LCCI calls on banks to reduce lending rates after CBN cut
The Lagos Chamber of Commerce and Industry has urged commercial banks to lower borrowing costs for businesses after the Central Bank of Nigeria cut its rate by 350 basis points. The supplied report does not state the new policy rate or include a response from lenders.
The Lagos Chamber of Commerce and Industry has urged commercial banks to reduce lending rates for businesses following a 350-basis-point cut by the Central Bank of Nigeria, Punch Nigeria reports. The chamber’s appeal is directed at the transmission of the central bank’s decision to companies that borrow from commercial lenders. It said businesses should benefit through lower lending costs after the reduction in the CBN rate.
The supplied material does not identify the policy rate before or after the cut, or say when the change took effect. It also does not provide figures for current commercial lending rates or explain how quickly the chamber expects banks to adjust them. There is no response from commercial banks in the available report.
The material does not set out any measures proposed by the LCCI or the CBN to ensure that lower policy rates result in cheaper credit for businesses.
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