economics Department, Umaru Musa Yar’adua University, Katsina (UMYU) has urged the Central Bank of Nigeria (CBN) to increase charges for loans to discourage people from securing unnecessary loans.

Lawal said this during an interview with the News Agency of Nigeria (NAN) on Monday in Katsina.

He also said the Naira notes redesign policy would assist in curbing inflation in the country.

According to him, the high circulation of money to some extent, contributed to the hyperinflation in the country, adding that currency redesign was one of the measures to control the amount of money circulation.

He added that other measures that would enhance the economy are increasing interest rates for savings to encourage people to keep money in banks.

Lawal also commended the Federal Government for printing the new Naira notes in the country and fixing security on them to make counterfeiting difficult.