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Senate panel: No plan to strip CBN of power to set interest rate

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The senate committee on banking, insurance, and other financial institutions, says the national assembly does not plan to transfer interest

rate decisions from the Central Bank of Nigeria to a committee.

In a statement on Friday, Uche Uwaleke, special adviser to the chairman, senate committee on banking, insurance, and other financial institutions, said the reports are false. The committee said its objective is neither to usurp the roles of the monetary policy committee of the bank nor weaken the instrument independence of the CBN.

 

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