Business

LCCI urges CBN to reduce charges on bank deposit

Lagos Chamber of Commerce and Industry (LCCI), has urged the Central Bank of Nigeria (CBN) to reduce charges on bank deposit.

The President of LCCI, Mr. Remi Bello, said this at the Chamber 2015 first quarter press conference in Lagos recently.

Bello said that high interest rate regime is good for the attraction of portfolio investments, but it penalises the real economy and impedes the capacity to create jobs.

According to him, the money-deposit banks deserve to earn interest from the 20 per cent Cash Reserve Ratio (CRR) on private sector deposits because the deposits were mobilized at a cost. The same is true of the 75 per cent CRR on public sector deposits. We believe it is only fair for some interest to be paid on account of the withdrawal of these funds from the banking system.

Speaking on the concluded general election, he said the election has impacted positively on investor’s confidence, saying that the election was peaceful and substantially credible.

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