He said, “In the next few years, between now and 2015, we will be focusing on consumer protection. There are ranges of bank charges that are acceptable.
“As I speak to you, we have recovered from the banks N5bn as wrong charges, which have been returned to Nigerians.”
He justified a recent circular that put embargo on further lending to bank debtors, who owed about $5bn, saying there were indications that financial indiscipline was rearing its ugly head again. “They will not be allowed to borrow until they start paying their debts.
This is to ensure that the gains from the reforms were not reversed,” he said. Moghalu also explained the economics of high interest rates, arguing that it was necessary to keep inflation at a stable rate, while sustaining the value of the naira. According to him, the reforms are not a destination, but a process that will continue so as to save the country from the effects of the global financial crisis.
4 comments:
Msh! what did you guys do with huge billions discovered from Oceanic bank
If this was this was true nobody i knew got theirs
Transparency is the true factor,all ds grammer is not working for me
Trying to win the public with their lies
Post a Comment