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11.07.2019 Business & Finance

Nigeria Bars Interest Payments On Bank Deposits Above $5.5m

By Staff Writer
Nigeria Bars Interest Payments On Bank Deposits Above $5.5m
JUL 11, 2019 BUSINESS & FINANCE

“The rule is geared at making banks lend,” Kunle Ezun, an analyst at Ecobank Transnational Inc in Lagos has said by phone.

Kunle Ezun added, “It is to encourage banks to move funds to areas the central bank wants to drive growth.”

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Banks are reluctant to lend with the economy struggling to recover from a 2016 contraction, double-digit inflation and the lure of buying government bonds that pay average yields of 14.2%.

—Bloomberg

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