The Senate Discovers Mighty Cartel That Runs The Commercial Banks

On Tuesday being the 6^th June, the Senate discovers a mighty cartel that were secretly controlling commercial banks in the country.
The Senate said the cartel was strangulating Small and Medium Enterprises (SMEs) to the detriment of the economy and small businesses operating in the country.
Deputy Senate Leader, Sen. Bala Ibn Na’Allah, in his remarks, wondered why rates in banks’ interest are high even at a time Nigeria is in economic recession.
I quote “The banks are run by a powerful cartel. They do what they like and jerk up interest rates. Over the years, we have seen the exchange rates go up, but it is not the same in other economies of the world.
“Our worries should be Nigeria having the most unpredictable economy in the world,” Na’Allah lamented.
President of the Senate, Bukola Saraki, in his remarks, criticised what he described as the twin evil of interest and exchange rates.

He said it is unreasonable for companies to continue to lay off staff, while declaring huge profits annually. He said the Senate will step in and ensure that the right thing is done.
Saraki said: “There has always been the twin evil of exchange rate and interest rates. We cannot live in a country where companies are folding up, yet organizations are declaring mega profits.
“The committee should swing into action. Whatever comes of the committee’s work, we must see to it that it is implemented to the fullest by the Senate.”
In a motion sponsored by Sen. Rafiu Ibrahim and tagged, “The dire need for a Stakeholders Round Table to address increasing interest rates in Nigeria”, the Senate said the current Monetary Policy Rates (MPR) of 14 per cent has remained high.
He compared with other developing nations such as Brazil which has 10.25 per cent Kenya 10 per cent, South Africa 7 per cent , Rwanda 6.25 per cent, Bangladesh 6.75 per cent , Botwana 5.50 per cent and many West Africa countries with single digit rates.