Emir of Kano, Muhammadu Sanusi II has commended the Central Bank for not succumbing to pressure from the Finance Minister Kemi Adeosun to increase interest rate.
” I love the finance minister, but when the CBN said we are not reducing interest rate, I said, yes”.
“It is a positive thing. I was concerned that CBN would succumb. Because they did not, it means they have started being independent.”
And these are economic questions, you make choices. I can see why the CBN does not want to lower interest rate at this time”.
According to him, increasing the rate would cause inflation and not the growth envisioned by the finance ministry.