The Executive Governor of Kaduna State, Nasir El-Rufai has accused the Central Bank of Nigeria, CBN, of causing the current state of hardship in the country.
El-Rufai on Wednesday at a special edition roundtable organised by Women in Business, a non-profit women advocacy organisation, in Abuja said the CBN’s 14% monetary policy rate is responsible for the massive layoff of Nigerians from their jobs.
Noting the hardship facing the masses in the country, El-Rufai maintained that the CBN has created an atmosphere which can only favour those who do not operate genuine business.
He said: “We have a Central Bank that has an MPR at – what?- 14% and banks lending at 20%. Only traders and drug dealers can make money at this interest rate.
“I have said it before and I will repeat it again, unless the Central Bank and the banking system make a conscious decision to bring interest rate down, one day we would legislate it.”