The Central Bank of Nigeria (CBN) has enumerated reasons why many Nigerians could not access loans from commercial banks.
According to the apex bank, many Nigerians cannot access loans because they cannot distinguish between working and fixed capital.
It added that many Nigerians also cannot access its many initiatives as they don’t have bank accounts.
Speaking on the issues , Director, Corporate Communications Department of CBN, Isaac Okorafor, said this in Ilorin,Kwara State at a-two day fair organised by the bank titled ‘Promoting Sustainable Economic Development in the Country,’ revealed that many bank customers did not know their rights, adding that “some of the commercial banks allegedly make illegal deductions from their accounts.”
Represented by the assistant director in the department and national coordinator of the fair, Samuel Okegbue. Mr. Okorafor added “The fair is to sensitise our people on how to take records of what they have, as this will enable them know how to organise their businesses well. CBN is poised to make policies that are people-focused. CBN is monitoring to make sure that bank’s customers do not get unwarranted charges from their banks.
“We want to have detailed discussion about development finance initiatives of CBN. Many Nigerians do not know how to access initiatives as they don’t have bank accounts.”
He said that before the introduction of the Anchor Borrowers scheme to Nigerian farmers, the country was importing over one billion dollars worth of rice annually.
“By importing rice into the country we were sending our hard-earned money outside the country to improve the economies of others. By that time the exchange rate of the naira also crashed.
“Today, the exchange rate has remained relatively stable in the last three years. When the exchange rate is stable, businesses can thrive.That stability makes businesses to have confidence. These are the things CBN has been doing,” Okorafor added.